USD 2.25 billion
Report ID:
SQMIG45F2133 |
Region:
Global |
Published Date: July, 2024
Pages:
197
|Tables:
95
|Figures:
76
Web 3.0 Market size was valued at USD 2.25 billion in 2022 and is poised to grow from USD 3.36 billion in 2023 to USD 82.93 billion by 2031, growing at a CAGR of 49.3% during the forecast period (2024-2031).
Web 3.0 represents the next stage of internet services, using advancements in machine learning (ML), artificial intelligence (AI) and blockchain technology. These technologies contribute to build a decentralized protocols that assists the Web 3.0 platforms. The growth of Web 3.0 is driven by increasing demand for data privacy and advancements in internet technologies like 5G and 6G.
Additionally, the popularity of digital assets such as cryptocurrencies and the addition of connected devices further contribute to the expansion of the Web 3.0 blockchain industry.
The Web 3.0 market offers many services and applications, including cryptocurrency, conversational AI, smart contracts, decentralized identity management, non-fungible tokens (NFTs), and decentralized finance (DeFi). The decentralized and secure characteristics of blockchain improves data integrity, transparency and trust in online interactions, strengthening the future development of the internet. This technology promotes a more effective, safe, and networked digital world by enabling smart contracts, tokenization, and decentralized applications (DApps) which gains the user attraction.
Many industry players are focusing on developing Web 3.0 platforms to enhance user scalability and flexibility. For instance, WazirX, a cryptocurrency exchange platform, in February 2022, introduced Shardeum to address scalability issues. Web 3.0 aims to create a more human-like internet experience, were applications and websites process data efficiently. These product launches are expected to drive growth opportunities for the industry during the forecast period.
Global Market Size
USD 2.25 billion
Largest Segment
Public
Fastest Growth
Hybrid
Growth Rate
49.3% CAGR
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The Global Web 3.0 Market is categorized based on blockchain type, application, verticals and region. Based on blockchain type, the market can be segmented into public, hybrid private, and consortium. Based on application, the market is segmented into cryptocurrency, smart contracts, decentralized finance, non-fungible tokens, decentralized applications, conversational AI and payments. Based on verticals, the global Web 3.0 market is segmented into BFSI, e-commerce & retail, media & entertainment, healthcare and IT & telecommunications. And lastly, based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Web 3.0 Market Analysis by Blockchain Type.
Based on blockchain type, the global Web 3.0 market is segmented into public, hybrid private, and consortium. The public segment have gained significant attention and adoption The public segment dominated the market in 2023 and accounted for 56.4% share of the global revenue. Public blockchains such as Ethereum and Bitcoin offer open access to anyone which enables decentralization and transparency.
They have become the foundation for numerous decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible token (NFT) marketplaces, driving substantial interest and investments. Also, the ability of the public blockchain networks to allow users worldwide to participate in the network without any restrictions is a major factor driving the segment’s growth. Moreover, public blockchain offers high security, an open environment, total transparency, decentralization, and better distribution. Furthermore, the expansion of public blockchain-based projects, developer communities, and the wide array of use cases have contributed to their prominence.
The hybrid segment is expected to register a significant growth during the upcoming years. Hybrid blockchains combine features of both public and private blockchain where some part is controlled by the organization and others are made visible via the blockchain, which provides flexible and scalable approach to the blockchain deployment.
The ability of the hybrid segment to offer permission-based and permissionless systems is a significant factor driving the growth of the segment. Additionally, hybrid blockchains provides compatibility between different blockchain networks, enabling seamless data exchange and collaboration across ecosystems. As organizations increasingly recognize the value of blockchain technology for improving efficiency, transparency, and trust in various industries, the adoption of hybrid blockchains is expected to accelerate, driving growth in this segment of the Web 3.0 Blockchain market.
Web 3.0 Market Analysis by Application.
Based on application, the global Web 3.0 market is segmented into cryptocurrency, smart contracts, decentralized finance, non-fungible tokens, decentralized applications, conversational AI and payments.
The cryptocurrency segment is dominating the market in 2023. Speedy advancements in technological innovation, including automation and digitization, have led to the growing demand for high-performance cryptocurrency transaction services among enterprises.
The global reach of cryptocurrencies helps in borderless transactions and financial inclusion, particularly in regions with limited access to traditional banking infrastructure.Therefore, to cope with the need for high-performance cryptocurrency transactions, several players worldwide are using blockchain technology solutions in cryptocurrency to complete their transactions efficiently.
As a result, the cryptocurrency segment continues to dominate the Web 3.0 market, driving technological innovation, financial disruption, and the decentralization of global economies.
The smart contracts segment is anticipated to register significant growth in the upcoming years. There is an increasing adoption of technology across industries that fuels the demand for smart contracts as they automate and streamline business processes, reducing manual intervention and administrative overhead.
The rising awareness about the benefits of smart contracts including increased transparency, efficiency and trust, drives their adoption among enterprises seeking to optimize operations and mitigate risks. Smart contracts create a more open and collaborative work environment. These factors, combined with the inherent properties of smart contracts, they are more likely to grow, and more businesses would be able to cut costs and facilitate faster and safer transactions.
