Global web 3.0 blockchain market is flourishing because of a growing focus on transparency, surging demand for data privacy through the decentralized identity of web 3.0 and increasing usage of connected devices.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global web 3.0 blockchain market size at USD 3.32 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global web 3.0 blockchain market size to grow at a significant CAGR of 41.9% reaching a value of USD 38.14 billion by 2029. Major growth factors of global web 3.0 blockchain market include rising demand for data privacy as a result of Web 3.0’s decentralized identity and increasing internet technological advancements. The rapid increase in awareness of digital assets such as cryptocurrencies, as well as the deployment of 5G and 6G technologies, are projected to significantly contribute to growth. Moreover, the increasing use of linked devices, together with enhanced transaction procedures, is fueling the expansion of the Web 3.0 blockchain market. Several players are working on Web 3.0 platforms to improve operational scalability and flexibility for users. The increasing use of Web 3.0 technology for many business applications such as smart contracts, digital identification, documentation, and exchanges is predicted to boost the growth of the Web 3.0 industry. In Web 3.0, Self-Sovereign Identity (SSI) is an effective method of digital identity. SSI is a method of identity that places information control around the user. SSI eliminates the need to save the user’s personal information on a central database entirely and provides consumers with greater flexibility over what information they disclose, thereby protecting their privacy. Such SSI benefits in Web 3.0 are expected to significantly promote growth during period in analysis. However, increasing cyber-attacks is anticipated to restrain the overall market expansion.
Global Web 3.0 Blockchain Market – Overview
Web 3.0 is built on three fundamental pillars: artificial intelligence (AI), blockchain technology, and machine learning (ML). The ability of web 3.0 to allow consumers to access decentralized apps using decentralized blockchain technology is the major factor driving industry growth. Web 3.0 helps consumers to manage their data on websites and provides context based on their search content. Web 3.0 has transformed human-machine communication by enabling frictionless ownership transmission, cryptocurrency-based payments, and data movement. Because of blockchain technology for Web 3.0, people may choose what data they disclose. The client controls THEIR data, not any third-party source, with web 3.0 blockchain technology. As a result, the user now accepts personal data rather than third-party sources. Hence, blockchain technology has evolved. As the concept of data ownership takes hold, individuals are turning to web 3.0 blockchains to secure their data and address concerns about third-party vendor security and privacy.
Challenges: Users’ limited experience with web 3.0
Tech giants, such as Facebook, Microsoft, Google, and Amazon, have faced ongoing scrutiny for aggressive business methods, unethical AI use, and customer data use. This increased worry about data privacy has resulted in a paradigm change in the adoption of web 3.0. However, consumers’ lack of familiarity with this evolving version has limited the widespread use of these technologies in recent years. Given the lack of understanding of Web 3.0, end-users’ reliance on Web 2.0 is anticipated to hinder the market growth during the forecast period.
Impact of COVID-19 on Global Web 3.0 Blockchain Market
The COVID-19 had a positive impact on the Web 3.0 blockchain market. Web 3.0, which is based on Blockchain technology, has altered the crypto landscape and digital payment infrastructure. The COVID-19 pandemic highlighted the importance of internet infrastructure, and countries worldwide have begun to implement technology for smart contracts, digital IDs, and digital exchanges. Furthermore, the growing popularity of Web 3.0 cryptocurrencies for faster transactions is likely to drive corporate growth.
Global Web 3.0 Blockchain Market – By Type
By type, global web 3.0 blockchain market is segmented into Public, Private, Consortium, and Hybrid. The public segment held the highest market share in 2022. A major reason fueling the segment’s growth is the potential of public blockchain networks to allow people from all over the world to engage in the network without any limits. A public blockchain allows individuals from all around the world to join the network, read, write, and participate in the Blockchain. Additionally, public blockchain provides great security, an open environment, complete transparency, decentralization, and improved distribution. The hybrid segment dominated the market share in 2021. It is a critical component driving the segment’s growth because of its ability to supply both permission-based and permission-less solutions. A hybrid Blockchain is a combination of public and private blockchains, with some portions controlled by the organization and others visible via the blockchain.
Major players operating in global web 3.0 blockchain market include Web3 Foundation, Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Limited., Kusama, Livepeer, Inc., Filecoin, Kadena LLC, Polygon technology, and Terra. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Web 3.0 Blockchain Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Web 3.0 Blockchain Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Research Blog
Phone No: +1 866 658 6826