Report Code: 12494 | Available Format: PDF
The global web 3.0 market is predicted to witness robust growth in the coming years. The growth can be attributed to the rising demand for data privacy through the decentralized identity of Web 3.0 and the technological advancements in the internet. Web 3.0 is the third generation of the internet evolution, which combines technologies such as blockchain, decentralization, AR, VR, Cloud Computing, IoT, 5G, digital twin and token-based economies.
Web 3.0 might serve as a platform for metaverse connectivity. It broadens perspective by creating a whole new financial world through the use of decentralized solutions. However, there is still a long way to go until the metaverse concept is fully matured, and there is plenty of room for technology innovations that will thoroughly immerse a metaverse experience. A new open and decentralized virtual world reality will emerge from the Web 3.0 metaverse.
Moreover, the rise in popularity of digital assets like cryptocurrencies and the rollout of 5G and 6G technology. Furthermore, the expansion of the Web 3.0 sector is being supported by both the increased use of linked devices and the enhanced transactional procedures. The industry's development is also projected to be fueled by the increasing usage of Web 3.0 cryptocurrencies to automate transactions over the internet. However, Web 3.0 cryptocurrency trading provides superior advantages including decentralization and expansion potential. Additionally, nations are concentrating on establishing cryptocurrency regulations to attract new participants and create opportunities.
Public blockchain category is expected to grow at significant growth rate over the forecast period. A public blockchain is open to the general public, and anybody with no special authorization can join. Anyone who accesses the network can read, write, and participate in this uncontrolled network. Public blockchains are unchangeable and decentralized. No one can amend an entry once it has been verified, thus users can be confident that their transactions will not be modified or deleted. Bitcoin, Litecoin, and Ethereum are some of the most popular cryptocurrencies that employ public blockchains. Governments, on the other hand, can use them as a voting platform or to manage medical information. These systems rely heavily on anonymity and transparency. The public blockchain is primarily intended for business-to-consumer transactions. All of these elements contribute to the segment's growth.
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Segmentation Analysis of Countries; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Blockchain Type; By Application; By Industry Vertical; By Region
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The cryptocurrency category will generate significant revenue share in the market over the coming years. Rapid advances in technical innovation, such as digitalization and automation, have resulted in an increase in corporate demand for high-performance bitcoin transaction services. As a result, to meet the need for high-performance cryptocurrency transactions, a number of companies across the world are implementing blockchain technology solutions in cryptocurrency to carry out their transactions swiftly. Such elements are projected to fuel segment growth in the coming years.
The smart contracts category is estimated to witness significant growth during the projected period. The growing use of Web 3.0 in corporate applications such as smart contracts, digital identification, documentation, and exchanges is likely to fuel market development in the future years. Smart contracts are important because they are self-executing agreements that incorporate buyer and seller commitments directly in the code. Smart contracts make transactions traceable, transparent, and irreversible. For these reasons, the importance of smart contracts in the blockchain environment cannot be emphasized; they serve as the cornerstone of the Web 3.0 ecosystem, allowing users to connect online while leveraging blockchain as the major enabler.
One of the key advantages of Web 3.0 is that smart contracts improve the circumstances for decentralized transactions without necessitating a centralized third party or intermediary for verification reasons. Smart contracts provide user authentication without the requirement for a centralized sign-up procedure administered by a single organization or corporation. With this arrangement, anyone may register for decentralized applications by using a single-user wallet that only the owner has its access.
North America expected to register a significant growth rate over the projected period. This can be attributed to higher rate of adoption of advanced and innovative technologies such as IoT, Web 3.0, AI, and others. Furthermore, the region's market is experiencing revenue growth as a result of recent developments in blockchain technology.
Furthermore, the existence of major industry players such as Coinbase and Alchemy Insights, Inc., among others, and well-established Web 3.0 blockchain development centers are leading to continuous innovation of software systems and the release of new decentralized applications and web3 wallets for cryptocurrencies, and this is expected to significantly drive market revenue growth over the next few years.
The Asia Pacific is projected to emerge as the fastest-growing market during the forecast period. The major factor driving the growth of the Asia Pacific region is the quick adoption of digitalization by banking and financial industry by utilizing Web 3.0 technology. The region's retail and e-commerce sectors, which are among the biggest contributors to the blockchain industry, are expanding at the same time. These aspects are expected to drive the growth of web 3.0 industry in Asia Pacific.
The study uncovers the biggest trends and opportunities in the market, along with offering segmentation analysis at the granular level for the period 2017 to 2030.
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by End-Use
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