The global Web 3.0 Blockchain Market size is expected to reach USD 12.5 billion by 2028, increasing at a market growth rate of 38.2% CAGR during the forecast period
Web 3 or Web 3.0 is based on the creation of a completely decentralized ecosystem. In this new dimension of technology, artificial intelligence, machine learning and cutting-edge technologies such as blockchain are believed to be the answers to the problems of the current internet/web environment.
New York, Nov. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Web 3.0 Blockchain Market Size, Share & Industry Trends Analysis Report By Application, By Blockchain Type, End Use, By Regional Outlook and Forecast, 2022 – 2028” –
Web 1.0, or the first version of the internet, was a simple read-only version. It didn’t give users much capacity or flexibility.
Users were only permitted to read content from the websites. The second generation of the internet, or Web 2.0, as well as the current phase of the internet, allowed for a bit more flexibility. Web 2.0 gives consumers the ability to not only read, but also write, upload, publish and receive text, image and video information over the internet. Therefore, Web 3.0 will likely be superior and far more sophisticated than the Internet user is used to today.
In other words, Web 3.0 refers to a new, improved, decentralized Internet ecosystem independent of any type of central authority. By using blockchain technology, Web 3.0 can revolutionize internet usage. It can give the Internet a whole new dimension. Individuals will be able to buy, own, sell and profit from the sale of their digital material in the form of NFTs. When Web 3.0 is widely used, many blockchain applications, such as smart contracts and decentralized applications (DApps), will gain popularity.
COVID-19 impact assessment
It is expected that the COVID-19 pandemic will have a good effect on the Web 3.0 blockchain business. Based on blockchain technology, Web 3.0 has changed the crypto landscape and the digital payment infrastructure. The COVID-19 pandemic has underscored the need for internet infrastructure, and countries around the world have begun to adopt technologies for smart contracts, digital identities and digital exchanges. Additionally, the growing acceptance of Web 3.0 cryptocurrencies for faster operations is expected to drive business expansion.
Market growth factors
An increase in the flexibility of Web 3.0
The nature of web 3.0 blockchain is decentralized. Consequently, all transactions are tracked and extremely transparent. Blockchain uses the technique of information traceability, which guarantees that data has not been altered. The Web 3.0 blockchain technology increases the transparency of the payment system, as each transaction is recorded and irreversible, which benefits users during audits. The capacity of web 3.0 blockchain technology to record transactions has a significant impact on internet surveillance and censorship. A cryptocurrency transaction can happen within minutes or seconds, driving the adoption of the web 3.0 blockchain market.
Rapid technological innovation on the web
Web 3.0 blockchain technology is rapidly evolving. It provides significant benefits to the end user, including lower operating costs, increased speed, reduced risk of cyber-attacks and individual data processing. In recent years, there have been significant technological advances, including the integration of Blockchain with IoT and the use of blockchain technology in operations and logistics. Considerable research and development is being carried out to improve the scalability of this technology, which can be effectively utilized in sectors such as currency exchange, social media services, messaging applications, data storage and browsing. Web 3.0’s continued expansion will generate enormous growth prospects for the foreseeable future and impact a number of industry sectors.
Market limiting factors
Problems related to cybercrime
Since all data is stored decentralized in web 3.0, there is a risk that an unauthorized user can upload and distribute harmful material. Since web 3.0 is not controlled by anyone, there is an opportunity for cybercrime. There are controls incorporated into the blockchain, but it is still possible to spread offensive content without any authority to remove it. If someone stores their photos on a Web 3.0 site, those photos can be compromised. Consequently, few individuals may have central authority in web 3.0 which inhibits the growth of the Web 3.0 blockchain market.
Blockchain Type Outlook
Based on Blockchain Type, the Web 3.0 Blockchain Market is segmented into Public, Private, Consortium and Hybrid. The hybrid segment witnessed a significant revenue share in the web 3.0 blockchain market in 2021. That due to the capacity to offer both permission-based and permission-less systems is a crucial factor driving the segment’s growth. A hybrid blockchain is a mix of both public and private blockchains, where some parts are under the organization’s authority and others are visible via the blockchain.
Application Outlook
On the basis of application, the Web 3.0 Blockchain market is segmented into cryptocurrency, conversational AI, data and transaction storage, payments, smart contracts, and others. The cryptocurrency segment acquired the largest revenue share in the web 3.0 blockchain market in 2021. Rapid technological innovation development, such as digitization and automation, has fueled an increase in corporate demand for high-performance bitcoin transaction services.
End use Outlook
By end-use, the Web 3.0 Blockchain market is classified into BFSI, Retail & E-commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, and others. The BFSI segment accounted for the highest revenue share in the web 3.0 blockchain market in 2021. The growing need for Web 3.0 blockchain in the finance and banking industry for scalability, faster transaction speeds, and lower processing costs is a primary reason driving the segment’s growth. In addition, Web 3.0 blockchain-enabled transactions eliminate the requirement for third-party online payment to speed up financial communication.
