Web 3.0 Blockchain Market Research Report- Forecast till 2030
The Web 3.0 Blockchain market is witnessing constant growth due to the growing emphasis on decentralized data ledgers. Huge benefits of Web 3.0 blockchain, especially in the cryptocurrency industry, attract heavy R&D investments and grants for further developments of the technology. Besides, the ability of Web3 to avoid internet hacks and leaks by offering data security and privacy boosts the market size.
Cryptocurrencies are increasingly transforming the digitization and gaming & non-fungible tokens (NFTs) spaces. As Web3 penetrates more deeply, the market is expected to garner significant traction in the next few years. According to Market Research Future (MRFR), the global Web 3.0 Blockchain market is estimated to reach USD 6,187.3 MN by 2023 and grow further at 44.6% CAGR during the assessment period (2022-2030).
There are tremendous market opportunities for the technology. Moreover, the prominence of Web 3.0 Blockchain applications in several domains, including BFSI, healthcare, and retails, escalates the market’s growth. Also, the lack of integration capacity would hamper market growth, delaying the adoption of blockchain technology.
Nevertheless, advances in analytical capabilities in communications and expansion of existing 3G/4G and 5G technologies would support the market increase throughout the analyzed period. Furthermore, substantial R&D investments by the public and private organizations boost the growth of the market.
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The report is segmented into blockchain types, applications, verticals, and regions. The blockchain type segment is sub-segmented into public, private, consortium, and hybrid. Similarly, the application segment is sub-segmented into conversational AI, cryptocurrency, data & transaction storage, smart contracts, payments, and others.
The vertical segment is sub-segmented into e-commerce & retail, BFSI, media & entertainment, IT & telecom, healthcare & pharmaceuticals, and others. Further, by region, the market is sub-segmented into the Americas, Asia Pacific, Middle East & Africa (MEA), Europe, and Rest-of-the-World.
Global Web 3.0 Blockchain Market – Regional Analysis
North America leads the global Web 3.0 Blockchain market. The largest market share attributes to the higher adoption of Web 3.0 and advances in blockchain technologies. Besides, vast R&D investments in advancing web platforms positively impact the regional market’s growth.
The presence of a number of eminent market players and well-established development centers boosts the WEB 3.0 Blockchain market size in the region. The US accounts for the largest share in the regional market as well as in the global market due to the high adoption of digital assets and the penetration of cryptocurrencies.
The Web 3.0 Blockchain market in the Asia Pacific region is emerging as a promising market globally. Factors such as massive investments by industry verticals in digital currency and leading Web 3.0 Blockchain markets such as India, Australia, and China provide immense market opportunities.
China, Japan, and India are anticipated to witness rapid increases throughout the forecast period rapidly. The APAC Web 3.0 Blockchain market is expected to create a substantial revenue pocket over the forecast period.
Global Web 3.0 Blockchain Market – Competitive Analysis
Highly competitive, the Web 3.0 Blockchain market appears fragmented due to several well-established players. These players adopt strategic approaches, such as mergers & acquisitions, innovation, and brand reinforcement to gain a larger competitive share. They continuously invest to launch products and services in developing economies to take advantage of the economic growth in these regions.
Players leading the global Web 3.0 Blockchain market include Helium Systems Inc., Polkadot (Web3 Foundation), Ocean Protocol Foundation Ltd., and Decentraland.
Industry/ Innovation/ Related News
January 21, 2022 — Mphasis, an information technology solutions company, announced a partnership with CrossTower, a leading global crypto exchange, to set up CoE for web 3.0, blockchain technology. The new Center of Excellence (CoE) is focused on web 3.0 and a series of blockchain-based products.
These companies would co-invent industry-specific technical and operations solutions for digital assets, decentralized finance (DeFi), cryptocurrencies and web 3.0. These products would be launched and traded on the CrossTower platform.
Also, the partnership aims to scale the web 3.0 talents within Mphasis, offering new avenues for innovative applications of blockchain-based solutions in public and private industries, such as financial services, healthcare & life sciences, supply chain, logistics, insurance, entertainment, art, and retail.
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Web 3.0 Blockchain Market Research Report: Information By Blockchain Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, Others), Vertical (BFSI, E-Commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals, IT & Telecom, Others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America])—Forecast Till 2030
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