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

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.