Web 3.0 Blockchain Market

Market Synopsis:

The Global Web 3.0 Blockchain Market is valued at USD 2.9 Billion in the year 2021 and is anticipated to reach a value of USD 23.3 Billion by the year 2028. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 41.6% over the forecast period.

Constant technological advancements and the adoption and awareness of the internet of things are the primary causes of the worldwide Web 3.0 Blockchain Market's growth. A few other factors contributing to the market's growth include government rules that prevent monopolies and initiatives from improving users' privacy. Other factors that will drive this market and its expansion include secure networks, interoperability, and data ownership. Web 3.0 refers to online internet services that have progressed to the third generation. These services focus on analyzing data using a machine-based understanding to drive the web in a data-driven manner, and specialty insurers increasingly rely on administrators' knowledge.

The goal is to make websites that are more interconnected, intelligent, and open. The acceptance of technology and increased awareness are both crucial factors in the worldwide Web 3.0 Blockchain Market's growth. However, the world will undergo a metamorphosis with the increasing usage of social media. The Web 3.0 Blockchain Industry will change the way social media controls the data saved and shared on these platforms. Social media networks do not guarantee the security of a user's data. There have been recent examples where social media corporations have been accused of violating users' privacy. These voilations are the critical reason for the concern, and the Web 3.0 Blockchain will introduce a chain since the technology utilized here can ensure customer safety and give the user control over whether or not they want to disclose their data. These networks empower the users by giving them assets and rule over them.

Market Segmentation:

The Web 3.0 Blockchain Market is segmented based on Type, Application, and Vertical. Based on Type, the market is segmented as Public, Private, Consortium, and Hybrid. Based on the Application segment, the market is segmented as Cryptocurrency, Conversational, AI Data & transaction storage, Payments, Smart Contracts, and others. Finally, based on Vertical, the market is segmented as BFSI, E-commerce & Retail, Media & Entertainment, Healthcare & pharmaceuticals, IT & telecom, and others.

Based on Application:

Based on Application, the global market is further segregated into Cryptocurrency, Conversational, AI Data & Transaction Storage, Payments, Smart Contracts, and Other Applications. However, the Cryptocurrency sub-category accounted for a significant portion of the market and is expected to witness lucrative growth during the projected period. This growth is due to the increasing demand for blockchain in the Crypto-currency market and increased trade in Crypto-Currency across the globe. In addition, the enhanced government regulations for Crypto-Currency payments and transactions are further projected to drive the category growth soon.

Based on Vertical:

Based on Vertical, the global market is further segregated into BFSI, E-Commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals, IT & Telecom, and Other Verticals. The BFSI sub-category had a significant share in the global market and is projected to witness substantial growth over the coming years. The growing implementation of digital technologies in the BFSI sector and the increased digital transactions drive the category growth. Besides, the increased adoption of advanced technologies in healthcare and pharmaceuticals to further drive the category growth in the coming years.

North America Region Expected to Dominate the Web 3.0 Blockchain Market with the Largest Share

Due to the apparent presence of key players and the increasing acceptance of novel technology such as Web 3.0 in most operating systems, North America is likely to lead the worldwide Web 3.0 Blockchain industry. Furthermore, improvements in blockchain technologies have had a favorable impact on the North American regional market's growth. North America spends much money on research and development to improve online platforms. The region's market growth is boosted by notable technology providers, leading industry participants, and well-established Web 3.0 development centers.

Competitive Landscape:

The key players in the Global Web 3.0 Blockchain Market include- Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd, Decentraland, Biance, Alchemy Insights Inc. and others.

Segmentation of the Global Web 3.0 Blockchain Market: