Press Release-Web 3.0 Blockchain Market to Reach Valuation of USD 23.3 Billion by 2028 – Increasing Adoption of Cryptocurrencies along with the Rising Trend of Digitalization Drives the Market
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Web 3.0 Blockchain Market to Reach Valuation of USD 23.3 Billion by 2028 – Increasing Adoption of Cryptocurrencies along with the Rising Trend of Digitalization Drives the Market
In terms of revenue, the Global Web 3.0 Blockchain Market is expected to reach USD 23.3 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 41.6% from 2022 to 2028.
The increasing adoption of cryptocurrencies, along with the rising trend of digitalization, is anticipated to augment the market's growth during the forecast period.
Key Highlights from Report:
Market Dynamics:
The increasing adoption of cryptocurrencies is anticipated to augment the growth of the Web 3.0 Blockchain Market during the forecast period. Cryptocurrency is a Web 3.0 digital payment layer allowing faster and less expensive transactions. As a result, the increased use of cryptocurrencies worldwide is likely to boost industry growth. According to the statistics provided by Coin base, a Cryptocurrency provider, in 2021, Coin base had 8.8 million monthly active users on their platform, which was up by more than 300% compared to 2.8 million active users in 2020. In addition, various countries worldwide are making efforts to legalize the use of Cryptocurrency to attract new players and improve their economic growth. For example, as part of its plan to become a Web 3.0 hub, Dubai announced in March 2022 that it had passed a new Cryptocurrency law to oversee activities of digital assets and cryptocurrencies.
The UAE intends to establish a Dubai Virtual Assets Regulatory Authority under the new law, which will regulate blockchain-based virtual assets. Furthermore, venture capital firms rapidly invest in blockchain-based start-ups, opening up new market growth potential. For example, Antler, a venture capital firm, started in December 2021 to invest USD 100 million to USD 500 million over the following three years to fund 25 to 30 Indian firms working in the Web 3.0 and blockchain arena.
North America held the most significant shares in 2021. The US had the largest share in North America for the Web 3.0 Blockchain Market. This share is attributable to the region's increasing investments in advanced technology. Furthermore, the growing integration of 5G, IoT, and blockchain is also expected to fuel the regional growth of the market. The presence of critical firms is also likely to support the development of the Web 3.0 Blockchain Market.
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Web 3.0 Blockchain Market to Reach Valuation of USD 23.3 Billion by 2028 – Increasing Adoption of Cryptocurrencies along with the Rising Trend of Digitalization Drives the Market
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