Analysis by Verticals.
Based on verticals, the global Web 3.0 market is segmented into BFSI, e-commerce & retail, media & entertainment, healthcare and IT & telecommunications.
The BFSI segment accounted for largest market revenue share of 36.12% in 2023. BFSI industry uses blockchain technology in many ways to improve the way people exchange their values. There is an increasing demand for Web 3.0 blockchain for scalability, better transaction speed and reduced processing costs in the banking and finance sector is the major reason driving the growth of the segment.
Also, transactions done by Web 3.0 blockchain technology eliminates the need for third-party payment gateways which allow faster financial exchange. They also help insurance companies to maintain decentralized data which prevents cybercrimes and frauds.
The e-commerce and retail segment are expected to register the fastest growing segment in this market. This segment widely uses the benefits provided by the Web 3.0 such as faster payments, reduced costs, increased transparency and improved security. All these factors contribute the significant growth of this segment. The integration of Web 3.0 technology into retail and e-commerce introduces new opportunities to enhance the customer experience, streamline supply chain operations, and improve trust and transparency in transactions.
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North America is leading the global Web 3.0 market and was accounted for USD 1.02 billion in 2021 and a global revenue share of 37.3% in 2023. It is expected to exhibit a 46.20% CAGR during the study period. North America, particularly the US, has been at the forefront of technological innovation, with a robust ecosystem of blockchain startups, tech players, and venture capital firms driving the development and adoption of Web 3.0 technologies.
At the same time, the presence of major blockchain solution providers such as Helium Systems Inc. and Web3 Foundation in the region is also accentuating regional growth. This region also benefits from a highly skilled workforce, world-class research institutions, and a supportive regulatory environment that fosters entrepreneurship and innovation in emerging technologies like blockchain. Moreover, the region's strong infrastructure with reliable internet connectivity and access to capital further accelerates the development and deployment of Web 3.0 solutions.
Asia Pacific is expected to emerge as the fastest-growing market in the recent years. Countries in this region such as China, Japan, India, South Korea and Singapore are home to new tech ecosystems, large populations of digitally native consumers, and a rising middle class with increasing purchasing power.
The retail and e-commerce industries are growing in this region and is one of the largest contributors to the blockchain industry. As well as the increased adoption of mobile and internet technologies has led to a rise in digital payments, e-commerce and online services in every sector. The rapid adoption of digitization using Web 3.0 among banking and finance companies is also a major factor driving the growth of the Asia Pacific region.
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Web 3.0 Market Drivers
Increasing Concerns for Data Privacy.
Increased Globalization and Digitalization Trends.
Growing Developer Community.
Web 3.0 Market Restraints
User Experience Challenges.
Concerns Regarding Regulatory Uncertainty.
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The global Web 3.0 is expanding globally driven by the growing government initiatives for the development of 5g infrastructure, the demand for new blockchain technologies, decentralized applications and services worldwide. Major market players are investing a lot in R&D to increase their product lines, which will help the Web 3.0 Blockchain industry grow at a faster rate. These market players are also engaging in various strategic initiatives to expand their market presence such as launching new products, mergers, acquisitions, and collaborations with other businesses and organizations. Competitors in this industry need to offer cost-effective products to survive in this intense competitive and rising market industry.
Web 3.0 Market Top Player’s Company Profiles
Web 3.0 Market Recent Developments
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 robust Secondary Desk research.
According to our Global Web 3.0 market analysis, Web 3.0 market is anticipated to be growing in the upcoming years due to various factors. The global Web 3.0 has many key drivers of market growth include 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. Based on product type, public segment is leading the market share as it allows users to participate in the network without any restrictions from across the world. Whereas the hybrid segment is growing at a fastest rate, as it provides properties of both public and private blockchain types. Based on application, cryptocurrency and smart contracts are continuing to gain its pace in the market. While BFSI and e-commerce & retails holds a significant market share in terms of verticals as growing globalization and digitalization trends are driving the need for more efficient, transparent and secure digital transactions as well as data management solutions. North America is dominating the Web 3.0 market with its robust infrastructure, tech players, and venture capital firms driving the development and adoption of Web 3.0 technologies. On the other side, Asia-Pacific is expected to witness a significant growth in the upcoming year due to its developing tech ecosystems and the increased adoption of mobile and internet technologies has led to a rise in digital payments, e-commerce and online services which drives the market in this region. As more and more people are shifting towards Web 3.0 technology, particularly in blockchain technology as it allows users to control their data. At the same time the regulatory uncertainty in this market also stands as challenge which can limit the businesses and organisation to grow and expand. Also, the increasing developer community, we also need to focus on providing simple user interface to give easy access to the non-tech users.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.25 billion |
Market size value in 2031 | USD 82.93 billion |
Growth Rate | 49.3% |
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Web 3.0 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 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.
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 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 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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Report ID: SQMIG45F2133
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