Increasing demand for data privacy, rapid innovations, and technological advancements of the internet are influencing the Global Web 3.0 Blockchain Market through 2027F.
According to TechSci Research report, “Web 3.0 Blockchain Market –Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” Global Web 3.0 Blockchain Market stood at USD 3,895.63 Million in 2021 and is projected to grow at a CAGR of 52.78% during the forecast period. Constant up-gradation in technology and implementation and awareness of the Internet of Things are the main reasons why the global Web 3.0 Blockchain Market is going to grow globally. Moreover, factors such as government policies that stop monopoly and efforts made to improve users’ privacy, are significant factors in the market’s growth. Moreover, rapidly growing urbanization is leading to technological advancements with rising digitalization that has led to more internet users, which in turn is likely to positively impact the Global Web 3.0 Blockchain Market. As a result, Web 3.0 Blockchain is being used by several organizations to improve data security and privacy, which is expected to drive market growth.
Cryptocurrencies are the digital payment layer of Web 3.0, enabling instant and cheap transactions. Thus, the increasing use of cryptocurrencies globally is anticipated to positively impact market growth. For instance, in June 2022, a blockchain data firm, Chainanalysis, released the Chainanalysis State of Web 3 report which mentioned that web 3.0 allows faster and more convenient transactions. Additionally, borrowers have to go through a lengthy mortgage application process that relies heavily on human judgment, but Web 3.0 will make this process faster and fairer, which is likely to increase the Global Web 3.0 Blockchain Market.
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The Global Web 3.0 Blockchain Market is segmented based on Blockchain Type, Application, Vertical, Organization Size, Region. Based on Blockchain Type, the market is further fragmented into Public, Private, Consortium and Hybrid. Based on Application, the market is segmented into Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, and Others (Supply Chain Management, Manufacturing, Pharmaceutical, etc.). Based on Vertical, the market is segmented into BFSI, Healthcare & Pharmaceuticals, E-commerce & Retail, Media & Entertainment, IT & Telecom, and Others (Agriculture, Renewable Energy, Real Estate, etc.). Based on Organizational Size, the market is segmented into Large Enterprises, Small and Medium-Sized Enterprises.
Hybrid was the fastest growing segment in the Global Web 3.0 Blockchain Market with a CAGR of 55.58% in 2021. This can be attributed to the fact that hybrid combines the benefits of both public & private blockchains which helps in the limiting the disadvantages of both public and private.
In hybrid blockchain, when the speed of private blockchain combines with the security of private blockchain, a large number of transactions are generated by private blockchain which are later verified using the public blockchain while they are easy to handle. Hybrid blockchain also allows real-time data to be uploaded on blockchain.
Key market players in the Global Web 3.0 Blockchain market include:
- Polkadot (Web3 Foundation)
- Ocean Protocol Foundation Ltd.
- Helium Systems Inc.
- Alchemy Insights, Inc.
- Polygon technology
- Metaverse Holdings Limited
- Brave Software, Inc.
- Coinbase Global, Inc.
- Kadena LLC
- Protocol Labs, Inc.
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“Payment has the largest market share in the Global Web 3.0 Blockchain Market with a CAGR of 26.55% in 2021. This can be attributed to the fact that processing of payments is more securable, hassle free without any interference. Artificial Intelligence (AI) & Machine Learning (ML) helps in detecting fraud transactions by using large volumes of digital transaction data. This helps in preventing any fraud by hackers in digital payments in the E-Commerce sector. This enables the processing of large numbers of transactions with low error rates. Moreover, de-centralized (DeFi), a component of Web 3.0 carries out financial transactions on the blockchain without any assist from banks or government..” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Web 3.0 Blockchain Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Blockchain Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, and Others), By Vertical (BFSI, Healthcare & Pharmaceuticals, E-commerce & Retail, Media & Entertainment, IT & Telecom, and Others), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Region”, has evaluated the future growth potential of Global Web 3.0 Blockchain Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Web 3.0 Blockchain Market.
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