San Francisco, 13 March 2024: The Report Web 3.0 Market Size, Share, & Trends Analysis Report By Blockchain Type (Private, Public, Consortium, Hybrid), By Application, By End Use, By Region, And Segment Forecasts, 2024 - 2030

The global web 3.0 market is anticipated to reach USD 33.53 billion by 2030. The market is expected to expand at a CAGR of 49.3% during the forecast period, according to a new report by Grand View Research, Inc. The ability of Web 3.0 to authorize the users to use the decentralized blockchain technology for accessing the decentralized applications is the major factor driving the market growth. Web 3.0 provides perception based on the users’ search content and allows them to control their data on websites.

Web 3.0 technology is also used in social network platforms that aim to improve the customer experience, such as how customers communicate, interact and form communities. Rising investments in Web 3.0 blockchain technology to expand its application is a significant factor driving the growth of the industry. For instance, according to the statistics of Venture Intelligence, a financial analysis company, Web 3.0 and crypto startups have raised more than USD 1 billion in funding across 43 deals in the first six months of 2022.

Numerous companies across the globe are also focusing on launching Web 3.0 practices to help startups scale their businesses and develop innovative solutions. For instance, in July 2022, KiwiTech, an innovation ecosystem company, launched a Web 3.0 Center of Excellence service to empower the next-generation blockchain innovations for startup companies. Such a launch of services is expected to create lucrative growth opportunities for the market during the forecast period.

The Web 3.0 industry is poised for significant growth, driven by several key factors such as increasing need for data privacy facilitated by the decentralized identity of Web 3.0 and advancements in internet technology. Additionally, the rapid rise in the adoption of digital assets such as cryptocurrencies, coupled with the ongoing deployment of the 6G and 5G technologies, is further anticipated to contribute to the growth. The booming world of digital assets and cryptocurrencies is finding synergy with Web 3.0. Integration of blockchain, DeFi (Decentralized Finance), and NFTs (Non-Fungible Tokens) within Web 3.0 applications is unlocking new possibilities for online transactions, ownership, and value creation. This convergence is expected to drive adoption and innovation across various sector.

Furthermore, the rising concern for data ownership and privacy is fueling interest in Web 3.0's decentralized identity solutions. Blockchain technology allows users to control their data, creating a shift from centralized, data-hungry platforms to individual empowerment. This trend is attracting users and businesses seeking greater privacy and security.

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Technologies such as machine learning, big data, and decentralized ledgers are also expected to drive the industry’s growth owing to the technological improvements on the internet. The demand for Web 3.0 blockchain technology is attributed to the ability to simplify payment operations for businesses. Additionally, the integration of these technologies within the Web 3.0 framework not only enhances efficiency and security but also fosters a more inclusive and transparent digital environment, appealing to both businesses and users alike.

Web 3.0 Market Report Highlights

• The public segment dominated the market in 2023. The growth of the segment can be attributed to the increased demand for public blockchain technology owing to the free, secure, and permissionless accessibility to anyone with internet access.
• The cryptocurrency segment dominated the market in 2023. Enterprises are increasingly in need of high-performance cryptocurrency transaction services. Web 3.0 cryptocurrencies use blockchain and smart contracts to automate transactions and eliminate the need for a third-party entity which is anticipated to support the segment's growth.
• The retail & e-commerce segment is anticipated to register the fastest growth over the forecast period. Increasing demand for Web 3.0 blockchain in retail & e-commerce owing to benefits such as reduced costs, faster payments, improved security, and increased transparency is expected to fuel the segment's growth.
• The Asia Pacific regional market is anticipated to emerge as the fastest-growing market during the projection period. The increasing advancements in 5G, artificial intelligence, and machine learning is the major factor driving the growth of the Asia Pacific region. Moreover, growing investments in research & development of Web 3.0 is anticipated to aid the growth.
• In June 2023, SailGP, an international sailing competition extended its partnership agreement for additional three years with Oracle Corporation. ‘The Dock’, a Web 3.0-integrated fan loyalty programme will be powered by Oracle Customer Experience (OCX).

The companies operating in the blockchain technology space are trying to integrate enhanced technologies such as Artificial Intelligence (AI), blockchain, and others in their offerings. Enhanced technologies enable companies to improve their competitive edge and customer experience. The integration of blockchain technology offers a faster, reliable, and highly agile supply chain network. Blockchain companies integrate AI for a competitive edge and operational optimization, particularly benefiting supply chain networks.

The rising adoption of Web 3.0 cryptocurrencies to efficiently automate transactions over the internet is also anticipated to drive the industry’s growth. At the same time, trading cryptocurrencies in Web 3.0 offers better benefits, such as decentralization and growth potential. Moreover, it does not require permission from the higher authorities, which is an additional advantage. Countries are also focusing on legalizing cryptocurrency laws to attract new players and make improvements. For instance, in March 2022, Dubai established the Dubai Virtual Assets Regulatory Authority law, which aims to regulate blockchain-based assets.

The Web 3.0 market is also characterized by a medium level of partnership and collaboration activity by the leading players. The complexity and interdisciplinary nature of Web 3.0 technologies often require expertise from multiple domains, encouraging industry leaders to collaborate to leverage complementary strengths

Web 3.0 Market Report Scope

There are a limited number of direct product substitutes for Web 3.0. However, different blockchain platforms may serve as substitutes for each other, depending on the specific requirements of developers and users. Nonetheless, the presence of strong network effects within the Web 3.0 ecosystem can act as a barrier to the substitutes.

Application adoption is a significant factor in the market. As users increasingly prioritize data privacy, security, and autonomy, the decentralized and transparent nature of Web 3.0 applications becomes highly appealing. The high demand for Web 3.0 solutions is due to their potential to revolutionize traditional industries, enhance user control over digital assets, and offer novel ways of interacting with online services.

Some of the key players operating in the market include Filecoin, Web3 Foundation (Polkadot), Helium Systems, Inc.

• Filecoin is an open-source cloud storage, digital payment and public cryptocurrency platform designed to be a blockchain-based data retrieval method and co-operative digital storage.
• Helium Systems, Inc. offers a decentralized wireless infrastructure network of hotspots that offers bandwidth for and collects data from nearby Internet-of-things devices.

Kusama, Terra, and Kadena LLC are some of the emerging market participants in the Web 3.0 Market.

• Kusama is a scalable network of specialized blockchains built using Substrate. The company allows developers to build and deploy decentralized parachains. The parachains are blockchains connected with Polkadot or Kusama’s relay chain.
• Kadena LLC is a company that offers blockchain technology solutions. The company provides parallel-chain protocol for massive security and throughput, as well as programming language that allows developers to execute business operations and implement transactional logic.

Key Web 3.0 Companies:

• Web3 Foundation (Polkadot)
• Helium Systems, Inc.
• Ocean Protocol Foundation Ltd.
• Zel Technologies Limited.
• Kusama
• Livepeer, Inc.
• Filecoin
• Kadena LLC
• Polygon technology
• Terra