Overview and Scope
Web 3.0 blockchain refers to the evolution of the internet towards a decentralized, more secure, and transparent network, facilitated using blockchain technology. Web3 will use artificial intelligence (AI), machine learning (ML), and the semantic web. The semantic web will help computers understand and analyze data context and ideas.
Sizing and Forecast
The web 3.0 blockchain market size has grown exponentially in recent years. It will grow from $3.25 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 42.8%. The growth in the historic period can be attributed to decentralization push, smart contracts surge, interoperability challenges, scalability issues, defi revolution, regulatory exploration.
The web 3.0 blockchain market size is expected to see exponential growth in the next few years. It will grow to $19.2 billion in 2028 at a compound annual growth rate (CAGR) of 42.6%. The growth in the forecast period can be attributed to mass adoption initiatives, advanced interoperability, next-gen smart contracts, scalability breakthroughs, innovation in privacy. Major trends in the forecast period include decentralized finance (defi) , non-fungible tokens (nfts) , interoperability solutions, enterprise blockchain, defi maturation.
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Segmentation & Regional Insights
The web 3.0 blockchain market covered in this report is segmented –
1) By Type: Public, Private, Consortium, Hybrid
2) By Application: Cryptocurrency, Conversational AI, Data And Transaction Storage, Payments, Smart Contracts, Other Applications
3) By End-User: Banking, Financial Services And Insurance (BFSI), Retail And E-commerce, Media And Entertainment, Pharmaceuticals, IT And Telecom, Other End Users
North America was the largest region in the web 3.0 blockchain market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global web 3.0 blockchain market during the forecast period. The regions covered in the web 3.0 blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rapid adoption of 5G and 6G networks is expected to propel the growth of the web 3.0 blockchain market going forward. 6G is classified as the sixth-generation mobile network and the successor of 5G. The sixth-generation network have better speed, high-level data processing, seamless connectivity, and much lower latency than the fifth-generation network as operate at higher frequencies. The high-speed connectivity and low latency offered by 5G and 6G networks enhance the performance of blockchain networks within the Web 3.0 ecosystem. For instance, in April 2023, according to 5G Americas, a US-based wireless industry trade organization that represents 5G mobile networks and wireless technology in the Americas, 5G wireless connections increased by 76% to reach 1.05 billion from 2021 to 2022. Further, it is expected to reach 1.9 billion by the end of 2023 and 5.9 billion by 2027. North America is projected to have 215 million 5G connections by the end of 2023. Therefore, the rapid adoption of 5G and 6G networks is driving the growth of the web 3.0 blockchain market.
Key Industry Players
Major companies operating in the web 3.0 blockchain market report are Web3 Foundation, Helium Systems Inc., Ocean Protocol Foundation Ltd., Kusama Network, Livepeer Inc., Kadena LLC, Polygon technology Pvt. Ltd., Terra Motors Corporation, Binance Holdings Limited, Antier Solutions Pvt. Ltd., Alchemy Insights Inc., Zel Technologies Limited., Filecoin is Protocol Labs., Foris Limited, Smartcoin Financials Inc., Ripple Labs Inc., Braintrust Technologies Inc., OpenSea Inc., ConsenSys AG, Candy Technology Co. Ltd., OKCoin USA Inc., Ava Labs Inc., Aptos Labs Inc., Fusion92 Inc., Roblox Corporation, Hiro Systems Inc., Diem Networks US Inc., Republic.co Inc., BlockFi Lending LLC, SwissBorg SA
The web 3.0 blockchain market report table of contents includes:
1. Executive Summary
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