WASHINGTON – As per the recent study report by Vantage Market Research the Global Web 3.0 Blockchain Market finds that the rapid technology innovation is expediting the market growth. It is primarily driven by growing transparency.

The Global Web 3.0 Blockchain Market revenue is expected to reach a value USD 23.3 Billion in the year 2028.

As stated by Vantage Market Research in its report titled “Web 3.0 Blockchain Market Size, Share & Trends Analysis Report by Blockchain Type (Public, Private, Consortium, Hybrid), by Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments), by Vertical (BFSI, E-Commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” the Global Market revenue was valued at USD 2.9 Billion in 2021. The Global Web 3.0 Blockchain Market is forecast to grow to exhibit a Compound Annual Growth Rate (CAGR) of 41.6% during the forecast period.

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Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Web 3.0 Blockchain market is predicted to grow at a CAGR of roughly 41.6% during the forecast period.
  • The Web 3.0 Blockchain market was estimated to be worth roughly USD 2.9 Billion in 2021 and is expected to reach USD 23.3 Billion by 2028; based on primary research.
  • On the basis of region, Asia Pacific is projected to dominate the worldwide Web 3.0 Blockchain market.

Market Dynamics:

Increased Transparency to Drive the Market Growth

The decentralized web, also known as Web 3.0, is the third generation of the internet that uses decentralized ledger technology (DLT), machine learning (ML), and Big Data. The Web 3.0 Blockchain Market provides a better surfing experience for users and more efficient data analysis. In comparison to previous versions, Web 3.0 is more dynamic and user-friendly. Leading government agencies are initiating digitalization programs to create a regulatory environment that will let Web 3.0 Blockchain Market gain traction. Rising data security concerns and rising firm investments to expand Web 3.0 Blockchain Market applications are expected to drive the market forward. Consumers can employ new technologies and live a more fulfilling life due to rapid urbanization, globalization, and digitalization. Blockchain technology provides computers with human-like intelligence while also improving data exchange. As a result, businesses are using Web 3.0 Blockchain Market to enhance data security and privacy, propelling the Global Web 3.0 Blockchain Market forward.

Rapid Innovation in Technology to Stimulate Market Growth

The increasing technological advancements are expected to fuel the growth of the Web 3.0 Blockchain Market in the future. Blockchain in Web 3.0 is a rapidly evolving technology. It offers significant advantages to the end-user, such as lower operational costs, increased speed, reduced cyber-attack risks, and personal data management. Blockchain and IoT integration and the use of blockchain technology in logistics and operations have witnessed significant advancements in recent years. Primary research and development are being done to improve the scalability of this technology so that it can be used effectively in businesses, including currency exchange, social networking, chat platforms, data storage, and browsing. In addition, web 3.0 technology has aided the emergence of NFT payment systems and digital collectibles in recent years. Other technology uses include spatial web design, 3D graphics, and more. In the anticipated timeframe, the continued rise of web 3.0 will generate enormous growth potential and be involved in numerous industrial sectors.

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Segmentation of the Global Web 3.0 Blockchain Market:

  • Blockchain Type
    • Public
    • Private
    • Consortium
    • Hybrid
  • Application
    • Cryptocurrency
    • Conversational AI
    • Data & Transaction Storage
    • Payments
    • Smart Contracts
  • Vertical
    • BFSI
    • E-Commerce & Retail
    • Media & Entertainment
    • Healthcare & Pharmaceuticals
    • IT & Telecom
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

COVID-19 Impact Analysis:

The COVID-19 pandemic eruption has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. As a result, manufacturing facilities worldwide were shut down in the beginning period of the pandemic. In addition, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Several small and medium-scale organizations are the backbone of technology providers and witnessed a huge drop in revenue since the emergence of the pandemic in 2020. As a result, several market players faced challenges in the view disruptions in the supply chain were observed. Nevertheless, things will improve in the second half of 2022 as more supplies are expected to resume. The impact of the COVID-19 pandemic on the global market demand is taken into consideration while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

COVID-19 Impact Analysis:

  1. Impact Assessment of COVID-19 Pandemic

a. North America

b. Europe

c. Asia Pacific

d. Latin America

e. Middle East & Africa

  1. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  2. Key Strategies Undertaken by Companies to Tackle COVID-19
  3. Long-Term Dynamics
  4. Short-Term Dynamics

The report on Web 3.0 Blockchain Market Highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historical Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

North America Dominated the Global Web 3.0 Blockchain Market

North America dominated the Global Web 3.0 Blockchain Market in 2021 and is likely to continue the same trend during the forecast period. The domination is attributable to the increased adoption of blockchain technology and the rising investment in cutting-edge web 3.0 start-ups in the region. Furthermore, the increasing innovation in a decentralized ecosystem is also likely to support the regional growth of the market. Additionally, the presence of key players is also expected to fuel the market’s growth in the region.

List of Prominent Players in Web 3.0 Blockchain Market:

  • Polkadot (Web3 Foundation)
  • Helium Systems Inc.
  • Ocean Protocol Foundation Ltd
  • Decentraland
  • Biance
  • Alchemy Insights Inc.

Recent Developments:

May 2020: Polkadot, a sharded protocol that allows decentralized blockchain networks to operate together, fluidly, and at scale, was launched by the Web3 Foundation.

June 2019: Helium Systems Inc. announced the introduction of the Helium Blockchain, one of the world’s largest publics, decentralized LoRaWAN networks.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Web 3.0 Blockchain Market?
  • How will the Web 3.0 Blockchain Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Web 3.0 Blockchain Market?
  • What is the Web 3.0 Blockchain market drivers and restrictions?
  • What will be the CAGR and size of the Web 3.0 Blockchain Market throughout the forecast period?

Source: Vantage Market Research