The Global Web 3.0 Blockchain Market Size Was USD 1.36 Billion In 2022 And Is Expected To Expand At USD 26.42 Billion By 2030 With Compound Annual Growth Rate (CAGR) Of 44.9% From 2022 To 2030.
Web 3.0 is the next generation of internet services and the next step in the development of the web. This change will be helped by the development and growth of machine learning (ML) and artificial intelligence (AI), as well as the explosive growth of blockchain technology. Since web 3.0 companies will use decentralized protocols, blockchain technology is essential to their growth. Blockchain technology for Web 3.0 is still in the research and development (R&D) stage, and it could take a year before it can be used in the real world. The growth can be explained by the fact that people want more privacy for their data, which Web 3.0's decentralized identity and the growth of the internet's technologies make possible. The rapid rise of digital assets like cryptocurrencies and the introduction of 5G and 6G technology are also expected to contribute to the growth. The growth of the Web 3.0 blockchain business is also helped by the growing use of devices that can talk to each other and by better ways to make transactions.
Many people are working on building Web 3.0 platforms to make users more scalable and flexible. For example, in February 2022, the cryptocurrency exchange platform WazirX introduced Shardeum to solve some of the most important problems with scaling. Web 3.0 is a better version of the internet in which applications and websites handle data in a way that is similar to how a person would. Most of the time, blockchain technology is used to build Web 3.0, which is backed by cryptocurrencies. During the forecast period, these new product launches are likely to give the industry a lot of good chances to grow.
People think that the COVID-19 epidemic will help the Web 3.0 blockchain industry. Web 3.0, which is based on blockchain, has completely changed both the cryptocurrency market and the way electronic payments work. Because of the COVID-19 pandemic, countries all over the world have started using smart contracts, digital exchanges, and digital identification. Also, the business is expected to grow as Web 3.0 cryptocurrencies are used more and more to make transactions faster.
The three most important parts of web 3.0 are machine learning (ML), artificial intelligence (AI), and blockchain technology. The web 3.0 blockchain makes it possible to store data in a way that isn't tied to a single location. This is because it focuses on keeping personal information private and safe. Web 3.0 has changed how people and machines talk to each other. It makes it easier to transfer ownership, pay for things with cryptocurrency, and send data. Blockchain technology for Web 3.0 makes it possible to choose which data to share. With web 3.0 blockchain technology, the customer owns HIS or HER own data, not a third-party supplier. Now, the user accepts personal data instead of third-party sources. This change has been good for blockchain technology. People are turning to web 3.0 blockchains to protect their data and get rid of worries about security and privacy from third-party vendors as the idea of data ownership grows. So, this factor is what drives the CAGR of the market.
Blockchain technology is growing quickly in Web 3.0. IT has many benefits for the end user, such as lower operational costs, faster processing times, less risk of cyberattacks, and more control over personal data. In the past few years, there have been a number of important technological advances, such as the use of blockchain technology in logistics and business operations and its integration with the Internet of Things. For the technology to be fully used in fields like surfing, social networking, messaging, and data storage, a lot of research and development (R&D) is being done to make it more scalable. Thanks to Web 3.0 technologies, NFT payment methods and digital collectibles are becoming more and more popular. Two more ways that technology is used are in 3D graphics and spatial web design. If this technology keeps getting better, it will affect many different industries and open up huge growth opportunities. So, it is expected that this part of Web 3.0 Blockchain will speed up global market revenue.
- Shifting Data Ownership Toward the User
The change in who owns data is one of the most important things driving the web 3.0 blockchain market. In the traditional internet, user data is usually owned and controlled by centralized organizations, like tech companies. These companies use this data to make money through advertising and other means. Also, as data ownership moves from companies to users, there is a growing need for decentralized apps and services that give users control over their data and let them share it with others on their own terms.
The Web 3.0 blockchain market is growing because more businesses and people want to use the technology to give users more control over their data. The change in who owns the data also creates new chances for innovation and the development of new business models. This is also likely to help Web 3.0 blockchain technology grow and be used more in the future.
Decentralized technology is used for web 3.0's blockchain. Because of this, all transactions are well-documented and clear. Blockchain uses techniques for tracking information to make sure that users' data is not changed or tampered with. Blockchain technology for Web 3.0 makes the payment system more transparent by making every transaction permanent and recordable. This helps users when they are audited.
The fact that Web 3.0 blockchain technology can record transactions is important for monitoring and censoring the internet. People can also keep an eye on government transactions that use their information. Since these methods are easy to understand, they have been used by major industries more and more in recent years. This technology has helped build a transparent and responsible digital economy by making accountability better. During the expected time, the web 3.0 blockchain's increased transparency will have a big effect on how much people want to use it.
The web 3.0 blockchain technology has more benefits than previous versions, but its growth is being slowed by the fact that not enough people know how to use and apply it. In the past few years, tech giants like Google, Facebook, Microsoft, and Amazon have been getting more and more criticism about how they use customer data, how aggressively they run their businesses, and how unethically they use AI. This has made people pay more attention to Web 3.0, which is thought to be safer, but its growth has been limited by people not knowing how to use it. Users don't know what else the web 3.0 blockchain can be used for besides cryptocurrency. In the same way, web 3.0 blockchain technology is still changing, and many important problems need to be solved before the technology can be used fully. End users are more likely to use Web 2.0 because they don't know about Web 3.0 blockchain technology. This is likely to continue over the next few years, which will slow the growth of Web 3.0 blockchain.
Scalability is another problem that the blockchain market has to deal with. The blockchain is meant to be a decentralized system that can handle a lot of transactions. But at the moment, the blockchain isn't flexible enough to handle the huge number of transactions that would be needed for big companies or governments to use it.
Interoperability is another problem that the blockchain market has to deal with. At the moment, there are a lot of different blockchain platforms, and none of them work with the others. Businesses and people find it hard to use more than one platform because of this.
- Rapid Innovation in Technology
In Web 3.0, blockchain is a technology that is quickly improving. IT has a lot of benefits for the end user, such as lower operational costs, faster speeds, less risk of cyberattacks, and more control over personal data. In the past few years, there have been many important technological advances, such as the use of blockchain technology in logistics and operations and the connection of blockchain to the Internet of Things. A lot of research and development is going on to make the technology more scalable so that it can be used to its fullest potential in areas like browsing, social media, messaging, and data storage. In the past few years, Web 3.0 technology has helped NFT payment systems and digital collectibles grow. Technology is also used for 3D graphics and spatial web design. If this technology keeps getting better, it will affect a lot of different fields and create a huge amount of growth potential.
- Rising Emphasis on Decentralized Data Ledgers
As decentralized data ledgers become more important, the Web 3.0 Blockchain sector is growing quickly. Due to the many benefits of Web 3.0 blockchain, especially in the cryptocurrency business, a lot of money and grants have been spent on research and development (R&D) to improve the technology. Also, market growth is helped by Web 3.0's ability to stop attacks and leaks on the internet by making sure data is secure and private. The digitalization, gaming, and non-fungible tokens (NFTs) industries are all being changed by cryptocurrencies. As Web3 becomes more popular, the market is likely to grow significantly over the next few years.
- In May 2020 - The Web3 Foundation launched Polkadot, a sharded protocol that makes it possible for decentralized blockchain networks to work together smoothly and at scale.
- In June 2019 - Helium Systems Inc. introduced the Helium Blockchain. It is one of the largest public, decentralized LoRaWAN networks in the world.
- In March 2022 - The Dubai Virtual Assets Regulatory Authority statute, which was created, tries to keep track of blockchain-based assets.
- In February 2022 - WazirX, a platform for exchanging cryptocurrencies, released a new Web 3.0 platform called Shardeum to deal with scaling problems.
Top market players are
- Web3 Foundation (Polkadot)
The Web3 Foundation was made to support and grow technologies and applications in the field of decentralized web software protocols, especially those that use modern cryptographic methods to keep decentralization safe, for the benefit and stability of the Web3 ecosystem.
Helium Systems, Inc. is a company that works in technology. The company runs a network of hotspots with a decentralized wireless infrastructure that gives Internet of Things devices bandwidth and collects data from them. Customers in the United States are served by Helium Systems.
- Ocean Protocol Foundation Ltd.
With the Ocean Protocol, decentralized data marketplaces can be made. These are places where data can be bought and sold. Imagine that an AI developer needs data to build predictive models, but a big company has a lot of data that isn't being used.
Zel Technologies, L.L.C. develops application software. The Company offers computer programming services. Zel Technologies serves customers in the United States.
In 1966, Kusama Co.,Ltd. began. The Company's main business is the wholesale distribution of groceries and other related goods.
Livepeer is a way to broadcast live video on the internet without a central server. Livepeer plans to create a cheaper, more scalable, and less centralized way to broadcast by combining a blockchain-based crypto-token protocol with good economic incentives and an open media server.
The Filecoin Foundation is an independent group that helps manage the Filecoin network, funds important development projects, helps the Filecoin ecosystem grow, and promotes Filecoin and the decentralized web.
