The web has rapidly evolved in the past three decades. From the early days of web 1.0 where internet was primarily used for sharing text information to today’s 3.0 which enables individuals to share and interact via audio, video, and images, the web has come a long way. Web 3.0, also known as Web3 is the upcoming 3rd generation of web evolution where apps and websites will be able to process information through advanced technologies such as big data, machine learning, and decentralized ledger technology. The ultimate goal of this technology is to create more intelligent, user-friendly, connected, and open websites. Web 3.0 is based on blockchain technology that combines concepts such as token-based economies and decentralization. The term web 3.0 was coined in 2014 by Gavin Wood, co-founder of Ethereum, but this idea gained interest in 2021 from cryptocurrency enthusiasts, venture capital firms, and large technology companies. Though still in the early development stage, web 3.0 is rapidly gaining traction with the rising popularity of cryptocurrencies and blockchain systems.
Web 3.0 is an advanced version of 1.0 and 2.0 with enhanced data security, privacy, and more human-like interaction. One of the key advantages of web 3.0 technology is that the end users can take full ownership of the data and can choose which information they want to share with other businesses. Moreover, integration of web 3 with smart IoT devices can help in improving the performance of the devices and providing better functionality. Web 3 offers transparency for B2B businesses, helps sellers to offer better marketing strategies, and has fewer intermediaries. (E.g., there are technology-driven guest posting services that take marketing & SEO for businesses to an entirely new level.).
According to the latest report published by Emergen Research, the global web 3.0 market is expected to reach USD 81.5 billion in 2030 and register a robust revenue CAGR of 43.7% during the forecast period. Factors such as rapid advancements in blockchain technologies, high demand for web 3.0 services across various sectors including BFSI, e-commerce & retail, media & entertainment, IT & telecom along with healthcare, and high focus on launching web3 apps and wallets are expected to drive global market growth. However, lack of well-developed infrastructure for deploying web 3.0 technology, dearth of IT expertise, rising concerns of data security, and low knowledge about web 3.0 among users are some key factors that can hamper overall market growth to a certain extent over the forecast period.
World’s Prominent Companies in the Web 3.0 Market: Top 10 By Revenue
- Helium Systems, Inc.
- Coinbase Global, Inc.
- Polygon Technology
- ConsenSys
- CoinSwitch Kuber
- Alchemy Insights, Inc.
- Web3 Foundation
- Brave Software, Inc.
- Biconomy
- Huddle01
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World’s Top 10 Leading Companies leading the Web 3.0 Market
Helium Systems, Inc. – [Revenue US$19 Billion]
Helium is a US-based Internet of Things developer, focused on building network and transforming IoT device data. It provides tools and solutions for building massive, cost-effective wireless infrastructures using blockchain technology.
Coinbase Global, Inc. – [Revenue US$7.84 Billion]
Coinbase Global, Inc., also known as Coinbase, is a US-based company that operates as a cryptocurrency exchange platform and is one of the largest cryptocurrency exchange platforms in US. It offers a secure online platform for buying, storing, transforming, and selling cryptocurrency. In April 2022, Coinbase launched a web 3.0 social marketplace for non-fungible tokens in beta. The exchange is expected to allow beta testers to create Coinbase NFT profiles for buying or selling NFTs. Later in May 2022, Coinbase announced the introduction of web3 mobile DApp (decentralized applications) and DeFi wallet (decentralized finance) through Coinbase app.
Regarding security, it is worth mentioning that the WhiteBIT crypto exchange, recognized by CER.live, stands out as one of the top three most secure crypto exchanges. Harnessing the principles of Web 3.0, WhiteBIT provides robust protection for users' digital assets, ensuring a safe and reliable trading environment.
Polygon Technology– [Revenue US$436.3 Million]
Polygon Technology is a leading decentralized Ethereum scaling platform developer located in India, that focuses on offering blockchain networks to various organizations by building user-friendly dApps with lowest transaction fees. In May 2022, Polygon launched a novel network for web3 development intending to bring mass adoption of web3.
ConsenSys – [Revenue US$52 Million]
ConsenSys is a US-based blockchain software technology company, located in New York City, that offers a wide range of tools and services for blockchain users and applications. The company is focused on developing next-generation applications, modern financial infrastructure, and modifying the decentralized web.
CoinSwitch Kuber – [Revenue US$50 Million]
CoinSwitch Kuber is India’s leading and most trusted cryptocurrency platform. It allows users to buy, trade, and sell user’s preferred crypto from the listed coins with no lock-in period. In December 2021, CoinSwitch Kuber along with Lumos Lab and government of Telangana announced the launch of Web3 accelerator to support blockchain developers and entrepreneurs, showcasing blockchain solutions across entertainment, tooling, fintech, logistics, agritech, and healthcare.
Web3 Foundation – [Revenue US$6.9 Million]
Web3 Foundation is an information and technology company headquartered in Zig, Switzerland that nurtures cutting-edge applications for decentralized web software protocols in order to safeguard decentralization and stability of web3 ecosystem. The company supports web 3.0 teams and open source projects through research and collaboration, funding, and advocacy. Web3 Foundation has various products as protocols such as Polkadot and Kusama that provide a secure and well-established environment for cross-chain composability.
Alchemy Insights, Inc. – [Revenue US$3 Million]
Alchemy Insights, Inc. is a US-based web3 developer offering software solutions, infrastructure, and developer tools to help companies build reliable decentralized applications. The company provides a blockchain platform powering millions of users across 197 countries globally. In July 2022, Alchemy launched a $25 million grant program for funding web 3 projects to cater to increasing utility of NFTs and to make DeFi accessible to organizations, institutions, and at-home traders.
Brave Software, Inc. – [Revenue US$2.51 Million]
Brave Software, Inc. is a US-based software company that offers a free and open-source web browser. Brave browser is web 3.0 compliant and one of the few web browsers adopting this upgraded technology. The company aims to make web 3.0 accessible to everyone. Brave browser has recently announced its integration with Solana blockchain to enhance and expand web3 access. This partnership is expected to help users explore web 3.0 with lower transaction fees and quicker processing times than Ethereum networks.
Biconomy – [Revenue US$1.5 Million]
Biconomy is a developer platform that offers suitable solutions to blockchain developers for simplified transaction and onboarding experience on web 3.0. It offers a cross-chain transaction process, operating across multiple blockchains and integrating decentralized payment gateway services. In February 2022, Biconomy announced its partnership with WazriX, a leading crypto exchange platform in India to promote and upgrade web 3.0.
Huddle01– [Revenue US$0.5 Million]
Huddle is a decentralized video-conferencing platform specially designed to eliminate centralized servers from video calls. The software is powered by web3 technology that offers seamless peer-to-peer communication through video call meetings, and video conferencing along with real-time auto and video SDKs. This platform also provides web3-rich features such as NFTs, token-gating, decentralized live streaming, and decentralized storage for recording meetings. This platform aims to offer seamless video calling while securing online presence of the user and protecting their digital identities.
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