Regional outlook
Regionally, the Web 3.0 Blockchain market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North America segment accounted for the largest revenue share in the web 3.0 blockchain market in 2021. A crucial factor contributing to the growth of the regional industry is the growing acceptance of Web 3.0 across a variety of operating systems, including blockchain-based platforms. The fact that there are large blockchain solution providers in the region, such as Web3 Foundation and Helium Systems Inc., also contributes to the expansion of the region.
The market research report covers the analysis of key stakeholders in the market. Key companies profiled in the report include Web3 Foundation (Polkadot), Polygon technology, Protocol Labs (Filecoin), Alchemy Insights, Inc., Helium, Inc., Ocean Protocol Foundation Ltd., Kusama Network, Kadena LLC and Terraform Labs Pte. Ltd.
Strategies Implemented in Web 3.0 Blockchain Market
Sep-2022: Polygon entered into a partnership with Starbucks, an American multinational chain of coffee houses. Through this partnership, the companies aimed to take customers on a Web 3.0 NFT ‘Odyssey’. In addition, the entire focus of this new platform is to obtain and maintain customer engagement, therefore consumer experience is a focus area for this program.
Sep-2022: Polygon entered into a partnership with Starbucks, an American multinational chain of coffee houses. Through this partnership, the companies aimed to take customers on a Web 3.0 NFT ‘Odyssey’. In addition, the entire focus of this new platform is to obtain and maintain customer engagement, therefore consumer experience is a focus area for this program.
Sep 2022: Polygon formed a partnership with ANKR, a utility token with more than one use. With this partnership, Ankr brought an Ethereum-based decentralized scaling platform to the fore in efforts to improve the experience of Web 3.0 developers.
Aug-2022: Polygon partnered with Catheon Gaming, the fastest growing integrated blockchain gaming and entertainment media. This partnership will maintain the launch of Catheon Gaming game titles, Onigiri and Cosmic Break, within their network.
Aug-2022: Alchemy acquired ChainShot, a blockchain education platform. This acquisition aimed to bring forward and prepare Web3 builders Chainshot, a developer of a nascent Ethereum builder Bootcamp.
Jul-2022: Filecoin merged with Holon, a next generation investment manager, and Web 3 data storage provider. Under this collaboration, the ESG report specifies a new benchmark for responsibility for sustainability actions.
Jul-2022: Polygon partnership with Nothing, a consumer electronics manufacturer. Through this collaboration, nothing has tapped Polygon technology to deliver non-fungible tokens (NFTs) on the latest Android-based Nothing mobile device.
May-2022: Filecoin Foundation entered into a partnership with Lockheed Martin, American aerospace, defense, weapons, information security and technology company. This partnership aimed to illustrate the InterPlanetary File System (IPFS) in space. Furthermore, the partnership expects that blockchain applications in space will reduce the latency between transmissions with nodes in orbit.
Apr-2022: Polygon partnered with AlmaBetter, a platform to educate and train students. Through this partnership, the companies aimed to launch Web3 education for modern professions by incorporating the best aspects of vocational schools, MOOCs, apprenticeships and boot camps.
Feb-2022: The Web3 Foundation entered into a partnership with the World Economic Forum, a global non-governmental and lobbying organization. Under this partnership, the Web3 Foundation will help global leaders and their communities understand the potential benefits of decentralization, and its underlying blockchain technology, for the world.
May-2020: The Web3 Foundation introduced the first version of Polkadot, a sharded protocol. Polkadot allows decentralized blockchain networks to work together, seamlessly and at scale. Moreover, Polkadot provides peer-to-peer applications, businesses, organizations, economies – entire digital communities, the agency mandated to form, govern, grow themselves and interact without the need for centralized institutions forced to set confidence to this day.
Feb-2020: Web3 Foundation formed a partnership with Coinbase Custody, the largest and most trusted custodian of crypto assets. Through this partnership, the companies aimed to present a control solution for the Polkadot network. In addition, with Polkadot genesis fast approaching, the focus is on maintaining high-quality integrations to confirm that Polkadot is comfortable to use and dot holders are safe.
Scope of the study
Market segments covered in the report:
Upon application
• Cryptocurrency
• Smart contracts
• Payments
• Data and transaction storage
• Conversational AI
• Second
By blockchain type
• Public
• Private
• Consortium
• Hybrid
At end use
• BFSI
• IT & Telecom
• Media and entertainment
• Retail & E-commerce
• Medicines
• Second
By geography
• North America
o the United States
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o Great Britain
o France
o Russia
o Spain
o Italy
o The rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o The rest of LAMEA
Profiled companies
• Web3 Foundation (Polkadot)
• Polygon technology
• Protocol Labs (Filecoin)
• Alchemy Insights, Inc.
• Helium, Inc.
• Ocean Protocol Foundation Ltd.
• The Kusama network
• Kadena LLC
• Terraform Labs Pte. Ltd.
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