Jersey City, NJ, March 22, 2023 (GLOBE NEWSWIRE) — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on “Global Web 3.0 Blockchain Market Size, Share & Trends Analysis Report by Blockchain Type (Public, Private, Consortium & Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage), By End Use (BFSI, Retail & E-Commerce, Media & entertainment, pharmaceuticals, IT and telecom) – Market outlook and industry analysis 2031″
The global the web 3.0 blockchain market estimated to reach over USD 44.2 billion by 2031shows one CAGR of 44.13% in the forecast period.
The Web 3.0 blockchain market is a rapidly growing and evolving industry that focuses on decentralized technology and applications (dApps). The aim of Web 3.0 is to create a decentralized, transparent and secure internet, where users have control over their data and can safely and transparently interact with each other without intermediaries. The Web 3.0 blockchain market is primarily driven by growing demand for decentralized technology and apps and growing interest in cryptocurrencies and blockchain-based applications.
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The market is also driven by increasing investments in blockchain startups and growing partnerships and collaborations between established companies and blockchain-based startups. A major challenge facing this market is the need for interoperability between different blockchain networks. This means that assets and data cannot be easily transferred between blockchains, making it difficult for users to move their assets between different platforms.
Recent developments:
- In March 2022, the Dubai Virtual Assets Regulatory Authority statute, which seeks to control blockchain-based assets, was founded.
- In February 2022, to solve the fundamental problems of scalability, WazirX, a cryptocurrency exchange platform, launched a new Web 3.0 platform called Shardeum.
List of Prominent Players in the Web 3.0 Blockchain Market:
- Alchemy Insights Inc.
- Antier solutions
- Bianca
- Decentralized country
- Filecoin
- Helium Systems Inc
- Kadena LLC
- Kusama
- Livepeer, Inc.
- Ocean Protocol Foundation Ltd.
- Polygon technology
- Terra
- Web3 Foundation (Polkadot)
- Zel Technologies Limited.
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Web 3.0 Blockchain Market Report Scope:
| Report attribute | Specifications |
| Market size value in 2022 | USD 1.66 billion |
| Revenue forecast for 2031 | USD 44.2 billion |
| Growth rate CAGR | CAGR of 44.13% from 2023 to 2031 |
| Quantitative units | Representation of revenue in million USD and CAGR from 2023 to 2031 |
| Historic year | 2019 to 2022 |
| Forecast year | 2023-2031 |
| Report coverage | The revenue forecast, the position of the company, the competitive market statistics, growth prospects and trends |
| Segments covered | Type, application and end use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East and Africa |
| Nationwide | US; Canada; Great Britain; Germany; China; India; Japan; Brazil; Mexico; Great Britain; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market dynamics:
drivers-
One of the main driving factors of the web 3.0 blockchain market is the shift of data ownership towards users. On the traditional Internet, user data is usually owned and controlled by centralized organizations, such as technology companies, which use that data to generate revenue through advertising and other means. With the shift from data ownership to users, there is also a growing demand for decentralized applications and services that allow users to control their data and share it with others on their terms.
This demand is driving the growth of the Web 3.0 blockchain market as more businesses and individuals seek to leverage the technology to give users more control over their data. In addition, the shift of data ownership towards users also opens up new opportunities for innovation and the establishment of new business models. This is also expected to drive further growth and use of Web 3.0 blockchain technology in the future.
Challenges:
The main challenge is the need for more awareness in developing countries, which is predicted to slow down the growth of the web 3.0 blockchain market. Despite the growing interest in blockchain technology, there are still many people who need to understand what it is and how it works. This lack of awareness can create a barrier to entry for new users and limit the widespread adoption of Web 3.0 blockchain technology. In addition, the technology behind Web 3.0 blockchain can be complex and difficult to understand for those with a technical background. This can make it difficult for companies and individuals to take full advantage of the technology’s benefits.
Regional trends:
The Asia Pacific Web 3.0 Blockchain Market is expected to register a large market share in revenue and is expected to grow at a high CAGR soon. During the forecast period, the Asia-Pacific region is also expected to expand the fastest.
The main factor driving the expansion of the Asia-Pacific region is the banking and financial industry’s rapid adoption of digitization using Web 3.0. The region’s retail and e-commerce sectors, which are among the biggest contributors to the blockchain industry, are expanding at the same time. The elements mentioned above are encouraging for the development of Web 3.0 blockchain in the Asia-Pacific region.
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Segmentation of the Web 3.0 Blockchain Market-
By type of Outlook
- Public
- Private
- Consortium
- Hybrid
By Application Outlook-
- Cryptocurrency
- Conversational AI
- Data and transaction storage
- Payments
- Smart contracts
- Others
For end use Outlook
- BFSI
- Retail and e-commerce
- Media and entertainment
- Medicines
- IT and telecom
- Others
By region
North America-
Europe-
- Germany
- Great Britain
- France
- Italy
- Spain
- The rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- The rest of Latin America
Middle East and Africa
- GCC countries
- South Africa
- The rest of the Middle East and Africa
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