Global Web 3.0 Blockchain Market By Blockchain Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, and Others (logistics, IoT, Identity Management, Settlements, Supply Chain, etc.)), By Vertical (BFSI, Healthcare & Pharmaceuticals, E-commerce & Retail, Media & Entertainment, IT & Telecom, and Others (Agriculture, Renewable Energy, Real Estate, etc.)), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Region, Competition Forecast & Opportunities, 2027
Global Web 3.0 Blockchain Market was valued at USD 3,895.63 million in 2021 and is predicted to experience robust growth in the forecast period with a CAGR of 52.78% due to the high adoption rate of Web 3.0 decentralized technologies across various industries.
Web 3.0 is a possible future version of the internet based on public blockchains; a record-keeping system best known for facilitating cryptocurrency transactions. The attractiveness of Web 3.0 is that it is decentralized, meaning that rather than consumers accessing the internet through services mediated by companies like Google, Apple, or Facebook, individuals themselves own and govern sections of the internet.
Web 3.0 blockchain is the trending third-generation technology for the internet. Several applications and websites can intelligently process information using decentralized ledger technology (DLT), machine learning (ML), and Big Data. In the web 3.0 blockchain ecosystem, users and machines can interact with data with more user-friendly and interactive way as compared to older versions. Leading authorities of developed and emerging countries are launching digital transformation initiatives and supplying a regulatory framework to support the growth of blockchain technology.
Ability to Enhance User Experience Drives the Market Growth
The growing expenditure capacity of consumers and rapid urbanization, globalization, and digitalization are making the users aware of the advancements in technology to live a quality life. Web 3.0 blockchain can provide users with a customized and enhanced browsing experience by delivering intelligent and human-like assistants to categorize, analyze and study the data more efficiently. Blockchain technology drives the collecting and managing of data across the web and offers the system human-like intelligence. With growing consumer awareness, the demand for custom services is increasing exponentially. The centralized system will be a decentralized system providing enhanced data connectivity that does not give single authority to a single user or system. Web 3.0 is expected to improve users' data security and privacy as it acts as a system for specific users and adopts advanced safety protocols to prevent data hacking.
Rise in Awareness About Cryptocurrency Supports Market Growth
Digital assets are gaining popularity among users and are expected to witness substantial growth opportunities in the next five years. The anticipated roll-out of 5G and 6G technology and proliferation of connected devices among the users are expected to play an important role in web 3.0 blockchain technology penetration. It is expected that the technology offers inclusive payment services with improved security to users, enabling smooth and safe transactions between two entities. Cryptocurrencies associated with the web 3.0 blockchain are known as web 3.0 cryptocurrencies or web 3.0 tokens. Web 3.0 blockchain offers the users more control over the digital content as it is a decentralized infrastructure, thereby shifting the dependency of transactions and permissions away from a central authority. Other benefits of the web 3.0 blockchain include complete user control, affordability, and compatibility with the hardware wallets.
NFTs to Energy up Web 3.0 Motion in the Upcoming Years
NFTs (Non-fungible Tokens) are expected to make the Web 3.0 blockchain market more interesting in the upcoming years. The non-fungible tokens traded these days are executed using cryptocurrencies. The web 3.0 blockchain technology is expected to help the creators of the NFTs for legalizing their tokens with simple requirements. The technology can help the creators of the NFTs to get in touch with the buyers better than was not possible until now. The Web 3.0 Blockchain technology offers a boundless platform to NFTs and has great hype among people. The advantage of the NFTs for the market of Web 3.0 Blockchain is to help improve the market efficiency and diversify the investment portfolio by being a valuable tool for fractionalizing physical asset ownership. Such factors are expected to boost demand for various NFTs for the motion of the Global Web 3.0 Blockchain Market in the upcoming years.
The Global Web 3.0 Blockchain Market is segmented based on Blockchain Type, Application, Vertical, Organization Size, Region. Based on Blockchain Type, the market is further fragmented into Public, Private, Consortium and Hybrid. Based on Application, the market is segmented into Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, and Others (Supply Chain Management, Manufacturing, Pharmaceutical, etc.). Based on Vertical, the market is segmented into BFSI, Healthcare & Pharmaceuticals, E-commerce & Retail, Media & Entertainment, IT & Telecom, and Others (Agriculture, Renewable Energy, Real Estate, etc.). Based on Organizational Size, the market is segmented into Large Enterprises, Small and Medium-Sized Enterprises. The North America Global Web 3.0 Blockchain Market stood at USD1,620.72 million in the year 2021 and is projected to grow at a CAGR of 51.80% during the forecast period. North America comprises some of the most infrastructurally sound nations, such as United States, Canada, Mexico. The Europe Web 3.0 Blockchain Market stood at USD973.09 million in the year 2021 and is projected to grow at a CAGR of 52.05% during the forecast period.
Polkadot (Web3 Foundation), Ocean Protocol Foundation Ltd., Helium Systems Inc., Alchemy Insights, Inc., Polygon technology, Metaverse Holdings Limited, Brave Software, Inc., Coinbase Global, Inc., Kadena LLC, Protocol Labs, Inc. among others are among the major market players in the Global Web 3.0 Blockchain Market.
Click here to download the sample
In this report, Global Web 3.0 Blockchain Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook