Web 3.0 Blockchain Market Size to Reach USD 116.51 Billion by 2033, CAGR of 44.9% – Exclusive Report by FMI
The global web 3.0 blockchain market is estimated to have a moderate pace CAGR of 44.9% during the forecast period. The current valuation of the web 3.0 blockchain market is USD 2.86 billion in 2023. The demand for web 3.0 blockchain is expected to reach a peak of USD 116.51 billion by the year 2033.
The expansion of the web 3.0 blockchain market will be spurred by the widespread use of this technology for use in business environments, particularly in smart contracts, digital identity, documentation and exchange. When it comes to your online persona in the Web 3.0 era, you should use Self-Sovereign Identity (SSI).
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Web 3.0 cryptocurrency adoption for transaction automation on the internet is also expected to contribute to the industry’s expansion. However, Web 3.0 cryptocurrency trading has superior advantages such as decentralization and expansion prospects. The fact that you don’t need permission from higher up is also a bonus.
In addition, countries are working to legalize cryptocurrency to attract new players and promote innovation. For example, Dubai passed a law in March 2022 called the Dubai Virtual Assets Regulatory Authority law to control the use of blockchain technology and related assets.
Web 3.0 blockchain market growth is expected to be aided by the rapid pace of online and physical retail sales. Web 3.0 cryptocurrencies are becoming increasingly popular as a means of automating online transactions, which is expected to increase the demand for web 3.0 blockchain. Growth in the adoption of web 3.0 blockchain will also be aided by the widespread use of digitization in daily life and the widespread implementation of blockchain technology. The opportunities for web 3.0 blockchain markets to make money are expected to increase as the demand for 4G and 5G networks increases.
- In 2021, the general public was the market’s primary customer base. The need for public blockchain technology has expanded as a result of its widespread availability; anyone with an internet connection can use it without paying fees or requiring special permits, which has contributed to the sector’s expansion.
- In 2021, cryptocurrency was a large part of the economy. It is becoming increasingly important for businesses to have access to reliable bitcoin transaction services. Growth of The demand for web 3.0 blockchain is foreseen thanks to the use of blockchain and smart contracts of Web 3.0 cryptocurrencies, which streamline transactions and remove the requirement for a trusted third party.
- During the projected time frame, retail and e-commerce are expected to grow significantly faster than other categories. Web 3.0 blockchain is predicted to rise in the retail and e-commerce sectors as a result of increasing consumer demand for its many beneficial features, including lower prices, faster transactions, higher security levels and greater transparency.
- The Asia Pacific region is expected to expand rapidly during the forecast period. Asia and the Pacific are growing adoption of web 3.0 blockchain due to developments in 5G technology, AI and machine learning. Investments in Web 3.0 R&D are expected to increase, which will further contribute to expansion.
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The companies that make up The demand for web 3.0 blockchain the business has relied heavily on partnerships and collaborations to introduce new products and offer blockchain solutions to various sectors. The opportunity to streamline organisations’ payment processes is what has driven the interest web 3.0 blockchain technology. Companies also worked together to pool knowledge and resources in order to provide customers with comprehensive services. To reach a wider customer base, many companies have opened locations in different parts of the world.
To compete, companies in the blockchain industry are trying to incorporate cutting-edge technologies such as blockchain and artificial intelligence into their products and services. Companies can increase their value to customers and their ability to compete by investing in cutting-edge technology. By incorporating blockchain technology, supply chains can become more efficient, reliable and adaptable.
Some of the prominent players in the Web 3.0 Blockchain market are:
- Web3 Foundation (Polkadot)
- Helium Systems Inc.
- Ocean Protocol Foundation Ltd.
- Zel Technologies Limited.
- Livepeer, Inc.
- Kadena LLC
- Polygon technology
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Key Segments of the Web 3.0 Blockchain Market
- Conversational AI
- Data and transaction storage
- Smart contracts
- Retail and e-commerce
- Media and entertainment
- IT and telecom
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Future Market Insights (ESOMAR-certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insight into the driving factors driving demand in the market. It reveals opportunities that will favor market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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