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 2024-2031

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.