Web 3.0 and the rise of the ‘Blockchain Market’ globally

As Goa hosts hundreds of young Web 3.0 enthusiasts from around the world at the Web 3.0 conference, it is important to know the potential of this global phenomenon Web 3.0 and its high power to revolutionize worldwide technology.

The global Web 3.0 Blockchain market is expected to reach a value of USD 23.3 billion by the year 2028.

A recent study report by Vantage Market Research, Global Web 3.0 Blockchain Market, finds that the rapid technological innovation is accelerating Web 3.0 Blockchain Market growth. It is primarily driven by increasing transparency.

According to the report, the Web 3.0 Blockchain market is predicted to grow at a CAGR of approximately 41.6 percent during 2022 to 2028.

The Web 3.0 Blockchain market was estimated to be worth approximately $2.9 billion in 2021 and is expected to reach $23.3 billion by 2028.

The report further indicated that Asia Pacific, based on region, is expected to dominate the worldwide Web 3.0 Blockchain market. Asia Pacific is expected to grow at the fastest compound annual growth rate (CAGR) during 2022 to 2028.

China accounted for the significant large share in Asia Pacific (APAC) in 2021. This share can be attributed to the growing use of technologies such as blockchain and machine learning in the region’s emerging economies such as India and China. Furthermore, the increasing number of new start-ups based on advanced technology in the area, along with the increasing use of automation, is also expected to support the regional growth of the market.

The global Web 3.0 market size reached USD 3.2 billion in 2021 and is expected to register a CAGR of 43.7% during the forecast period, according to the latest analysis by Emergen Research.

Increasing demand for more user-oriented, interactive, advanced and secured technologies, and increasing initiatives by governments in various countries for the development of newer technologies such as Web 3.0 to enable better transparency for users are some important factors expected to drive the global Web 3.0 market income growth to a significant extent in the forecast period.

For the uninitiated, the decentralized web, also known as Web 3.0, is the third generation of the internet that uses decentralized ledger technology (DLT), machine learning (ML) and Big Data.

The Web 3.0 Blockchain Market provides a better browsing experience for users and more efficient data analysis. Compared to previous versions, Web 3.0 is more dynamic and user-friendly.

Leading government agencies are initiating digitization programs to create a regulatory environment that will allow the Web 3.0 Blockchain Market to gain traction. Growing concerns about data security and rising fixed investments to expand Web 3.0 Blockchain Market applications are expected to drive the market forward.

With Web 3.0, consumers can adopt new technology and live a more fulfilling life due to rapid urbanization, globalization and digitization. Blockchain technology gives computers human-like intelligence while improving data exchange. As a result, companies use the Web 3.0 Blockchain Market to improve data security and privacy, driving the global Web 3.0 Blockchain Market forward.

The report further indicated that the increasing technological advancements are expected to stimulate the growth of the Web 3.0 Blockchain market in the future. Blockchain in Web 3.0 is a rapidly developing technology. It provides significant benefits for the end user, such as lower operating costs, increased speed, reduced risk of cyber attacks and handling of personal data.

Blockchain and IoT integration and the use of blockchain technology in logistics and operations have witnessed significant advancements in recent years.

Primary research and development is being done to improve the scalability of this technology so that it can be used effectively in businesses including currency exchange, social networking, chat platforms, data storage and browsing.

In addition, web 3.0 technology has aided the emergence of NFT payment systems and digital collectibles in recent years. Other technology uses include spatial web design, 3D graphics and more. In the expected time frame, the continued emergence of web 3.0 will generate enormous growth potential and be involved in a number of industry sectors.

Increasing preference and use of Non-Fungible Tokens (NFT) as well as digital collectibles, digital currencies and other blockchain entities are expected to continue to support revenue growth in the market going forward.

For example, Reddit is making Web 3.0 inroads by developing a mechanism that enables the use of cryptocurrency tokens, which will allow users to control parts of the communities they participate in. This will result in rewards to users in the form of community points, which they can earn by to post on a specific subreddit. These points can be used as voting shares, which will allow users with significant contributions to have more influence in community decisions. These points are stored on the blockchain and cannot be easily taken away, and their owners will have more control over them. However, an enterprise version of a Web 3.0 concept known as Decentralized Autonomous Organizations (DAOs), which uses tokens, enables more evenly distributed ownership and decision-making authority.

Web 3.0 has its limitations. Some key factors that may limit the transition to Web 3.0 include challenges related to legacy technologies, software, and hardware. Web 3.0 will only be accessible to more advanced devices, Web 1.0 sites will be older than the current successor, regulations will be more complex, and decentralization may make monitoring and regulating Web 3.0 challenging. In addition, online crime, online abuse and potential fraud may increase significantly.

In addition, less tech-savvy people may find the application difficult to use, and privacy concerns will increase due to easy access to user information and details of public and private life and activities, etc. In addition, newer more precise privacy rules will be required. are assessed and implemented. Rollout of Web 3.0 will also require faster operating systems in Central Processing Units (CPUs).

Service providers that support traffic on existing websites will be required to modernize, and as apps and websites using Web 3.0 gain traction with users, incumbents will be asked to improve their digital services to avoid losing user bases and revenue.

Web 3.0 is here to stay. The cryptocurrency application segment is estimated to grow at a significant compound annual growth rate (CAGR) during the forecast period. The growing use of cryptocurrencies, along with the growing trend of digitization, is expected to boost the market’s growth. However, the danger allegedly lies in cryptocurrency. It is so far unregulated.