Global web 3.0 market size was valued at USD 2.00 billion in 2022 and is poised to grow from USD 2.98 billion in 2023 to USD 71.96 billion by 2031, growing at a CAGR of 48.90% during the forecast period (2024-2031).
Web 3.0 is the third generation of internet services, or the generation to come, and the stage in the development of the web. The development and expansion of machine learning (ML) and artificial intelligence (AI) capabilities, as well as the explosive growth of blockchain technology, will support this transformation. Blockchain technology is critical to the growth of web 3.0 firms since they will utilize decentralized protocols. Blockchain technology for web 3.0 is now in the R&D stage and could take a year to commercially debut in the market. The growth can be attributed to the increasing demand for data privacy through Web 3.0's decentralized identity and the growth of the internet's technologies. 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. The expansion of the Web 3.0 blockchain business is also aided by the increasing use of linked devices and better transaction processes.
To increase user scalability and flexibility, many players are focusing on creating Web 3.0 platforms. For instance, to address the fundamental problems with scalability, the cryptocurrency exchange platform WazirX introduced Shardeum in February 2022. Web 3.0 is a better internet in which applications and websites are in charge of processing data in a human-like manner. Blockchain technology is primarily employed to develop Web 3.0, which is supported by cryptocurrencies. During the forecast period, these product launches are expected to provide attractive growth opportunities for the industry.
Due to developments in internet technology, additional technologies such as machine learning, big data, and decentralized ledgers are anticipated to propel the industry's growth. The evolution of the internet can be divided into three phases. The very first version of the internet was the World Wide Web, also referred to as Web 1. It was made up of static pages connected by links. Due to the early stages of content production, users had little opportunity to interact with the applications at that time.
US Web 3.0 Blockchain Market is poised to grow at a sustainable CAGR for the next forecast year.
The global web 3.0 market is segmented based on blockchain type, application, verticals and region. Based on Technology Stack, the market is segmented into Infrastructure, Protocols, Utilities, Services, Applications. Based on Infrastructure Layer, the market is segmented Into Networking (Peer-to-peer Networking, Block Delivery Networking, Network Nodes, Network Performance Optimization, Other), Virtualization (Containerization, Virtual Machines, Blockchain Node Virtualization, Real-time Data Flow Monitoring, Other), Computing (blockchain Computing, Distributed Computing, Peer-to-peer Computing, Federated Computing, Federated Learning, Edge Computing, Other), Data Storage & Processing (Distributed Storage Solutions, Real-time Data Processing, Data Governance & Compliance, On-chain Data Storage, Other), Other. Based on Protocol Layer, the market is segmented into Consensus Algorithms (Proof Of Work, Proof Of Stake, Proof Of History, Proof Of Space & Time, Other), Blockchain Protocols (Ethereum, Polkadot, Cardano, Ocean Protocol, Other), Privacy & Security Protocols (Zero-knowledge Proofs, hom*omorphic Encryption, Confidential Transactions, Secure Multi-party Computation, Data Anonymization Techniques, Other), Messaging & Communication Protocols (Matrix, Whisper, Raiden Network, Other), Other. Based on Utility Layer, the market is segmented into Content Delivery Networks (Content Distribution Optimization, Caching & Load Balancing, Ddos Mitigation, Other), Cryptocurrency (Privacy Coins, Central Bank Digital Currencies, Utilities Tokens, Interoperability Tokens, Governance Tokens, Other), Decentralized Exchanges (Uniswap, Sushiswap, Balancer, 1INCH, Curve Finance, Other), Other. Based on Service Layer, the market is segmented into Non-fungible Tokens (NFT Standards, NFT Insurance, Dynamic NFTS, Metaverse Development, other), Browsers & Wallets (Browsers, Crypto Wallets, Identity Wallets), Identity & Access Management Services (Decentralized Identity Services, Identity Verification Services, Biometric Authentication Services, Two-factor Authentication Services, Other), Decentralized Messaging & Communication Services (Secure Email Services, Voice & Video Communication Platform Services, Interoperable Messaging, Conversational Ai, Content Recommendation Chatbots, Other), Distributed Edge Cloud Services (decentralized Marketplaces, Decentralized Social Media Platform, Decentralized Gaming, Other), Other. Based on blockchain type, the market can be segmented into public, hybrid private, and consortium. Based on Application Layer, the market is segmented into cryptocurrency, smart contracts (DEFI Smart Contracts, Cross-chain Smart Contracts, DAO Governance Contracts, Other), decentralized finance (Automated Portfolio Management, Asset Tokenization, Cross-chain DEFI, Other), non-fungible tokens, decentralized applications (Governance, Gaming, AI-enabled Personalized Recommendations, Identity & Authentication Dapps, Other), Decentralized Social Media (End-to-end Encryption, Content Monetization, Decentralized Identity, Other), Decentralized Autonomous Organizations (Liquid Democracy, Government Daos, Cross-DAO Standards, Other), conversational AI and payments, Other. Based on vertical, the market is segmented into BFSI, e-commerce & retail, media & entertainment, healthcare, IT & telecommunications, logistics, energy & utilities, government, other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Web 3.0 Blockchain Market Analysis by Type
In 2022, the government service dominated the market and produced more than 56.0% of global revenue. A key aspect influencing the segment's growth is the public blockchain networks' capacity to enable people from all over the world to engage in the network without any limitations. Users from all around the world can sign up to the network, read, publish, and participate in the blockchain in a public blockchain. Furthermore, public blockchain provides better distribution, democratization, comprehensive transparency, high security, and an open environment. During the forecast period, the hybrid segment is expected to increase significantly. One important factor influencing the segment's growth is the hybrid segment's capacity to just provide permission-based and permissionless systems. A hybrid blockchain combines public and private blockchain applications, with certain parts controlled by the organization and others releasing the internet. A hybrid blockchain also offers users the ability to access information via smart contracts.
Web 3.0 Blockchain Market Analysis by Application
In 2022, the market had been dominated by the cryptocurrency segment, which brought in more than 25.0% of worldwide revenue. Due to the rapid advancements in technological innovation, including digitization and automation, businesses today have a higher demand for high-performance bitcoin transaction services. Therefore, a number of players around the world are using blockchain technology solutions in cryptocurrency to efficiently carry out their transactions in order to satisfy the demand for high-performance cryptocurrency transactions. During the forecast period, the smart contracts segment is expected to grow significantly. An environment which is more open and collaborative is made possible by the immutable, traceable, and secure smart contracts made possible by Web 3.0 blockchain technology. These inherent characteristics make smart contracts more likely to catch on, and more companies will be able to reduce costs and increase speed secure transactions. These factors are favorable for the segment's growth.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
