Global Web 3.0 Blockchain Market Size zooming more than 11X

Global Web 3.0 Blockchain Market Size zooming more than 11X






New Delhi, February 10, 2023 (GLOBE NEWSWIRE) — Global web 3.0 blockchain market flourishes because of a increasing focus on transparency, a growing need for data privacy through the decentralized identity of web 3.0 and increasing use of connected devices.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study estimated the global web 3.0 blockchain market size at USD 3.32 billion in 2022. In the forecast period between 2023 and 2029, BlueWeave expects global the web 3.0 blockchain market size to grow at a significant CAGR of 41.9% and reach a value of USD 38.14 billion by 2029. Key growth factors in the global web 3.0 blockchain market include increasing demand for data protection as a result of Web 3.0’s decentralized identity and increasing technological advances on the Internet. The rapid rise in awareness of digital assets such as cryptocurrencies, as well as the rollout of 5G and 6G technologies, is expected to contribute significantly to growth. Moreover, the increasing use of connected devices, along with improved transaction procedures, is driving the expansion of the Web 3.0 blockchain market. Several players are working with Web 3.0 platforms to improve operational scalability and flexibility for users. The growing use of Web 3.0 technology for many business applications such as smart contracts, digital identification, documentation, and exchange 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 an identity method that places information control around the user. SSI completely eliminates the need to store users’ personal information in a central database and gives consumers greater flexibility in what information they disclose, thereby protecting their privacy. Such SSI benefits in Web 3.0 are expected to promote growth significantly during the analysis period. However, increasing cyber attacks are expected to restrain the overall market expansion.

Sample request @

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 most important factor driving industry growth. Web 3.0 helps consumers manage their data on websites and provides context based on the search content. Web 3.0 has transformed human-machine communication by enabling frictionless ownership transfer, cryptocurrency-based payments and data movement. Due to blockchain technology for Web 3.0, people can 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 instead of third-party sources. Therefore, 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 providers’ security and privacy.

See also  GBA launches new Blockchain assessment methodology

Challenges: Users’ limited experience with web 3.0

Tech giants, such as Facebook, Microsoft, Google and Amazon, have faced continuous scrutiny for aggressive business practices, unethical use of artificial intelligence and use of customer data. This increased concern for privacy has resulted in a paradigm shift in the introduction 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 expected to hinder market growth during the forecast period.
Please visit the press release:

The impact of COVID-19 on Global Web 3.0 Blockchain Market

COVID-19 had a positive impact on the Web 3.0 blockchain market. Web 3.0, which is based on Blockchain technology, has changed the crypto landscape and the digital payment infrastructure. The COVID-19 pandemic highlighted the importance of internet infrastructure, and countries around the world have begun implementing 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 business growth.

Global Web 3.0 Blockchain Market – By type

By type, the 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 factor driving 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 restrictions. A public blockchain allows individuals from all over the world to join the network, read, write and participate in the blockchain. In addition, 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 due to its ability to deliver both permission-based and permission-less solutions. A hybrid blockchain is a combination of public and private blockchains, with some parts controlled by the organization and others visible via the blockchain.

See also  With IBM, AWS, Intel, Oracle, Huawei, SAP, Consensus Systems and more

Challenging landscape

Major players operating in the 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 increase market share, these companies use various strategies, including mergers and acquisitions, partnerships, joint ventures, licensing agreements and new product launches.

Don’t miss the business opportunity in Global Web 3.0 Blockchain Market. Consult our analysts to gain important insights and facilitate your business growth.

The in-depth analysis of the report provides information on the growth potential, upcoming trends and statistics of the Global Web 3.0 Blockchain market. It also highlights the factors driving the forecasts of total market size. The report promises to provide latest technology trends in the 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 in the market.

Recent developments

  • In September 2022 – The NEAR Foundation announced its plan to launch a US$100 million venture capital fund and a venture lab in partnership with Caerus Ventures, a Swiss organization. The money is intended for Web3 culture and entertainment.
  • In February 2022 – WazirX, a cryptocurrency exchange platform, unveiled Shardeum, a new Web 3.0 platform to solve fundamental scalability issues.

Scope of the report

Attributes Details
Year considered Historical data – 2019-2022
Base year – 2022
Estimated year – 2023
Forecast period – 2023–2029
Facts covered Revenue in billions of dollars
Market coverage North America (USA, Canada), Europe (Germany, UK, France, Italy, Spain, Netherlands, Belgium, NORDIC countries, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia and New Zealand , Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, Peru, Colombia, Rest of Latin America), Middle East and Africa (Saudi Arabia, UAE, Qatar , Kuwait, Iran , South Africa, Nigeria, Kenya, Egypt, Morocco, Algeria, Rest of the Middle East and Africa)
Product/service segmentation Type, Application, End Use, Region
Key players Web3 Foundation, Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Limited., Kusama, Livepeer, Inc., Filecoin, Kadena LLC, Polygon Technology, Terra
See also  Pantera Capital is seeking to raise $1.25 billion for its second blockchain fund

By type

  • Public
  • Private
  • Consortium
  • Hybrid

Upon application

  • Cryptocurrency
  • Conversational AI
  • Storage of data and transactions
  • Payments
  • Smart contracts

At end use

  • BFSI
  • E-commerce and retail
  • Media and entertainment
  • Health and medicines
  • IT and telecom

By region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America
  • Middle East and Africa (MEA)

Please find some related topics below:

  • Through Hole Passive Components Market – Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029
  • Robotic Process Automation Market – Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029
  • Saudi Arabia Indoor Golf Simulator Market – Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029
  • Asia-Pacific Payment Analytics Software Market – Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029
  • Silicon Carbide Power Semiconductor Market – Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029

About us

BlueWeave Consulting provides comprehensive Market Intelligence (MI) solutions to businesses regarding various online and offline products and services. We provide comprehensive market research reports by analyzing qualitative and quantitative data to increase the performance of your business solutions. BlueWeave has built its reputation by delivering quality input and close long-term relationships with its customers. We are one of the promising digital MI solution companies offering agile assistance to make your business successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

[email protected]
https://www.blueweaveconsulting.com/

https://www.linkedin.com/company/blueweaveconsulting/

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *