The Global Web 3.0 Blockchain Market Size Was USD 1.36 Billion In 2022 And Is Expected To Expand At A Compound Annual Growth Rate (CAGR) Of 44.9% From 2022 To 2030.

Web 3.0 Blockchain Market Overview

Web 3.0 Web3, or Web 3.0, is a proposed new version of the World Wide Web that uses blockchain technology and includes decentralisation and blockchain economics. Today, Web 3.0 technology can be used in many different areas, such as documentation, exchanges, digital identities, smart contracts, and more. The growth of this market will be driven by the rising demand for the above. Between 2021 and 2031, sales are expected to grow in the global web 3.0 blockchain market because of the growing need for data privacy. This will be helped by decentralised web 3.0 identity.

On the basis of blockchain type, application, end use, and regions, the Web 3.0 Blockchain market is split into different groups. The market is divided into four groups based on the type of blockchain: hybrid, consortium, private, and public. When it comes to how the market is divided by application, there are smart contracts, payments, transaction and data storage, conversational AI, crypto currency, and other types. By end use, the market is divided into IT & telecom, pharmaceuticals, media & entertainment, retail & e-commerce, BFSI, and others.

Market Dynamics

Market Drivers

Data Ownership Shifting Towards the User

Artificial intelligence (AI), machine learning (ML), and blockchain technology are the three main parts of web 3.0 blockchain technology. The web 3.0 blockchain is focused on keeping personal data private and safe, and it lets users store data in a decentralised way. Web 3.0 has changed how people and machines talk to each other because it makes ownership transfers, cryptocurrency-based payments, and data transfers seamless. For Web 3.0, blockchain technology gives people the freedom to choose what information to share. With web 3.0 blockchain technology, the customer owns THEIR data, not a third-party provider. Because of this, the user now confirms personal information instead of a third party. This has helped make blockchain technology possible. As the idea of data ownership grows, people are turning to web 3.0 blockchains to protect their data and get rid of worries about security and privacy from third-party providers.

Increased Transparencies

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.

Market Restraint

Lack of Awareness

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.

Market Opportunities

Rapid Innovation in Technology

In Web 3.0, blockchain is a technology that is getting better and better quickly. IT has a lot of benefits for the end user, such as lower operational costs, faster speeds, less risk of cyberattacks, and control over personal data. In recent years, there have been many important technological advances, such as the use of blockchain technology in logistics and operations and the linking of blockchain to the Internet of Things. There is a lot of research and development going on to make the technology more scalable so it can be used to its fullest potential in areas like browsing, social media, messaging, and data storage. Web 3.0 technology has helped NFT payment systems and digital collectibles grow in the past few years. 3D graphics and spatial web design are two other ways that technology is used. The further development of this technology will have an effect on many industries and create a huge amount of growth potential.

Segment Overview

Blockchain Type Insights

In 2021, more than 56.0% of all revenue came from the public segment. The fact that users from all over the world can join public blockchain networks without any restrictions is a big reason why this segment is growing. In a public blockchain, anyone from anywhere in the world can join the network and read, write, and take part in the blockchain. Also, public blockchain offers high security, an open environment, full transparency, decentralisation, and better distribution.

During the period of the forecast, the hybrid segment is expected to grow a lot. The growth of the hybrid segment is largely due to the fact that it can offer both permission-based and permissionless systems. A hybrid blockchain is a mix of a public blockchain and a private blockchain. Some parts of the hybrid blockchain are controlled by the organisation, and other parts are made public through the blockchain. A hybrid blockchain also gives the user access to information through smart contracts.

Application Insights

In 2021, the cryptocurrency segment brought in more than 25.0% of the total income. Rapid changes in technology, like digitization and automation, have made businesses want more and more high-performance cryptocurrency transaction services. So, to keep up with the need for fast cryptocurrency transactions, many players around the world are using blockchain technology solutions to make their transactions go smoothly. Growth in the segment is likely to be driven by the things listed above.

During the period of the forecast, the smart contracts segment is expected to grow a lot. Using Web 3.0 blockchain technology to make smart contracts that can't be changed, can be tracked, and are safe creates a more open and collaborative work environment. Because of these qualities, smart contracts are more likely to grow, and more businesses would be able to save money, make transactions faster and safer, and do business with less hassle. All of these things are good signs for the growth of the segment.

End-use Insights

In 2021, the BFSI segment brought in the most money, with a share of more than 33.0%. A big reason for the growth of the segment is that the banking and finance industry wants Web 3.0 blockchain more and more for scalability, faster transactions, and lower processing costs. Also, transactions made possible by Web 3.0 blockchain technology get rid of the need for third-party payment gateways, which speeds up the way money is transferred. Web 3.0 also lets insurance companies keep their data in different places, which stops cybercrimes.

During the forecast period, the retail and online shopping segment is likely to grow the most. Web 3.0 has many benefits for the retail and online shopping industries. Some of these benefits are faster payments, lower costs, more openness, and better security, which is a big reason why this segment is growing. Also, Web 3.0 has distributed ledger technology that makes it easy and close for retailers, importers, and distributors to work together with their supply chain partners.

Regional Analysis

The web 3.0 blockchain market is split into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America, based on where it is. North America will have nearly 56.2% of the market in 2023. This is because more people are using blockchain technology, new ideas are being tried out in a decentralised ecosystem, and more money is being put into cutting-edge Web 3.0 startups. During the forecast period, the region is expected to have a strong CAGR of 41.2%. In the 2023 fiscal year, 97.6% of the North American web 3.0 blockchain market will come from the United States. In 2023, Europe will have the second-largest market share. This is because several end-use industries, such as BFSI, media and entertainment, IT and telecom, e-commerce and retail, and others, will need more web 3.0 blockchain technology. Also, Asia-Pacific will be the third largest market in the world. This is because big companies in this region are investing more and more in using blockchain technology. In the Asia-Pacific web 3.0 blockchain market, China will have the biggest share, 57.1%, in the 2023 fiscal year.

Scope Analysis:

Recent Developments

• In December 2021, India's State Government of Telangana, CoinSwitch Kuber, and Lumos Labs announced the launch of India Blockchain accelerator to help blockchain entrepreneurs. As part of the accelerator, blockchain entrepreneurs who are chosen will be able to get government approval, help getting to market, grants, and mentoring. Selected participants will also have the chance to get pre-seed and seed investments from investment partners Lightspeed and WoodstockFund of USD 700,000 or more..
• In April 2022, KuCoin, the world's largest cryptocurrency trading platform, and its venture firm KuCoin Ventures and KuCoin NFT Marketplace-Windvane have announced a USD 100 million "Creators Fund." This fund will help arts, sports, PFPs, Asian culture, and games that are just starting out and need a place to grow. This fund will also invite the 99 best NFT creators to join the Windvane NFT marketplace, which will speed up the growth of Web 3.0.

Market Segmentation

This portion of the study on the Web 3.0 Blockchain Market gives detailed data on the segments at the country and regional level, thereby aiding the strategist in determining the target demographics for the relevant product or service and the impending opportunities.

By Block chain Type

• Public
• Private
• Consortium
• Hybrid

By Application

• Cryptocurrency
• Conversational AI
• Data & Transaction Storage
• Payments
• Smart Contracts
• Others

By End-use

• BFSI
• Retail & E-commerce
• Media & Entertainment
• Pharmaceuticals
• IT & Telecom
• Others

By Companies

• Web3 Foundation (Polkadot)
• Helium Systems Inc.
• Ocean Protocol Foundation Ltd.
• Zel Technologies Limited.
• Kusama
• Livepeer, Inc.
• Filecoin
• Kadena LLC
• Polygon technology