Web 3.0 Market Share, Size, Trends, Industry Analysis Report, By Blockchain Type (Private, Public, Consortium, Hybrid), By Service Type; By Application, By End Use, By Region, And Segment Forecasts, 2024-2032

Web 3.0 Market Share, Size, Trends, Industry Analysis Report, By Blockchain Type (Private, Public, Consortium, Hybrid), By Service Type; By Application, By End Use, By Region, And Segment Forecasts, 2024-2032

The global web 3.0 market size is expected to reach USD 49.88 billion by 2032, according to a new study by Polaris Market Research. The report “Web 3.0 Market Share, Size, Trends, Industry Analysis Report, By Blockchain Type (Private, Public, Consortium, Hybrid), By Application, By End Use, By Region, And Segment Forecasts, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Industry's growth is anticipated to be propelled by technologies like machine learning, big data, and decentralized ledgers, spurred by advancements in internet technology. The surge in demand for Web 3.0 blockchain technology is primarily due to its capacity to streamline payment processes for businesses. Moreover, the incorporation of these technologies into the Web 3.0 framework not only boosts efficiency and security but also cultivates a digital environment that is more inclusive and transparent, garnering interest from both businesses and users.

Enterprises across various industries are expanding and diversifying their blockchain initiatives, recognizing its disruptive potential. While leaders in different sectors understand blockchain's capabilities, each industry is determining the most effective ways to leverage the technology. Payment and wallet solutions, smart contracts, and digital identity verification systems are being adopted across sectors, driving the demand for blockchain technology.

Web 3.0 technology finds application in social network platforms, enhancing customer experiences by revolutionizing communication, interaction, and community building. Increased investments in Web 3.0 blockchain technology, aimed at broadening its scope of applications, significantly propel industry growth. For instance, Venture Intelligence, a financial analysis firm, reports that Web 3.0 and cryptocurrency startups secured over USD 1 billion in funding through 43 deals in the initial six months of 2022.

The European Commission (EC) plans to harness blockchain technology for constructing a whole region-based services blockchain, establishing a legal and regulatory framework & endorsing significant research and development projects. Companies are keen on venturing into the blockchain sector to attract investment, supported by favorable legislative environments and a thriving market.

Many companies worldwide are prioritizing the implementation of Web 3.0 strategies to assist startups in expanding their operations and creating inventive solutions. For instance, in July 2022, KiwiTech unveiled its Web 3.0 Center of Excellence service aimed at empowering startup ventures to pioneer blockchain innovations for the future. This introduction of services is anticipated to generate promising growth prospects for the market in the foreseeable future. Similarly, in June 2023, SailGP extended its partnership with the Oracle Corporation for an additional three years. Under this agreement, Oracle Customer Experience (OCX) will power 'The Dock,' a fan loyalty program integrated with Web 3.0 technology.

Web 3.0 Market Report Highlights

In 2023, the public segment dominated the largest revenue share, primarily due to a rise in public services based on blockchain technology.

The smart contracts segment is expected to witness the fastest CAG during the forecast period. Smart contracts automate and execute predefined actions based on predetermined conditions, eliminating the need for intermediaries and streamlining processes.

In 2023, North America held the largest market share. North America, particularly Silicon Valley in the United States, is renowned as a global hub for technological innovation. The region is home to many leading technology companies, startups, research institutions, and venture capital firms that drive advancements in Web 3.0 technologies such as blockchain, decentralized finance (DeFi), and smart contracts.

Asia Pacific region is expected to witness the fastest CAGR during the forecast period due to a rise in investments in AI, machine learning, and technologies based on 5G.

The global players include Web3 Foundation, Polygon technology, IBM, Oracle, Fujitsu, AWS, Huawei Cloud, NTT DOCOMO, and more.

Polaris Market Research has segmented the web 3.0 market report based on blockchain type, service type, application, end use, and region:

Web 3.0, Blockchain Type Outlook (Revenue - USD Billion, 2019- 2032)

Public

Private

Consortium

Hybrid

Web 3.0, Service Type Outlook (Revenue - USD Billion, 2019- 2032)

Non-Fungible Tokens (NFTs)

Web 3.0 Browsers & Wallets

Identity & Access Management Services

Decentralized Messaging & Communication Services

Distributed Edge Cloud Services (DCES)

Others

Web 3.0, Application Outlook (Revenue - USD Billion, 2019- 2032)

Cryptocurrency

Conversational AI

Data & Transaction Storage

Payments

Smart Contracts

Others

Web 3.0, End Use Outlook (Revenue - USD Billion, 2019- 2032)

BFSI

Retail & E-commerce

Media & Entertainment

Pharmaceuticals

IT & Telecom

Others

Web 3.0, Regional Outlook (Revenue - USD Billion, 2019- 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Australia

Rest of APAC

Latin America

Argentina

Brazil

Mexico

Rest of LA

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of MEA