Farmington, Jan. 28, 2023 (GLOBE NEWSWIRE) — The global Web 3.0 Blockchain Market The size was USD 1.36 billion in 2022 and is expected to expand at a CAGR of 44.9% from 2022 to 2030. Web 3.0 Web3, or Web 3.0, is a proposed new version of the World Wide Web that uses blockchain technology and includes decentralization and blockchain economics. Today, Web 3.0 technology can be used in many different ways, for example for documentation, exchange, digital identities, smart contracts and more. This market will grow because more and more people want the above. The growing need for data privacy is expected to boost sales in the global web 3.0 blockchain market from 2021 to 2031. Decentralized Web 3.0 identity will help in this.
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Recent developments:
- In December 2021, India’s state government of Telangana, CoinSwitch Kuber and Lumos Labs announced the launch of the India Blockchain accelerator to help blockchain entrepreneurs. As part of the accelerator, blockchain entrepreneurs who are selected will be able to receive approval from the authorities, help to enter the market, grants and guidance. Selected participants will also have the chance to receive pre-seed and seed investments from investment partners Lightspeed and WoodstockFund of USD 700,000 or more.
- In April 2022, KuCoin, the world’s largest cryptocurrency trading platform, and its venture firm KuCoin Ventures and KuCoin NFT Marketplace-Windvane have announced a USD 100 million “Creators Fund”. This fund will help arts, sports, PFPs, Asian culture and games that are just starting out and need a place to grow. This fund will also invite the top 99 NFT creators to join the Windvane NFT marketplace, which will accelerate the growth of Web 3.0.
Segment analysis:
Blockchain Type Insights
In 2021, the public sector brought in more than 56.0% of all revenue. This segment is growing because people from all over the world can join public blockchain networks without any restrictions. In a public blockchain, anyone from anywhere in the world can join the network and read, write and participate in the blockchain. Public blockchain also offers high security, an open environment, full transparency, decentralization and better distribution.
Application Insights
By 2021, more than 25.0% of all revenue came from the cryptocurrency market. Rapid changes in technology, such as digitization and automation, have made businesses want more and more high-performance services for cryptocurrency transactions. So, to keep up with the need for fast cryptocurrency transactions, many players around the world are using blockchain technology to make the transactions go smoothly. Things like the above are likely to drive growth in the segment.
Insights for end use
With a share of over 33.0%, the BFSI segment brought in the most money in 2021. The banking and finance industry wants Web 3.0 blockchain more and more because it can scale, transactions happen faster, and processing costs go down. Also, transactions enabled by Web 3.0 blockchain technology do away with the need for third-party payment gateways, speeding up the way money moves. Web 3.0 also allows insurance companies to store their data in different locations, which stops cybercrime.
Regional Outlook:
By 2023, almost 56.2% of the market will be in North America. This is because more people are using blockchain technology, trying out new ideas in a decentralized ecosystem and putting more money into Web 3.0 startups that are at the forefront. During the forecast period, the region is expected to grow at a strong rate of 41.2% per annum. In fiscal year 2023, the United States will account for 97.6% of the North American web 3.0 blockchain market. Europe will have the second largest share of the market in 2023. This is because many industries using web 3.0 blockchain technology, such as BFSI, media and entertainment, IT and telecom, e-commerce and retail, and others, will need more of it . Asia-Pacific will also be the world’s third largest market. This is because large companies in this area are putting more and more money into the use of blockchain technology. By fiscal year 2023, China will hold 57.1% of the Asia-Pacific web 3.0 blockchain market.
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Scope of the report:
| Report Attributes | Details |
| Growth rate | CAGR of 44.9% from 2023 to 2030. |
| Revenue forecast by 2022 | USD 1.36 billion |
| By blockchain type | Public, Private, Consortium, Hybrid, Other |
| Upon application | Cryptocurrency, conversational AI, data and transaction storage, payments, smart contracts, other |
| At end use | BFSI, Retail & E-Commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, Others |
| Of companies | Web3 Foundation (Polkadot), Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Limited., Kusama, Livepeer, Inc., Filecoin, Kadena LLC, Polygon technology |
| Regions and countries covered |
|
| Foundation year | 2022 |
| Historic year | 2017 to 2022 |
| Forecast year | 2023 to 2030 |
Market drivers:
The main parts of web 3.0 blockchain technology are artificial intelligence (AI), machine learning (ML) and blockchain technology. Web 3.0 blockchain is focused on keeping personal data safe and private, and it allows users to store data in a decentralized manner.
Blockchain is part of web 3.0 which is based on decentralized technology. All transactions are clear and well written because of this. Blockchain uses techniques to keep track of information to ensure that users’ data is not altered or tampered with. Blockchain technology for Web 3.0 makes the payment system more transparent by making each transaction permanent and recordable. This helps users who are checked out.
Market opportunities:
In Web 3.0, blockchain is a rapidly improving technology. IT has many advantages for the end user, such as lower operating costs, higher speeds, less risk of cyber attacks and more control over personal data. In recent years, there have been many important technological advances, such as the use of blockchain technology in logistics and operations and the connection of blockchain to the Internet of Things.
Key segments covered:
Top players on the market:
Web3 Foundation (Polkadot), Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Limited., Kusama, Livepeer, Inc., Filecoin, Kadena LLC, Polygon technology and others.
By blockchain type
- Public
- Private
- Consortium
- Hybrid
- Other
Upon application
- Cryptocurrency
- Conversational AI
- Data and transaction storage
- Payments
- Smart contracts
- Second
At end use
- BFSI
- Retail and e-commerce
- Media and entertainment
- Medicines
- IT and telecom
- Second
Regions and countries covered
- North America: (USA, Canada, Mexico, rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic countries, Benelux Union, Rest of Europe)
- Asia Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- The rest of the world
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