Kadena LLC has solutions for blockchain technology. The company offers a parallel-chain protocol for high throughput and security, as well as a programming language that lets developers implement transactional logic and run business operations. Customers from the state of New York come to Kadena.
Polygon Labs makes scaling solutions for Polygon protocols that work with Ethereum. Polygon Labs works with other ecosystem developers to make sure that the Web3 blockchain infrastructure is scalable, affordable, safe, and long-lasting.
- Web3 Foundation (Polkadot)
- Helium Systems Inc.
- Ocean Protocol Foundation Ltd.
- Zel Technologies Limited.
- Livepeer, Inc.
- Kadena LLC
- Polygon technology
The market is segmented on the basis of blockchain type, application, industry vertical and regions.
By Blockchain Type Outlook:
Depending on the type of blockchain, the global market is divided into four groups: public, private, consortium, and hybrid. The public segment had the biggest share of the market, and it is expected to grow at a CAGR of 41.2% over the next few years. A public blockchain can be used by anyone, and you don't need special permission to join. Anyone who joins the network can read, write, and take part in it, since no one is in charge of it. Public blockchains have no central authority and can't be changed. No one can change an entry once it has been validated, and users can be sure that their transactions won't be changed or lost. Most of the attention goes to cryptocurrencies that use public blockchains, like Bitcoin, Litecoin, and Ethereum. On the other hand, governments can use them to track medical records or as a place to vote. The most important parts of these systems are anonymity and openness. The public blockchain is mostly a way for businesses to connect with customers. All of these things help the segment grow.
- Private consortium
By Application Outlook:
Based on how they are used, the global market is divided into cryptocurrency, conversational AI, data and transaction storage, payments, smart contracts, and others. The payments segment had the biggest share of the market, and it is expected to grow at a CAGR of 40.1% over the next few years. Blockchain technology makes international payment processing fast, safe, and cheap. For these transactions, encrypted distributed ledgers are used so that transactions can be checked in real time without the need for middlemen like clearinghouses and correspondent banks.
The second largest part is the private part. Private blockchains are only open to people who have been invited to use them, and anyone who wants to use one must first get permission from the blockchain's governing body. They give users different access levels that let them create, view, and check the blockchain. In this situation, organizations use distributed ledger technology, but they don't share their information with the public. Because private blockchains don't have the same level of decentralized security as public blockchains, only the owners can change the entry. In a private blockchain, each user must have a verified identity, which determines how much access they have. These are common business solutions that make it possible to keep track of everyone's actions and resources. They make transactions faster and use less energy to keep up. A private blockchain is the best choice for corporate and business-to-business applications, managing relationships between suppliers and vendors, and building a shared infrastructure for businesses. All of these benefits drive growth in the segment.
- Conversational AI
- Data & Transaction Storage
- Smart Contracts
By Industry Vertical:
By vertical, the global market is divided into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others. The BFSI segment had the biggest share of the market and is expected to grow at a CAGR of 45.1% over the next few years. The BFSI sector uses blockchain technology in many different ways to change the way people exchange value. Blockchain technology keeps track of transactions as blocks, which are then linked together to make full records of transactions. With the help of this technology, once a transaction record has been added to the ledger in the bfsi sector, it can't be changed.
The second largest part of the market is media and entertainment. Through P2P micropayments and smart contracts, the Ethereum platform lets the media and entertainment industry get benefits like taking content out of the hands of middlemen, reducing IP theft, and making direct money off of all copywritten assets. This technology can make micropayments work well and keep a detailed record of how media is used.
- Retail & E-commerce
- Media & Entertainment
- IT & Telecom
Based on where it is, the market for web 3.0 blockchain is split into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. In 2023, nearly 56.2% of the market will be in North America. This is because more people are using blockchain technology, trying out new ideas in a decentralized ecosystem, and putting more money into Web 3.0 startups that are on the cutting edge.
During the period of the forecast, the region is expected to grow at a strong rate of 41.2% per year. In the 2023 fiscal year, the United States will make up 97.6% of the North American web 3.0 blockchain market. Europe will have the second-largest share of the market in 2023. This is because many industries that use web 3.0 blockchain technology, such as BFSI, media and entertainment, IT and telecom, e-commerce and retail, and others, will need more of it. Asia-Pacific will also be the world's third largest market. This is because big companies in this area are putting more and more money into using blockchain technology. In the 2023 fiscal year, China will have 57.1% of the Asia-Pacific web 3.0 blockchain market.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Scope of Report:
- The market research report shows the top regions around the world so that the user can learn more about them.
- The report also looks at the latest industry and market trends and analyzes technologies that are being used quickly around the world.
- It also talks about some of the things that help the market grow and things that slow it down.