PUBLISHER: Grand View Research | PRODUCT CODE: 1433572
PUBLISHER: Grand View Research | PRODUCT CODE: 1433572
The global Web 3.0 market is anticipated to reach USD 33.53 billion by 2030. The market is expected to expand at a CAGR of 49.3% during the forecast period, according to a new report by Grand View Research, Inc. The ability of Web 3.0 to authorize the users to use the decentralized blockchain technology for accessing the decentralized applications is the major factor driving the market growth. Web 3.0 provides perception based on the users' search content and allows them to control their data on websites.
Web 3.0 technology is also used in social network platforms that aim to improve the customer experience, such as how customers communicate, interact and form communities. Rising investments in Web 3.0 blockchain technology to expand its application is a significant factor driving the growth of the industry. For instance, according to the statistics of Venture Intelligence, a financial analysis company, Web 3.0 and crypto startups have raised more than USD 1 billion in funding across 43 deals in the first six months of 2022.
Numerous companies across the globe are also focusing on launching Web 3.0 practices to help startups scale their businesses and develop innovative solutions. For instance, in July 2022, KiwiTech, an innovation ecosystem company, launched a Web 3.0 Center of Excellence service to empower the next-generation blockchain innovations for startup companies. Such a launch of services is expected to create lucrative growth opportunities for the market during the forecast period.