ID: MRFR/ICT/9262-CR | March 2022 | Region: Global | 99 pages
Web 3.0 blockchain market size will be valued at USD 6,187.3 million in 2023. It is expected to expand at a CAGR of 44.6% from 2023 to 2030.
Web 3.0 represents the next iteration or phase of the evolution of the web/Internet. Web 3.0 is built upon the core concepts of decentralization, openness, and greater user utility. Blockchain plays a significant role in the development of web 3.0, as decentralization is the most prominent feature of blockchain, which makes it a perfect basis for web 3.0. Artificial intelligence (AI), machine learning (ML), and blockchain technology are the three core pillars of web 3.0 blockchain technology. The web 3.0 blockchain enables the user to save data in decentralized storage and focuses on the privacy and security of personal data. Web 3.0 has helped change the way humans and machines interact and allows data transfer, cryptocurrency-based payments, and easy ownership transfer. Web 3.0 blockchain technology empowers users to choose which data to share. In web 3.0 blockchain technology, the personal data is owned by the user and not by any third-party provider. This has helped shift ownership of personal data from third-party vendors to the user. This has further helped the growth of blockchain technology. The concept of data ownership is growing, and people are shifting to web 3.0 blockchains to secure their data and eliminate issues related to security and privacy from third-party vendors.
Web 3.0 Market Covid-19 Analysis
The COVID-19 pandemic had a devastating impact on industries such as automobile, aviation, and retail. However, the pandemic did not severely impact the IT sector. The IT industry saw a stable revenue despite the pandemic. The major impact the IT industry faced was increased IT expenditure as employees opted for work from a home model and the adoption of cloud software and other digital platforms increased during a pandemic. Furthermore, the pandemic has opened new market opportunities for the IT industry, including growing demand for 5G technology, quantum technology, virtual and augmented reality, blockchain and artificial intelligence, and machine learning.
Web 3.0 Market Dynamics
The web 3.0 blockchain has a decentralized nature. Therefore, all the transactions are recorded and are highly transparent. Blockchain uses the technique of information traceability which assures the user that data is not tampered with or modified. Web 3.0 blockchain technology increases the transparency of the payment system, and every transaction done is recorded and is irreversible, which is beneficial for users during the inspection.
The ability of web 3.0 blockchain technology to record transactions is playing an important role in online surveillance and censorship. Additionally, people can also track government-related transaction that utilizes their data. As these techniques are highly transparent, it has seen rising adoption in recent years across major industries. This technology has improved accountability, helping build a transparent and accountable digital economy. Increased transparency of the web 3.0 blockchain will play a critical role in driving the demand for web 3.0 blockchain technology in the forecasted period.
Web 3.0 blockchain is a rapidly developing technology. It provides major benefits to the end-user, such as reduced cost of operation, higher speed, lower chances of cyber-attack, and individual control of data. The technology has seen major developments in recent years, such as Blockchain and IoT integration and usage of blockchain technology in logistics and operation. Major R&D is carried out to improve the scalability of this technology which can be optimally utilized in industries such as currency exchange, social media service, messaging platforms, data storage, and browsing. In recent years web 3.0 technology has helped the rise of NFT payment systems and digital collectibles. The technology is also being used for other applications such as spatial web designing, 3D graphics, and more. The continuous growth of web 3.0 will create immense growth opportunities in the forecasted timeframe and will impact many industry verticals.
Web 3.0 Market Segmentation
The global web 3.0 market has been segmented on the basis of blockchain type, application, vertical, and region.
Based on blockchain type, the web 3.0 market is segmented into public, private, consortium, and hybrid.
Based on application, the web 3.0 market is segmented into cryptocurrency, conversational AI, data & transaction storage, payments, smart contracts, and others.
By vertical, the web 3.0 market is segmented into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others.
Web 3.0 Market Regional Analysis
Based on region, the web 3.0 blockchain market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2023, the North American region will account for the largest market share of nearly 56.2%, owing to the factors such as increasing adoption of blockchain technology, innovation in a decentralized ecosystem, and continuously increasing investment in cutting-edge web 3.0 startups. The region is expected to register a robust CAGR of 41.2% during the forecast period. The US will be the largest contributor to the North America web 3.0 blockchain market, accounting for a 97.6% share in the 2023 fiscal year. Meanwhile, in 2023, Europe will hold the second-largest market share of XX%, owing to the growing demand for web 3.0 blockchain technology from several end use industries such as BFSI, media & entertainment, IT & telecom, e-commerce & retail, and others. Furthermore, Asia-Pacific will stand at the third position globally, attributed to the increasing investment in the adoption of blockchain technology from the major companies operating in this region. China will hold the largest market share in the Asia-Pacific web 3.0 blockchain market, accounting for a 57.1% share in the 2023 fiscal year.
GLOBAL WEB 3.0 BLOCKCHAIN MARKET, BY REGION, 2023 (% Share)
Source: Company Websites, Secondary research, Expert interviews, Paid Databases, and MRFR Analysis
The global web 3.0 blockchain market size will witness robust growth during the forecast period due to growing government initiatives for 5G infrastructure development, the rising use of advanced technologies such as blockchain, and the increasing demand for decentralized applications and services across the globe.
The web 3.0 blockchain market is highly fragmented, owing to a large number of local players, especially in developed countries such as the US, the UK, and Germany. Investment from the top venture capital firms globally in the infrastructure and talent driving the blockchain and digital asset ecosystem is increasing continuously. It is expected that the established players in the technology sector will invest heavily in the web 3.0 blockchain market in the near future. Moreover, increased venture capital funding and corporate and public investments in distributed ledger technologies (DLTs) are expected to boost blockchain's adoption in logistics, distribution, manufacturing, and healthcare. For instance, in March 2022, the European arm of global cryptocurrency exchange FTX announced a partnership with Tomorrowland to bring blockchain and Web 3.0 solutions to the iconic electronic music festival. Web 3.0 applications such as non-fungible tokens (NFTs) for art, music, and tickets, as well as crypto payments and metaverse events, will be investigated by the partners. Tomorrowland is one of the world's largest music festivals, with over 400,000 people attending its annual summer festival.
Web 3.0 Market Recent Developments
Web 3.0 Market Report Overview
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2023 to 2030. For this analysis, MRFR segmented the global web 3.0 blockchain market based on blockchain type, application, vertical, and region.
By Blockchain Type
|Market Size||2023- USD: 6,187.3 Million 2030- USD: 82,898.1 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||• North America • Europe • Asia-Pacific • Middle East & Africa • South America|
|Segments Covered||• By Blockchain Type o Public o Private o Consortium o Hybrid • By Application o Cryptocurrency o Conversational AI o Data & transaction storage o Payments o Smart contracts o Others • By Vertical o BFSI o E-commerce & retail o Media & entertainment o Healthcare & pharmaceuticals o IT & telecom|
|Key Vendors||• Polkadot (Web3 Foundation) • Helium Systems Inc. • Ocean Protocol Foundation Ltd • Decentraland • Biance • Alchemy Insights, Inc.|
|Key Market Opportunities||o Rapid Innovation in Technology|
|Key Market Drivers||o Data Ownership Shifting Towards the User o Increased Transparency o Highly Secured Data Security|