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

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.