Westford, USA, March 08, 2023 (GLOBE NEWSWIRE) — The Web 3.0 Blockchain Market is set to witness North America taking a leading position, followed by Europe and the Asia-Pacific region, primarily driven by the growing demand for data protection through decentralized identity and advancements in internet technology. With the rise of digital assets such as cryptocurrencies and the rollout of 5G and 6G technologies, the industry’s growth is projected to accelerate. As a result, privacy has become a major concern, with users seeking secure and reliable means to protect their information. Web 3.0’s decentralized identity mechanism has emerged as a viable solution, attracting many users.
According to a recent report by SkyQuest, DeFi transactions have seen significant growth in North America from 2020 to 2021. The report suggests that these transactions accounted for 34.5% of all transactions in the region, indicating a growing interest in decentralized finance. Furthermore, the report highlights that the citizens of North America contributed around $265 billion in cryptocurrency to DeFi platforms during the same period. This shows a clear trend towards adopting Web 3.0 blockchain technology, which is expected to continue in the future.
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- Pages – 273
- Tables – 96
- Figures – 74
Web 3.0 is the next revolution of the internet that promises to be decentralized and more secure. One of the main technologies driving Web 3.0 is blockchain, a distributed ledger that enables secure and transparent transactions. Blockchain technology makes it possible to create decentralized applications (dApps) that run on a peer-to-peer network without intermediaries. In addition, the use of blockchain technology in Web 3.0 allows a new level of transparency and security previously impossible with traditional centralized systems.
Prominent players in the Web 3.0 Blockchain market
- Web3 Foundation
- Livepeer, Inc.
- Ocean Protocol Foundation Ltd.
- Kusama
- Helium Systems Inc.
- Zel Technologies Ltd.
- Binance
- Antier solutions
- Polygon technology
- Filecoin
- Terra
- Ripple
- Alchemy Insights, Inc.
- Coin base
- Decentralized country
- Kadena LLC
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Cryptocurrency segment to see higher traction thanks to growing use of cryptocurrencies for decentralized finance (DeFi)
According to market research, the cryptocurrency segment is predicted to dominate the web 3.0 blockchain market from 2022 to 2030. This segment is predicted to capture the largest share of the market due to the increasing adoption of cryptocurrencies and the growing demand for decentralized financial systems. Telecom fraud has emerged as a significant problem for law enforcement agencies, costing about $30 billion annually, according to research by SkyQuest. With the rise of blockchain technology, it is a potential solution that could have a significant impact on fraud detection and prevention. The growing use of blockchain technology in various industries, such as healthcare, supply chain management and gaming, is also expected to contribute to the market’s growth.
According to SkyQuest projections, the North American region is poised to become the dominant player in the web 3.0 blockchain market by 2030. The growth of blockchain technology is set to revolutionize how we conduct transactions and manage data, and North America is in a prime position to lead this charge. One of the reasons for this predicted dominance is the large number of blockchain-based startups emerging in North America. These startups are backed by venture capital firms and work to create ground-breaking solutions for industries such as finance, healthcare and logistics.
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Government services segment to drive major growth as blockchain technology streamlines government processes and reduces the cost of manual processes
According to market research, the public services segment is expected to experience the highest CAGR in the web 3.0 blockchain market from 2022 to 2030. The growing use of blockchain technology in various public services, such as identity management, voting systems, land registration, and supply chain management, is driving this growth. Similarly, blockchain-based identity management systems can eliminate the need for intermediaries and improve data protection by allowing individuals to control their data. This can lead to more efficient and secure public services, increasing citizens’ trust and confidence.
According to the latest research, the Asia-Pacific region is predicted to witness significant expansion in the web 3.0 blockchain market between the years 2022 to 2030. This region includes countries such as China, Japan, India, and Australia. The high population density and rapidly growing economies in the Asia Pacific region offer a massive market for blockchain-based solutions. Furthermore, with the growing demand for faster and more efficient transactions, web 3.0 blockchain technology is expected to benefit businesses and consumers.
The Web 3.0 blockchain market is highly competitive, and businesses operating in this industry need to stay abreast of the latest trends and opportunities to maintain a competitive edge. SkyQuest’s report provides valuable insight to companies looking to grow and expand their business, empowering them to make informed decisions that drive success in this rapidly evolving market. With the help of this report, companies can gain a deeper understanding of the industry and make strategic choices that enable them to take a significant lead in the market.
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Key Developments in the Web 3.0 Blockchain Market
- Tatum, a company specializing in facilitating blockchain application development, recently partnered with StartupYard to support early-stage fintech and Web 3.0 startups. The partnership aims to accelerate business success and reduce time-to-market for digital finance startups through the Tatum Blockchain Accelerator program. Leveraging Tatum’s expertise in blockchain technology and StartupYard’s experience supporting early-stage startups, the program aims to provide startups with the resources and support they need to succeed in their respective industries.
- Radian Arc, a prominent investment firm, has recently announced its investment in brandXchange, a leading consultancy specializing in Web 3.0 technologies. The investment is a strategic move by Radian Arc to tap into the rapidly growing Web 3.0 market, poised to revolutionize the digital landscape. The investment by Radian Arc is also significant for the Web 3.0 market, as it highlights the growing interest and demand for Web 3.0 technologies from the investment community.
- ShellBoxes is a leading company that has taken innovative steps to strengthen the Web3 ecosystem and empower new builders. With the rise of Web3 technologies, it has become more important than ever to build secure and reliable infrastructure that can support the growing number of decentralized applications. One of the key features of ShellBoxes is its focus on security. With the increasing number of cyber threats facing the Web3 ecosystem, it is important that developers have access to secure infrastructure that can protect their applications and data.
Key Questions Answered in Web 3.0 Blockchain Market Report
- How can hindering factors in the global market be mitigated to ensure growth in specific industries?
- What are the driving factors that contribute to the success of top companies in overcoming challenges and exploiting opportunities in the global market?
- Which sectors of the global market are expected to experience the highest growths in revenue and sales in specific geographic regions?
- What strategies and tactics can suppliers use to overcome obstacles and exploit opportunities within specific global market segments?
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