The Web 3.0 Blockchain Market will reach $33.53 billion by 2030
SAN FRANCISCO, 5 October 2022 /PRNewswire/ — The global Web 3.0 Blockchain Market size is expected to reach USD 33.53 billion by 2030, growing at a CAGR of 44.9% from 2022 to 2030, according to a new report from Grand View Research, Inc. The ability of web 3.0 to authorize users to use the decentralized blockchain technology to access the decentralized The applications are the most important factor driving the market growth. Web 3.0 provides perception based on users’ search content and allows them to control their data on web pages.
Important industry insights and findings from the report:
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The public segment dominated the market in 2021. The growth in the segment can be attributed to the increased demand for public blockchain technology due to its free, secure and permission less availability to anyone with internet access.
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The cryptocurrency segment dominated the market in 2021. Businesses are increasingly in need of high-performance services for cryptocurrency transactions. Web 3.0 cryptocurrencies use blockchain and smart contracts to automate transactions and eliminate the need for a third-party entity that is expected to support the segment’s growth.
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The retail and e-commerce segment is expected to register the fastest growth during the forecast period. Rising demand for Web 3.0 blockchain in retail and e-commerce due to benefits such as reduced costs, faster payments, improved security and increased transparency is expected to drive the segment’s growth.
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The Asia Pacific is expected to witness the fastest growth during the forecast period. The increasing advancements in 5G, artificial intelligence and machine learning are the most important factor driving the growth of Asia Pacific region. In addition, increasing investment in Web 3.0 research and development is expected to aid growth.
Read the 150-page full market research report for more insights, “Web 3.0 Blockchain Market Size, Share and Trend Analysis Report by Blockchain Type, by Application (Cryptocurrency, Conversational AI, Data and Transaction Storage), by End Use, by Region and Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Web 3.0 Blockchain Market Growth and Trends
Web 3.0 technology is also used in social networking platforms that aim to improve the customer experience, such as how customers communicate, interact and form communities. Increasing investment in Web 3.0 blockchain technology to expand its application is a major factor driving the growth of the industry. For example, according to the statistics of Venture Intelligence, a financial analysis company, Web 3.0 and crypto start-ups have raised more than USD 1 billion in funding across 43 deals in the first six months of 2022.
Numerous companies worldwide are also focusing on launching Web 3.0 practices to help startups scale their businesses and develop innovative solutions. For example in July 2022, KiwiTech, an innovation ecosystem company, launched a Web 3.0 Center of Excellence service to power next-generation blockchain innovations for startups. Such a launch of services is expected to create lucrative growth opportunities for the market during the forecast period.
The COVID-19 pandemic is expected to have a positive impact on the market. As the pandemic continues, online shopping on e-commerce sites and the frequency of online payments have increased. As online commerce continued, the use of Web 3.0 blockchain technology to make online payments also increased as blockchain technology facilitates faster transactions and improved security. Moreover, the growing use of blockchain technology applications in smart contracts and cryptocurrencies is also expected to contribute to the growth of the industry.
Web 3.0 Blockchain Market Segmentation
Grand View Research has segmented the global Web 3.0 blockchain market based on blockchain type, application, end-use and region:
Web 3.0 Blockchain Market – Type Outlook (Revenue, USD Million, 2019 – 2030)
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Public
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Private
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Consortium
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Hybrid
Web 3.0 Blockchain Market – Application Outlook (Revenue, USD Million, 2019 – 2030)
Web 3.0 Blockchain Market – End-Use Outlook (Revenue, Million USD, 2019 – 2030)
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BFSI
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Retail and e-commerce
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Media and entertainment
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Medicines
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IT and telecom
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Second
Web 3.0 Blockchain Market – Regional Outlook (Revenue, USD Million, 2019-2030)
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North America
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Europe
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Asia Pacific
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Latin America
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Middle East & Africa
List of key players in the Web 3.0 Blockchain market
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Web3 Foundation (Polkadot)
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Helium Systems Inc
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Ocean Protocol Foundation Ltd.
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Zel Technologies Limited.
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Kusama
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Livepeer, Inc.
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Filecoin
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Kadena LLC
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Polygon technology
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Terra
Check out more related studies published by Grand View Research:
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The Blockchain Technology Market – The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitization in the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market.
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Bitcoin market – The global bitcoin market size is expected to reach USD 132.91 billion by 2030, growing at a CAGR of 26.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing acceptance of cryptocurrencies globally, due to the many benefits associated with them, such as decentralization and simple exchange, is expected to drive the bitcoin market over the forecast period.
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Market for web hosting services – The market size for global web hosting services is expected to reach USD 171.4 billion by 2027, register a compound annual growth rate (CAGR) of 15.5% over the forecast period, according to a new study by Grand View Research, Inc. The rapidly growing use of smartphones, coupled with the increasing internet penetration rate, is expected to boost market growth.
Browse Grand View Research’s next generation technology industry research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting company, offers syndicated as well as custom research reports and consulting services. Registered in California and has its headquarters in San Francisco, the company consists of over 425 analysts and consultants, adding more than 1,200 market research reports to its vast database each year. These reports offer in-depth analysis of 46 industries in 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities ahead.
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SOURCE Grand View Research, Inc
