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:
- The private segment held a significant share in 2021. This share is attributable to the increasing benefits of private blockchains, such as real-time process information, low costs, efficient and controlled business process, high quality, reliability, and security.
- The Cryptocurrency application segment is projected to grow at a Significant Compound Annual Growth Rate (CAGR) during the forecast period. This growth is owing to the high inflow of remittances to developing countries and venture capital investments.The healthcare & pharmaceuticals segment is forecast growing at a significant Compound Annual Growth Rate (CAGR) during the forecast period. This growth is owing to the rising adoption of this technology in emerging healthcare areas for better security and data management processes
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. China accounted for the considerable large share in Asia Pacific (APAC) in 2021. This share is attributable to the growing adoption of technologies such as blockchain and machine learning in the region's emerging economies like India and China. Furthermore, the increasing number of emerging start-ups based on advanced technologies in the area, along with the expanding adoption of automation, is also anticipated to support the regional growth of the market.
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.