Web 3.0 Block-chain Market was valued at USD 1343.55 Million in 2022 and is projected to reach a value of USD 87761.35 Million in 2030, growing at a CAGR of 44.6%.
The global Web 3.0 Block-chain Market is presently valued at USD 1343.55 million and poised to witness a CAGR of 44.6% over 2022-2030, thereby amassing a valuation of USD 87761.35 million by end of the assessment timeframe.
Web 3.0 blockchain refers to a type of internet technology uses advanced innovations such as artificial intelligence, machine learning, big data, and blockchain with an aim to facilitated real world human communication. The entire network is designed to operate via decentralized protocols, which were the pillars behind the establishment of cryptocurrency and blockchain technology.
Growth propellants and restraints of this marketplace
The wide array of advantages offered by the web 3.0 blockchain technology such as enhanced privacy, anti-monopoly, data ownership, secured network along with interoperability is primarily augmenting the outlook of this industry sphere.
Furthermore, rising internet penetration, growing adoption of smart devices, and widespread economic developments across various regions are positively swaying the market dynamics, Besides, prompt digital literacy and rapid urbanization are adding momentum to the overall industry progression.
Moreover, launch of digitalization projects to frame regulatory policies pertaining to the use of this technology is creating lucrative opportunities for the marketplace. Alongside, rising investments on the web 3.0 technology by venture capital firms are massively contributing to the growth of this business vertical.
Also, the ability of the blockchain technology to mitigate cyberattack risks since it is based on decentralized operations is stimulating the overall market outlook.
On the flipside, lack of public cognizance regarding the benefits of this technology is hindering the remuneration scope of this market sphere.
Key Trends of Global Web 3.0 Block-chain Market: Decentralized data ledgers
The Web 3.0 Blockchain sector is rapidly growing, with a growing emphasis on decentralised data ledgers. The worthy benefits of Web 3.0 blockchain, notably in the cryptocurrency industry, have drawn significant R&D investments and grants for the technology’s further development. Web 3.0’s aptness to prevent internet attacks and breaches by ensuring data security and privacy further will augment the industry growth.
Digitalization, gambling, and non-fungible tokens (NFTs) are all being transformed by cryptocurrency. The industry is anticipated to grow significantly in the next years as Web3 becomes more extensively embraced.
Development of Semantic technologies:
The development of semantic technologies can enhance the Web3.0 use. To make it the data protection tool, it is essential to base this technology on block-chain logic. As the real block-chain logic will make sure that we carry our data in a local manner. The peer to peer review system will keep users alert of the data block building.
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Segmental assessment of global web 3.0 blockchain market
Key Players
Based on blockchain type
The public segment is slated to amass notable gains over the stipulated timeline as public blockchain technology is easily accessible by all.
By application
The payments segment is anticipated to garner significant returns over the estimated timeframe owing to the rising trends of digital payments which in turn has escalated the demand for secure digital payment technologies.
On the basis of end use
The BFSI segment is predicted to capture a high market share attributing to the rising instances of data breaches and other forms of cyberattack in this sector.
Elucidating the geographical ambit and competitive terrain of this industry
North America, Middle East & Africa, Europe, Latin America, and Asia Pacific are the primary expansion benefactors of this business vertical. Among these, North America is projected to showcase lucrative growth trends over 2022-2030. This is attributable to the rising digital literacy, growing investments in the field of blockchain technology, and widespread urbanization.
The prominent players defining the geographical landscape of the worldwide 3.0 blockchain market are Biance, BTL Group Ltd., Chain, Inc., Circle Internet Financial Ltd., Decentraland, Deloitte Touche Tohmatsu Ltd., Digital Asset Holdings, LLC, Filecoin, Flux, Global Arena Holding, Inc. (GAHI), Helium Systems Inc., IBM Corp., Kadena, Microsoft Corp., Monax, Ocean Protocol Foundation Ltd., Polkadot (Web3 Foundation), Ripple, The Linux Foundation, and ZCash.
Notably, in January 2022, Mphasis inked a collaboration deal with CrossTower to jointly develop efficient block chain and web 3.0 based products.
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Nov 04, 2022
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