Web 3.0 Market Size, Share, Trends And Industry Outlook, 2030 from Tushki Desale's blog

Web 3.0 Market Growth & Trends

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.

The companies operating in the blockchain technology space are trying to integrate enhanced technologies such as Artificial Intelligence (AI), blockchain, and others in their offerings. Enhanced technologies enable companies to improve their competitive edge and customer experience. The integration of blockchain technology offers a faster, reliable, and highly agile supply chain network. Blockchain companies integrate AI for a competitive edge and operational optimization, particularly benefiting supply chain networks.

The rising adoption of Web 3.0 cryptocurrencies to efficiently automate transactions over the internet is also anticipated to drive the industry’s growth. At the same time, trading cryptocurrencies in Web 3.0 offers better benefits, such as decentralization and growth potential. Moreover, it does not require permission from the higher authorities, which is an additional advantage. Countries are also focusing on legalizing cryptocurrency laws to attract new players and make improvements. For instance, in March 2022, Dubai established the Dubai Virtual Assets Regulatory Authority law, which aims to regulate blockchain-based assets.

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Web 3.0 Market Report Highlights

• The public segment dominated the market in 2023. The growth of the segment can be attributed to the increased demand for public blockchain technology owing to the free, secure, and permissionless accessibility to anyone with internet access.
• The cryptocurrency segment dominated the market in 2023. Enterprises are increasingly in need of high-performance cryptocurrency transaction services. Web 3.0 cryptocurrencies use blockchain and smart contracts to automate transactions and eliminate the need for a third-party entity which is anticipated to support the segment's growth.
• The retail & e-commerce segment is anticipated to register the fastest growth over the forecast period. Increasing demand for Web 3.0 blockchain in retail & e-commerce owing to benefits such as reduced costs, faster payments, improved security, and increased transparency is expected to fuel the segment's growth.
• The Asia Pacific regional market is anticipated to emerge as the fastest-growing market during the projection period. The increasing advancements in 5G, artificial intelligence, and machine learning is the major factor driving the growth of the Asia Pacific region. Moreover, growing investments in research & development of Web 3.0 is anticipated to aid the growth.
• In June 2023, SailGP, an international sailing competition extended its partnership agreement for additional three years with Oracle Corporation. ‘The Dock’, a Web 3.0-integrated fan loyalty programme will be powered by Oracle Customer Experience (OCX).

Regional Insights

The North American regional market dominated in 2023 and accounted for a global revenue share of 37.3%. The rising use of Web 3.0 in numerous operating systems, such as blockchain-based systems, is a major factor driving the growth of the regional market. At the same time, the presence of major blockchain solution providers such as Helium Systems Inc. and Web3 Foundation in the region is also accentuating regional growth.

Recent Developments

• In November 2023, Amazon Web Services, Animoca Brands, and Polygon Labs entered into collaboration agreement to support Web 3.0 developers and accelerate the development of Web 3.0 products and services. In this collaboration, the companies announced MoonRealm Express Accelerator program that allows builders across the world to fast-track the development in emerging areas such as SocialFi, GameFi, decentralized identity and encourage builders to develop new ideas and solutions on Mocaverse.
• In September 2023, Coinbase Global, Inc., a leading crypto exchange entered into partnership with Truflation, an economic data provider, to support Web3 and Blockchain technologies. This partnership aims to offer real-time inflation information required to expand Web3 and blockchain ecosystem.
• In June 2023, The International Business Machines Corporation (IBM) entered into a new collaboration with FYI.FYI, Inc. Both companies will incorporate IBM’s new AI and data platform, watsonx. FYI.FYI, Inc. currently operates on IBM Cloud and is supported by IBM technology to utilize cryptography. With watsonx, the FYI.FYI, Inc. deployed customized AI abilities to automate supply chain workflows and content creation, enhancing communication among teams, allowing more time for the creative process, and reducing administrative tasks.

Web 3.0 Market Segmentation

Grand View Research has segmented the global Web 3.0 market on the basis of blockchain type, application, end use, and region:

Web 3.0 Blockchain Type Outlook (Revenue, USD Million; 2019 - 2030)

• Public
• Private
• Consortium
• Hybrid

Web 3.0 Application Outlook (Revenue, USD Million; 2019 - 2030)

• Cryptocurrency
• Conversational AI
• Data & Transaction Storage
• Payments
• Smart Contracts
• Others

Web 3.0 End Use Outlook (Revenue, USD Million; 2019 - 2030)

• BFSI
• Retail & E-commerce
• Media & Entertainment
• Pharmaceuticals
• IT & Telecom
• Others

Web 3.0 Regional Outlook (Revenue, USD Million; 2019 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

List of Key Players in the Web 3.0 Market

• Web3 Foundation (Polkadot)
• Helium Systems, Inc.
• Ocean Protocol Foundation Ltd.
• Zel Technologies Limited.
• Kusama
• Livepeer, Inc.
• Filecoin
• Kadena LLC
• Polygon technology
• Terra

Browse Full Report: https://www.grandviewresearch.com/press-release/global-web-3-0-market