Web 3.0 Blockchain Market is expected to grow at a CAGR of 50.88%
According to TechSci Research report, “Web 3.0 Blockchain Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”. Web
3.0 is a democratized, new and improved, internet environment which will be
open to any central authority. Using blockchain technology in Web 3.0 it
transforms the use of the internet. People will be able to sell and purchase
their digital content in the form of Non-fungible tokens (NFTs). Various uses
of blockchain technologies like decentralized apps (DApps), smart contracts,
will become more popular once Web 3.0 is widely accepted.The Internet has been
one of the most fast growing and transformative technologies. The number of
Internet users increased from 69% of the world's population, or 4.9 billion
people in 2022. Web 3.0 is the next evolution of the internet due to increase
in demand of artificial intelligence, machine learning, blockchain technology,
and virtual reality (VR) among the business and the people.In addition, the
rising adoption of web 3.0 in the marketing tool are fuelling the market
growth. As technologists continue to develop new ways to interact with each
other through online, Web 3.0 gives greater control over digital identities and
information that has been shared online. For instance,In 2021, the rate of data
breaches increased from USD 3.86 million to USD 4.24 million and is expected to
increase in the upcoming years. In business and marketing, using of blockchain
technologies can provide added security measures by recording, encrypting, and
verifying blockchain transactions.Also in a study done by Forrester it was found
that 69% of brands that spend over USD 1 million per month in ads stated that
more than 20% of their budgets was lost due to digital ad fraud. Having a
combination of accountability and transparency blockchain can reduce
advertising fraud and help businesses achieve greater results for their digital
spending.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Global Web 3.0
Blockchain Market.”
The Web 3.0 Blockchain market
segmentation has been segmented by application into Cryptocurrency,
Conversational AI, Data & transaction storage, Payments and Smart
contracts. The payments segment dominated the market in 2023 and is projected
to be the faster-growing segment during the forecast period, 2023-2029.
Blockchain technology provides quick, safe, and affordable options for
processing international payments. These transactions employ encrypted
distributed ledgers, enabling trusted real-time transaction verification
without the need for intermediaries like clearinghouses and correspondent
banks. The cryptocurrency segment dominated the market in 2023 and accounted
for more than 25.0% share of the global revenue. Rapid advancements in
technological innovation, including digitization and automation, have led to
the growing demand for high-performance cryptocurrency transaction services
among enterprises. Hence to cope with the need for high-performance
cryptocurrency transactions, several players across the globe are using
blockchain technology solutions in cryptocurrency to carry out their
transactions efficiently. The aforementioned factors are expected to drive
segment growth.The smart contracts segment is anticipated to register
significant growth during the forecast period. The unchangeable, traceable, and
secure smart contracts created using Web 3.0 blockchain technology make a more
open and collaborative work environment. As a result of these inherent
properties, smart contracts are more likely to expand, and more businesses
would be able to cut costs and facilitate faster and safe transactions. Such
factors bode well for the growth of the segment. The BFSI segment dominated the
market in 2022 and accounted for more than 35.0% share of the global revenue.
The increasing demand for Web 3.0 blockchain for scalability, better
transaction speed, and reduced processing costs in the banking and finance
sector is a major factor driving the segment growth. Additionally, transactions
enabled by Web 3.0 blockchain technology eliminate the need for third-party
payment gateways to allow faster financial communications. Moreover, Web 3.0
also enables insurance companies to maintain decentralized data, thus
preventing cybercrimes.
Key market players in the Global Web 3.0
Blockchain Market are: -
- Web3 Foundation
(Polkadot)
- Helium Systems Inc.
- Ocean Protocol
Foundation Ltd.
- Zel Technologies
Limited.
- Kusama
- Livepeer, Inc.
- Filecoin
- Kadena LLC
- Polygon technology
- Terra
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“In October 2022, Dubai set forth the
new era of blockchain technology, by placing the nation at the Global Capital
of Web 3.0 with its new metaverse and drafted regulatory framework and
blockchain technology.Dubai Metaverse Strategy planned to target USD 4 billion
of the country’s GDP in the coming five years that will offer over 40,000
virtual jobs in the metaverse and blockchain sectors by 2030.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Web 3.0 Blockchain Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented By Blockchain Type (Public, Private,
Consortium and Hybrid), By Application (Cryptocurrency, Conversational AI, Data
& Transaction Storage, Payments and Smart Contracts), By Vertical (BFSI,
E-commerce & Retail, Media & Entertainment, Healthcare &
Pharmaceuticals and IT & Telecom), By Region, and By Competition 2019-2029”
provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Web 3.0 Blockchain Market.
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