New Delhi, February 10, 2023 (GLOBE NEWSWIRE) — Global web 3.0 blockchain market flourishes because of a increasing focus on transparency, a growing need for data privacy through the decentralized identity of web 3.0 and increasing use of connected devices.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study estimated the global web 3.0 blockchain market size at USD 3.32 billion in 2022. In the forecast period between 2023 and 2029, BlueWeave expects global the web 3.0 blockchain market size to grow at a significant CAGR of 41.9% and reach a value of USD 38.14 billion by 2029. Key growth factors in the global web 3.0 blockchain market include increasing demand for data protection as a result of Web 3.0’s decentralized identity and increasing technological advances on the Internet. The rapid rise in awareness of digital assets such as cryptocurrencies, as well as the rollout of 5G and 6G technologies, is expected to contribute significantly to growth. Moreover, the increasing use of connected devices, along with improved transaction procedures, is driving the expansion of the Web 3.0 blockchain market. Several players are working with Web 3.0 platforms to improve operational scalability and flexibility for users. The growing use of Web 3.0 technology for many business applications such as smart contracts, digital identification, documentation, and exchange is predicted to boost the growth of the Web 3.0 industry. In Web 3.0, Self-Sovereign Identity (SSI) is an effective method of digital identity. SSI is an identity method that places information control around the user. SSI completely eliminates the need to store users’ personal information in a central database and gives consumers greater flexibility in what information they disclose, thereby protecting their privacy. Such SSI benefits in Web 3.0 are expected to promote growth significantly during the analysis period. However, increasing cyber attacks are expected to restrain the overall market expansion.
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Global Web 3.0 Blockchain Market – Overview
Web 3.0 is built on three fundamental pillars: artificial intelligence (AI), blockchain technology and machine learning (ML). The ability of web 3.0 to allow consumers to access decentralized apps using decentralized blockchain technology is the most important factor driving industry growth. Web 3.0 helps consumers manage their data on websites and provides context based on the search content. Web 3.0 has transformed human-machine communication by enabling frictionless ownership transfer, cryptocurrency-based payments and data movement. Due to blockchain technology for Web 3.0, people can choose what data they disclose. The client controls THEIR data, not any third party source, with web 3.0 blockchain technology. As a result, the user now accepts personal data instead of third-party sources. Therefore, blockchain technology has evolved. As the concept of data ownership takes hold, individuals are turning to web 3.0 blockchains to secure their data and address concerns about third-party providers’ security and privacy.
Challenges: Users’ limited experience with web 3.0
Tech giants, such as Facebook, Microsoft, Google and Amazon, have faced continuous scrutiny for aggressive business practices, unethical use of artificial intelligence and use of customer data. This increased concern for privacy has resulted in a paradigm shift in the introduction of web 3.0. However, consumers’ lack of familiarity with this evolving version has limited the widespread use of these technologies in recent years. Given the lack of understanding of Web 3.0, end users’ reliance on Web 2.0 is expected to hinder market growth during the forecast period.
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The impact of COVID-19 on Global Web 3.0 Blockchain Market
COVID-19 had a positive impact on the Web 3.0 blockchain market. Web 3.0, which is based on Blockchain technology, has changed the crypto landscape and the digital payment infrastructure. The COVID-19 pandemic highlighted the importance of internet infrastructure, and countries around the world have begun implementing technology for smart contracts, digital IDs and digital exchanges. Furthermore, the growing popularity of Web 3.0 cryptocurrencies for faster transactions is likely to drive business growth.
Global Web 3.0 Blockchain Market – By type
By type, the global web 3.0 blockchain market is segmented into public, private, consortium, and hybrid. The public segment held the highest market share in 2022. A major factor driving the segment’s growth is the potential of public blockchain networks to allow people from all over the world to engage in the network without any restrictions. A public blockchain allows individuals from all over the world to join the network, read, write and participate in the blockchain. In addition, public blockchain provides great security, an open environment, complete transparency, decentralization and improved distribution. The hybrid segment dominated the market share in 2021. It is a critical component driving the segment’s growth due to its ability to deliver both permission-based and permission-less solutions. A hybrid blockchain is a combination of public and private blockchains, with some parts controlled by the organization and others visible via the blockchain.
Challenging landscape
Major players operating in the global web 3.0 blockchain market include Web3 Foundation, Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Limited., Kusama, Livepeer, Inc., Filecoin, Kadena LLC, Polygon technology and Terra. To further increase market share, these companies use various strategies, including mergers and acquisitions, partnerships, joint ventures, licensing agreements and new product launches.
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The in-depth analysis of the report provides information on the growth potential, upcoming trends and statistics of the Global Web 3.0 Blockchain market. It also highlights the factors driving the forecasts of total market size. The report promises to provide latest technology trends in the Global Web 3.0 Blockchain Market and industry insights to help decision makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics in the market.
Recent developments
- In September 2022 – The NEAR Foundation announced its plan to launch a US$100 million venture capital fund and a venture lab in partnership with Caerus Ventures, a Swiss organization. The money is intended for Web3 culture and entertainment.
- In February 2022 – WazirX, a cryptocurrency exchange platform, unveiled Shardeum, a new Web 3.0 platform to solve fundamental scalability issues.
Scope of the report
| Attributes | Details |
| Year considered | Historical data – 2019-2022 |
| Base year – 2022 | |
| Estimated year – 2023 | |
| Forecast period – 2023–2029 | |
| Facts covered | Revenue in billions of dollars |
| Market coverage | North America (USA, Canada), Europe (Germany, UK, France, Italy, Spain, Netherlands, Belgium, NORDIC countries, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia and New Zealand , Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, Peru, Colombia, Rest of Latin America), Middle East and Africa (Saudi Arabia, UAE, Qatar , Kuwait, Iran , South Africa, Nigeria, Kenya, Egypt, Morocco, Algeria, Rest of the Middle East and Africa) |
| Product/service segmentation | Type, Application, End Use, Region |
| Key players | Web3 Foundation, Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Limited., Kusama, Livepeer, Inc., Filecoin, Kadena LLC, Polygon Technology, Terra |
By type
- Public
- Private
- Consortium
- Hybrid
Upon application
- Cryptocurrency
- Conversational AI
- Storage of data and transactions
- Payments
- Smart contracts
At end use
- BFSI
- E-commerce and retail
- Media and entertainment
- Health and medicines
- IT and telecom
By region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
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