Web 3.0 Market Size, Share, Growth Analysis, By Blockchain Type(Public, Hybrid, Private, and Consortium.), By Application(Cryptocurrency, Smart Contracts, Decentralized Finance, Non-Fungible Tokens), By Verticals(BFSI, E-commerce & Retail, Media & Entertainment, Healthcare and IT & Telecommunications.), By Region - Industry Forecast 2025-2032

Report ID: SQMIG45F2133 | Region: Global | Published Date: July, 2024
Pages: 197 | Tables: 95 | Figures: 76

Web 3.0 Market News

In November 2023, Amazon Web Services, Animoca Brands, and Polygon Labs entered into collaboration agreement to support Web 3.0 developers and accelerate the development of Web 3.0 products and services. In this collaboration, the companies announced MoonRealm Express Accelerator program that allows builders across the world to fast-track the development in emerging areas such as SocialFi, GameFi, decentralized identity and encourage builders to develop new ideas and solutions on Mocaverse.

In September 2023, Coinbase Global, Inc., a leading crypto exchange entered partnership with Truflation, an economic data provider, to support Web3 and Blockchain technologies. This partnership aims to offer real-time inflation information required to expand Web3 and blockchain ecosystem.

In June 2023, the world's most thrilling water racing, SailGP, and Oracle are set to extend their agreement through the end of 2026, building on the success of their first three seasons together. Season 4 will see the league make greater use of Oracle Cloud. According to the terms of the new deal, SailGP will use Oracle Customer Experience (CX) technology to operate The Dock powered by Oracle Fusion Applications. The Dock is based on NEAR protocol, the league's blockchain technology collaborator. The Dock is going to change the way SailGP spectators follow the race.

In June 2023, The International Business Machines Corporation (IBM) entered a new collaboration with FYI.FYI, Inc. Both companies will incorporate IBM’s new AI and data platform, watsonx. FYI.FYI, Inc. currently operates on IBM Cloud and is supported by IBM technology to utilize cryptography. With watsonx, the FYI.FYI, Inc. deployed customized AI abilities to automate supply chain workflows and content creation, enhancing communication among teams, allowing more time for the creative process, and reducing administrative tasks.

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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).

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. 'Ethereum (US)', 'Bitcoin (US)', 'Binance (Cayman Islands)', 'Coinbase (US)', 'Solana (Switzerland)', 'Polygon (India)', 'Chainlink (US)', 'Uniswap (US)', 'Aave (UK)', 'Crypto.com (Hong Kong)', 'MakerDAO (USA)', 'Cardano (Switzerland)', 'Algorand (US)', 'FTX (Antigua and Barbuda)', 'Polkadot (Switzerland)', 'Tether (Hong Kong)', 'VeChain (Singapore)', 'Compound (US)', 'Filecoin (US)', 'Theta Network (US)'

Blockchain technology allows users to control their data, creating a shift from centralized, data-hungry platforms to individual empowerment. Therefore, the rising concern for data ownership and privacy is fuelling interest in Web 3.0's decentralized identity solutions. This trend is attracting users and businesses seeking greater privacy and security.

The rapid rise in the adoption of digital assets such as cryptocurrencies, coupled with the ongoing deployment of the 6G and 5G technologies, is further anticipated to contribute to the growth.

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.

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