PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443391
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443391
Web 3.0 Blockchain Market size was valued at USD 400.53 Million in 2023, expanding at a CAGR of 45.5% from 2024 to 2032.
Web 3.0, commonly known as the decentralized web, seeks to transform internet interactions by harnessing blockchain technology and decentralization principles. The fundamental technology behind Web 3.0 is the blockchain, which enables individuals to exchange digital assets without the need for a central authority to verify these transactions. Blockchain has diverse applications, ranging from product tracking to land ownership records, but it is most renowned for its role as an alternative currency system. Bitcoin and other cryptocurrencies, such as Ethereum, are built upon blockchain technology, enabling individuals to conduct global financial transactions without relying on banks or governments. Web 3.0, powered by blockchain technology, promises a more transparent, secure, and inclusive internet experience, empowering individuals and driving innovation across various industries.
Web 3.0 Blockchain Market- Market Dynamics
Rising adoption of web 3.0 in the marketing tools is anticipated to drive the growth of market
Web 3.0's use of Blockchain technology provides enhanced security for user data. In marketing, where handling sensitive customer information is crucial, the assurance of data security provided by Blockchain can be a significant driver for adoption. According to Blockchain Statistics, More than 300 million people worldwide use Blockchain. Over 85 million people worldwide use Blockchain Wallet. The Blockchain market is predicted to reach USD32.69 billion in 2024. The global spending on Blockchain solutions is forecasted to reach USD19 billion. Web 3.0 enables the creation of new business models, such as decentralized autonomous organizations (DAOs) and decentralized finance (DeFi) platforms. These models create growth opportunity for market. However, Interoperability Challenges may hamper the growth of market.
Web 3.0 Blockchain Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 45.5% over the forecast period (2024-2032)
Based on Type segmentation, Public was predicted to show maximum market share in the year 2023
Based on application segmentation, Cryptocurrency was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Web 3.0 Blockchain Market is segmented on the basis of Type, Application, End-User, and Region.
The market is divided into four categories based on Type: Public, Private, Consortium and Hybrid. The Public segment holds the largest share in the market. It is of utmost importance to educate the general public about the nature of Blockchain technology, as well as its diverse applications, potential benefits, risks, and use cases. To achieve this, various initiatives like workshops, online courses, conferences, and community outreach programs are essential in order to enhance awareness and comprehension of Blockchain technology.
The market is divided into five categories based on application: Conversational AI, Data & Transaction Storage, Cryptocurrency, Payments, Smart Contracts, and Others. Cryptocurrency holds the majority share in the market. Cryptocurrency refers to a digital or virtual currency that ensures security through cryptography and operates on decentralized networks built on blockchain technology. In the realm of WebChain and Web 3.0, cryptocurrencies play a crucial role as the inherent digital assets utilized for diverse purposes within the ecosystem.
The market is divided into four categories based on End-User: BFSI, Retail & E-commerce, Media & Entertainment, IT & Telecom and Others. The Web 3.0 Blockchain market has transformative potential across diverse industries, offering improved efficiency, transparency, security, and decentralization in various business processes and services.
Web 3.0 Blockchain Market- Geographical Insights
The market for Web 3.0 Blockchain is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the Web 3.0 Blockchain market is expected to be dominated by North America. With its extensive range of applications, Blockchain has the potential to be one of the most disruptive technologies in North America and the global economy. The region is home to a thriving ecosystem of Blockchain startups, industry consortia, research institutions, and venture capital firms. This ecosystem facilitates the development of innovative Blockchain solutions in various sectors, including finance, supply chain, healthcare, and entertainment. More than 90% of banks in the United States and Europe have initiated Blockchain-related projects, leading to increased adoption of Blockchain in the banking sector. Europe holds the second-largest position in terms of market growth.
The competitive landscape in the Web 3.0 Blockchain market is in a constant state of flux, with various platforms vying for dominance in different use cases. Web 3.0, often associated with blockchain technology, envisions a decentralized and more secure internet where users have greater control over their data and transactions. The competition within the Web 3.0 Blockchain sector is fierce, as multiple platforms strive to capture a larger market share. The demand for these platforms is driven by factors such as the growing popularity of DeFi and NFTs, as well as the need for enhanced privacy, security, and interoperability. Companies that provide infrastructure services, including blockchain nodes, staking solutions, oracle services, and decentralized storage, compete to offer reliable and cost-effective solutions to blockchain projects. Competition in this segment revolves around performance, uptime, security, and pricing. For instance, on November 4, 2022, the Web3 Foundation made a significant announcement regarding the transformation of Polkadot blockchain's native digital asset (DOT) from a security to recognized software.
As Web 3.0 continues to progress and blockchain technology matures, the internet landscape is set to undergo significant changes. Businesses will need to adapt and evolve accordingly. Web 3.0, also known as Web3, offers enhanced security, transparency, and accountability, making it a promising development.
On October 17, 2023, the Web3 Foundation concluded its 19th round of grants, allocating over USD1.1 million to support 33 different projects through the Web3 Foundation Grants Program. This wave saw a remarkable increase in submissions, with 100 applications received, marking the highest number in over two years. Notably, the foundation celebrated its 600th grant and achieved the significant milestone of processing its 1000th grant during this period.
With cryptocurrency prices showing signs of a rebound, there is renewed hope for widespread adoption of digital currencies and Web 3.0 technology. This could happen sooner than expected, considering the challenging period of the crypto winter in the previous year and much of 2023.
GLOBAL WEB 3.0 BLOCKCHAIN MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Web3 Foundation
Helium Systems Inc.
Ocean Protocol Foundation Ltd.
Zel Technologies Limited.
Kusama
Livepeer, Inc.
Filecoin
Kadena LLC
Polygon technology
Others