USD 1.86 Billion
Web 3.0 Blockchain Market Size, Share, Growth Analysis, By Blockchain Type(Public, Private, Consortium, Hybrid), By Application(Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments), By Vertical(BFSI, E-commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2118 |
Region:
Global |
Published Date: October, 2024
Pages:
273
|Tables:
96
|Figures:
74
Web 3.0 Blockchain Market Insights
Global Web 3.0 Blockchain Market size was valued at USD 2.6 billion in 2022 and is poised to grow from USD 3.74 billion in 2023 to USD 68.36 billion by 2031, growing at a CAGR of 43.80% 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Public
Fastest Growth
Public
Growth Rate
42.99% CAGR
Global Web 3.0 Blockchain Market ($ Bn)
Country Share for North America Region (%)
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Web 3.0 Blockchain Market Segmental Analysis
Global Web 3.0 Blockchain Market is segmented by Blockchain Type, Application, Vertical, end user and region. Based on Blockchain Type, the market is segmented into Public, Private, Consortium, Hybrid. Based on Application, the market is segmented into Cryptocurrency, Conversational AI, Data & transaction storage, Payments, Smart contracts. Based on Vertical, the market is segmented into BFSI, E-commerce & retail, Media & Entertainment, Healthcare & Pharmaceuticals, and IT & Telecom. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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.
Global Web 3.0 Blockchain Market By Type
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Web 3.0 Blockchain Market Regional Insights
The global Web 3.0 North America is likely to rule the blockchain market during the anticipated time frame. One of the principal elements driving the growth of the regional industry is the expanding acceptance of Web 3.0 in many operating systems, including blockchain-based systems. Additionally, the region's rise is being exacerbated by the presence of major blockchain solution providers like Web3 Foundation and Helium Systems Inc.
During the forecast period, the Asia Pacific market is expected to grow the fastest. The primary factor of the Asia Pacific region's growth is the financial and banking industry's quick embrace of Web 3.0-based digitization. The region is one of the biggest contributors to the blockchain industry, and at the same time, the retail and e-commerce industries are growing. The above factors boost growth well for the development of Web 3.0 blockchains in the Asia-Pacific region.
Global Web 3.0 Blockchain Market By Region
- Largest
- Fastest
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Web 3.0 Blockchain Market Dynamics
Web 3.0 Blockchain Market Drivers
Shifting Data Ownership Toward the User to Bolster Market Growth
- The three main components of web 3.0 blockchain technology are artificial intelligence (AI), machine learning (ML), and blockchain technology. The web 3.0 blockchain focuses on safeguarding user privacy and personal data security while enabling decentralized data storage. Due to its frictionless ownership transfers, cryptocurrency-based payments, and data transfers, Web 3.0 has altered how people and machines interact with each other. Blockchain technology enables Web 3.0 by letting people choose themselves which information to share.
- A blockchain in web 3.0 is created utilizing decentralized technology. All transactions are therefore transparent and well-documented. To ensure that user data is not altered or tampered with, blockchain uses systems for tracking information. By making every transaction permanent and recordable, blockchain technology for Web 3.0 improves the transparency of the payment system. Users can benefit from this when they are audited.
Web 3.0 Blockchain Market Restraints
Lack of Knowledge to Hinder Market Growth
- The web 3.0 blockchain technology has more benefits than early versions, but since not enough individuals are aware of how to use and apply it, its growth is being slowed. Tech goliaths like Google, Facebook, Microsoft, and Amazon have been under increasing pressure in recent years for their unethical use of AI, aggressive commercial practices, and handling of customer data. Web 3.0, which is regarded to be safer as a result, has gained greater attention, but its development has been constrained by people's lack of knowledge with it. Users are not aware of any possibilities for the web 3.0 blockchain aside from cryptocurrency.
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Web 3.0 Blockchain Market Competitive Landscape
The market for Web 3.0 is consolidated globally, with the majority of revenue coming from large, medium-sized, and small-sized players. Due to growing government initiatives for the development of 5G infrastructure, the rising use of cutting-edge technologies like blockchain, and the rising demand for decentralized applications and services around the world, the size of the global web 3.0 blockchain market will experience robust growth during the forecast period.
Web 3.0 Blockchain Market Top Player’s Company Profiles
- Polkadot (Web3 Foundation) (Switzerland)
- Helium Systems Inc. (US)
- Ocean Protocol Foundation Ltd. (Singapore)
- Decentraland (Argentina)
- Binance (Cayman Islands)
- Alchemy Insights, Inc. (US)
- Antier Solutions (India)
- Chainlink Labs (US)
- Filecoin (Protocol Labs) (US)
- Ethereum Foundation (Switzerland)
- ConsenSys (US)
- Aave (Switzerland)
- Uniswap Labs (US)
- Polygon (Matic Network) (India)
- IOHK (Input Output Hong Kong) (Hong Kong)
- Arweave (Germany)
- Radix DLT (UK)
- Cosmos (Tendermint Inc.) (US)
- Flow (Dapper Labs) (Canada)
- The Graph (Edge & Node) (US)
- Zilliqa (Singapore)
- Tezos Foundation (Switzerland)
Web 3.0 Blockchain Market Recent Developments
- In January 2024, Flipkart has announced a strategic partnership with fire floors which is a organization platform for managing digital asset operation unbuilt innovative blockchain technology. The collaboration will help in supporting the way consumers can safely and easily interact with the web 3.0 ecosystem. It will offer avenues for brands for innovating and increasing customer experience exploring through FireDrops platform.
- In March 2024, Coti Network announced a strategic partnership with Civic platform for starting the smooth adoption of the web 3.0 ecosystem and digital assets. Civic platform will also use OT V2 which is a privacy-oriented layer two network which is built on the top of Ethereum blockchain, for enhancing the dynamic decentralized identity.
- In June 2024, Bitkub Online Co. Ltd., Bitkub Exchange, and Bitkub Labs Co. Ltd., first form the strategic partnership with Celo Foundation. With this partnership, Bitcoin silo foundation will help in promoting the blockchain education to onboard users throughout the Thailand to Web 3.
Web 3.0 Blockchain Key Market Trends
- Blockchain is a technology that is constantly developing in the Web 3.0 era. For the end user, IT offers many advantages, including cheaper operating costs, faster speeds, a lesser risk of cyberattacks, and control over personal data. Numerous significant technological developments have occurred in recent years, including the integration of blockchain technology into logistics and operations and the Internet of Things. In order to use the technology to its fullest extent in areas like browsing, social networking, messaging, and data storage, there is a lot of research and development being done to make it more scalable. The development of NFT payment systems and digital collectibles over the past few years has been aided by Web 3.0 technologies.
Web 3.0 Blockchain Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
The widespread adoption of this technology for usage in commercial environments, particularly in the areas of smart contracts, digital identification, documentation, and exchanges, will fuel the growth of the web 3.0 blockchain sector. In the Web 3.0 age, you should adopt self-sovereign identity for your online persona (SSI). In SSI, the user is at the heart of the identity system because they have complete control over all data. With SSI, users have more control over the information they want to make public and their private data is not required to be kept in a centralized location. The advantages of SSI in Web 3.0 are anticipated to significantly aid the growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.6 billion |
| Market size value in 2031 | USD 68.36 billion |
| Growth Rate | 43.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Web 3.0 Blockchain Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Web 3.0 Blockchain Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Web 3.0 Blockchain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Web 3.0 Blockchain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Web 3.0 Blockchain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Web 3.0 Blockchain Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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