ID: MRFR/ICT/9262-CR | 99 Pages | Author: Ankit Gupta | March 2022
Web 3.0 Blockchain Market Size was valued at USD 2.2 billion in 2021. The Web 3.0 Blockchain market industry is projected to grow from USD 3.2 billion in 2022 to USD 38.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 43.6% during the forecast period (2022 - 2030). The expansion can be ascribed to the increasing desire for data privacy through Web 3.0's decentralized identity and the development of the internet's technology. Additionally anticipated to contribute to the expansion is the quick rise in popularity of digital assets like cryptocurrencies and the rollout of 5G and 6G technology. These are major market driver for the growth of market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Analysis of post-pandemic demand for contemporary infrastructure to assure company continuity to propel market growth
Machine learning (ML), artificial intelligence (AI), and blockchain technology are the three major pillars of web 3.0. The decentralized storing of data is made possible by the web 3.0 blockchain, which focuses on the privacy and security of personal information. The way in which people and machines communicate has altered thanks to Web 3.0, which enables frictionless ownership Transmission, cryptocurrency-based payments, and data transfer. The ability to select which data to share is provided by blockchain technology for Web 3.0. With web 3.0 blockchain technology, the consumer owns THEIR data, not any supplier outside the company. Now, rather of acknowledging third-party sources, the user accepts personal data. Blockchain technology has benefited from this evolution. As the concept of data ownership gains traction, people are turning to web 3.0 blockchains to protect their data and eliminate worries about security and privacy from third-party vendors. Thus, this factor is driving the market CAGR.
Web 3.0 uses decentralized blockchain technology. As a result, every transaction is transparent and fully documented. Users are assured that their data is not tampered with or altered via blockchain, which uses information tracing mechanisms. By making every transaction irreversible and recordable, which benefits users during audits, blockchain technology for Web 3.0 increases the transparency of the payment system. The potential of Web 3.0 blockchain technology to record transactions is essential for internet surveillance and control. Additionally, individuals can keep tabs on government-related activities that utilize personal data. Since these techniques are rather obvious, big sectors have begun using them more frequently in recent years. This technology has helped create a transparent and accountable digital economy by improving accountability. The enhanced openness of the web 3.0 blockchain during the predicted time will have a substantial impact on the demand for web 3.0 blockchain technology.
In Web 3.0, blockchain technology is developing swiftly. IT offers the end user a number of benefits, such as decreased operational costs, faster processing times, reduced risk of cyberattacks, and control over personal data. Recent years have seen a number of important technological developments, including the use of blockchain technology to logistics and business operations as well as its integration with the Internet of Things. For the technology to be fully utilised in industries like surfing, social networking, messaging, and data storage, significant R&D is being done to expand the technology's scalability. NFT payment methods and digital collectibles have lately grown in popularity thanks to Web 3.0 technologies. 3D graphics and spatial web design are two more applications of technology. The further development of this technology will have an impact on numerous industrial sectors and create tremendous growth possibilities. Thus, it is anticipated that this aspect will accelerate Web 3.0 Blockchain market revenue globally.
The Web 3.0 Blockchain market segmentation has been segmented by blockchain type into Public, Private, Consortium and Hybrid. The public segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Anyone can join a public blockchain without a password or other specific authorization. Anyone who joins the network has access to it and can read, write, and participate in it. Decentralized and unchangeable public blockchains are available. Users may be confident that their transactions won't be altered or deleted because once an entry has been validated, nobody can change it.
Figure 2: Web 3.0 Blockchain Market by type, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Web 3.0 Blockchain market segmentation has been segmented by application into Cryptocurrency, Conversational AI, Data & transaction storage, Payments and Smart contracts. The payments segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Blockchain technology provides quick, safe, and affordable options for processing international payments. These transactions employ encrypted distributed ledgers, enabling trusted real-time transaction verification without the need for intermediaries like clearinghouses and correspondent banks.
The Web 3.0 Blockchain market data has been segmented by vertical into BFSI, E-commerce & retail, Media & entertainment, Healthcare & pharmaceuticals and IT & telecom. The BFSI segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Blockchain technology is being used by the BFSI industry in a number of ways to improve the way that people exchange values. The Transaction is recorded in blocks using blockchain technology, which are subsequently chained together to create comprehensive transaction records. With the use of this technology, transaction records in the BFSI sector cannot be changed or amended after they are added to the ledger.
