Web 3.0 blockchain market size will be valued at USD 6,187.3 million in 2023. It is expected to expand at a CAGR of 44.6% from 2023 to 2030. This report gives a better understanding of the varied outlook of the market and studies the impact of the pandemic has had covering sectors and sub-sectors of the market. Analysts looked at growth drivers, restraints, challenges, opportunities and Web 3.0 Blockchain Market Growth in the global market.
3.0 (World Wide Web) The latest buzz within the market is blockchain technology. Web 3.0, also known as the "future Internet," allows consumers and developers to employ decentralized blockchain technology. Decentralized blockchain networks, in simple terms, enable Web 3.0 plus social media platforms, search engines, markets, and other applications.
Web3 search engines would give consumers individualized insights based on their browsing and search context, and they would have control over their data. Furthermore, Web 3.0, which is built on the blockchain, has the potential to spur new advancements such as uncensored content and more extensive payment services.
While the Internet aids businesses in better understanding their customers, data mining and exploitation are not always beneficial to brand impression.
Many advanced and emerging countries' governments are gradually offering the regulatory framework needed to permit and encourage blockchain development. They're starting initiatives to look for blockchain-based solutions that can be used in various industries, including fintech, infrastructure & tooling, sustainability, entertainment, logistics, agritech, and healthcare.
Digital assets, on the other hand, are rapidly growing mainstream and, as a result of their rapid acceptance, are predicted to display significant potential across nations in the future years. Digital assets are gaining popularity at roughly double the rate of the Internet.
The advantages of Web 3.0 blockchain, particularly in the cryptocurrency industry, are drawing investors who are investing heavily in creative technology research and development. Cryptocurrencies as well as nonfungible tokens are anticipated to change the way individuals interact daily (NFTs).
They are meant to assist governments in achieving their economic objectives. As a result, governments are stepping up efforts to discover diverse use instances for nonfungible tokens (NFTs), decentralized finance (DeFi), as well as other crypto initiatives in preparation for widespread adoption.
- Polkadot (Web3 Foundation)
- Helium Systems Inc.
- Ocean Protocol Foundation Ltd
- Alchemy Insights Inc.
On the grounds of blockchain type, vertical application, and region, the worldwide web 3.0 market is categorized.
The web 3.0 market is divided into four categories depending on the type of blockchain: public, private, consortium, and hybrid.
The web 3.0 market is divided into cryptocurrencies, conversational AI, smart contracts, data & transaction storage, payments, and many others, depending on the application.
IT & telecom, e-commerce & retail, BFSI, media & entertainment, healthcare & pharmaceuticals, and many others make up the web 3.0 industry by vertical.
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The web 3.0 blockchain market is divided into Europe, North America, the Middle East and Africa, Asia-Pacific, plus South America, based on region. Due to increased acceptance of blockchain technology, innovation in a decentralized ecosystem, and continuing investment in cutting-edge web 3.0 businesses, the North American area will account for the greatest market share of almost 56.2 percent in 2023. During the predicted period, the area is anticipated to grow at 41.2 percent.
In 2023, the United States will be the greatest contributor to the North American web 3.0 blockchain market, contributing to 97.6% of the market. However, due to increased demand for web 3.0 blockchain technology from various end-use sectors like BFSI, media & entertainment, IT & telecom, e-commerce & retail, and many others, Europe will have the second-largest share of the market of XX percent in 2023. Moreover, Asia-Pacific will be ranked third globally, owing to increased investment in the implementation of blockchain technology by key enterprises operating in the area. In 2023, China will have the greatest share of the market in the Asia-Pacific web 3.0 blockchain industry, accounting for 57.1 percent.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 14
1.1 MARKET ATTRACTIVENESS ANALYSIS 15
2 MARKET INTRODUCTION 16
2.1 DEFINITION 16
2.2 SCOPE OF THE STUDY 16
2.3 RESEARCH OBJECTIVE 16
2.4 MARKET STRUCTURE 17
3 RESEARCH METHODOLOGY 18
4 MARKET DYNAMICS 25
5 MARKET FACTOR ANALYSIS 32
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