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Web 3.0 Blockchain market accounted for USD 1.02 billion in 2021 and is expected to exhibit a 46.20% CAGR during the study period. One of the main factors propelling the expansion of the regional industry is the expanding acceptance of Web 3.0 in many operating systems, including blockchain-based systems. Additionally, the region's rise is being accentuated by the presence of significant blockchain solution providers like Web3 Foundation and Helium Systems Inc.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: WEB 3.0 BLOCKCHAIN MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Web 3.0 Blockchain market accounts for the fastest growing market share. Blockchain has a wide range of applications and has the potential to be one of the most disruptive technologies in Europe and the economy. And since cryptocurrencies were the ones to initially make the blockchain popular a decade ago, its services have expanded significantly. Blockchain technology is still in its early stages and has difficulties with interoperability between blockchains, performance, energy efficiency, digital asset regulation, and connection with legacy infrastructure. Moreover, UK Web 3.0 Blockchain market held the largest market share, and the Germany Web 3.0 Blockchain market was the fastest-growing market in this region.
Asia Pacific Web 3.0 Blockchain market is expected to grow at a substantial CAGR from 2022 to 2030. Comparing this region to the other regions investigated, it has one of the highest levels of bitcoin activity. In Central and Southern Asian nations, particularly in India, Vietnam, Indonesia, and Thailand, retail activity is expanding, which may be one reason why the use of cryptocurrencies has grown. Further, the China Web 3.0 Blockchain market held the largest market share, and the India Web 3.0 Blockchain market was the fastest-growing market in the region.
Major market players are spending a lot on R&D to increase their product lines, which will help the Web 3.0 Blockchain industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the Web 3.0 Blockchain industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, Web 3.0 Blockchain industry has provided medicine with some of the most significant benefits. The Web 3.0 Blockchain market major player such as Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd, Decentraland, Biance, Alchemy Insights Inc and Antier Solutions.
In terms of daily cryptocurrency trading volume, Binance Holdings Ltd., often known as Binance, is a firm that runs the biggest cryptocurrency exchange in the world. Changpeng Zhao, a developer who had previously produced high frequency trading software, launched Binance. Initially situated in China, Binance later relocated its headquarters there just before the country's government started to regulate cryptocurrency trading. In October 2022, BETH and POLYX have been added by Binance as new collateral assets on the platform for Binance Loans.
An open-source protocol called Ocean promises to make it possible for people and companies to trade and pay for data and data-based services. The Ocean protocol, which is based on the Ethereum blockchain, uses "datatokens" to control access to data sets. Users who require access to the information then redeem the tokens. In October 2022, Ocean Protocol launches the Energy Efficiency data challenge in October 2022 as the latest project under its larger Ocean Data Challenge programme to encourage data analysis and algorithms for resolving challenging business problems. Ocean Protocol is a Web3 platform to unlock data services for AI and business innovation.
Polkadot (Web3 Foundation)
Helium Systems Inc.
Ocean Protocol Foundation Ltd
Alchemy Insights Inc.
May 2020: Polkadot, a sharded protocol that enables decentralized blockchain networks to function together, smoothly, and at scale, was introduced by the Web3 Foundation.
June 2019: The Helium Blockchain, one of the biggest, public, decentralized LoRaWAN networks worldwide, was introduced by Helium Systems Inc.
Data & transaction storage
E-commerce & retail
Media & Entertainment
Healthcare & Pharmaceuticals
IT & Telecom
Rest of the World
|Market Size 2021||USD 2.2 Billion|
|Market Size 2022||USD 3.2 Billion|
|Market Size 2030||USD 38.6 Billion|
|Compound Annual Growth Rate (CAGR)||43.6% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Blockchain Type, Application, Verticals and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd, Decentraland, Biance, Alchemy Insights Inc and Antier Solutions|
|Key Market Opportunities||Rapid Innovation in Technology|
|Key Market Dynamics||Data Ownership Shifting Towards the User o Increased Transparency o Highly Secured Data Security|
The market size was expected to be USD 2.2 billion in 2021.
The market is expected to register a CAGR of ~43.60% over the next ten years.
North America held the largest market share in the market.
Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd, Decentraland, Biance, Alchemy Insights Inc and Antier Solutions are the key players in the market.
The public category led the segment in the market.
The BFSI category had the largest market share in the market.
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