Web 3.0 Blockchain Market Forecasts to 2030 – Global Analysis By Type (Public, Private, Consortium, Hybrid and Other Types), Application (Crypto Currency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts and Other Applications), En

Web 3.0 Blockchain Market Forecasts to 2030 – Global Analysis By Type (Public, Private, Consortium, Hybrid and Other Types), Application (Crypto Currency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts and Other Applications), End User and by Geography

According to Stratistics MRC, the Global Web 3.0 Blockchain Market is accounted for $2.58 billion in 2023 and is expected to reach $29.42 billion by 2030 growing at a CAGR of 41.6% during the forecast period. Web 3.0, also known as the decentralized web, is a paradigm shift in the way we use online resources and communicate with one another. The decentralized, secure ledger that powers crypto currencies like Bitcoin and Ethereum is at the center of this evolution: blockchain technology. Within the framework of Web 3.0, blockchain enables transparent and trustless transactions, allowing users to communicate directly with one another without the need for middlemen. Moreover, Web 3.0 enables the integration of smart contracts, or self-executing and programmable agreements, which pave the way for a more autonomous and effective online ecosystem.

According to the World Economic Forum, the advent of Web 3.0 and blockchain technology marks a transformative era in the digital landscape, offering unprecedented opportunities for decentralized collaboration, increased security, and enhanced user control over personal data.

Market Dynamics:

Driver:

Increased privacy and security for data

There is a greater need for more comprehensive data security and privacy solutions as a result of the rise in cybersecurity concerns. With its decentralized and cryptographic features, Web 3.0 Blockchain offers a solution to these issues. The overall security of digital transactions and sensitive data is improved by the tamper-resistant nature of blockchain, which guarantees that once data is recorded, it cannot be changed or manipulated. Furthermore, the promise of a more secure online environment attracts both businesses and users, propelling the adoption of Web 3.0 blockchain solutions.

Restraint:

Issues relating to energy use

Numerous blockchain networks have come under fire for their high energy consumption, particularly those that employ proof-of-work consensus techniques. The mining procedures that require a lot of energy to validate transactions can have negative effects on the environment and raise questions about sustainability. Additionally, the need for more environmentally friendly alternatives arises from the growing attention being paid to environmental issues worldwide. One notable limitation of some blockchain technologies is their energy consumption.

Opportunity:

Growth in decentralized identity management

Web 3.0 Blockchain offers a great deal of potential for the creation of decentralized identity systems. Blockchain technology has the potential to completely change how people manage and control their personal information online by enabling the creation of secure, verifiable digital identities. Moreover, these applications in secure authentication, access control, and the development of an online identity ecosystem that prioritizes privacy are all included in this opportunity.

Threat:

Security issues and weaknesses

The ongoing security issue is one of the main dangers to the Web 3.0 blockchain. Blockchain is known for its impervious design; however, there are serious risks associated with it, including hacking attempts, vulnerabilities in smart contracts, and possible 51% attacks on certain consensus mechanisms. The dynamic nature of cyber threats necessitates constant improvements to security protocols and blockchain network resilience.

Covid-19 Impact:

The COVID-19 pandemic has significantly altered industries and economic environments while also having an impact on global markets. The growing need for remote solutions led to faster growth in some industries, like technology and e-commerce, but major setbacks were faced by others, like travel, hospitality, and traditional retail. Moreover, changes in consumer behaviour, remote work trends, and supply chain disruptions were the hallmarks of the pandemic's impact. Further highlighting the need for resilience and adaptability across various industries in navigating the challenges posed by the ongoing pandemic is the fact that the economic uncertainty brought on by the health crisis has increased volatility in financial markets.

The Public segment is expected to be the largest during the forecast period

In the Web 3.0 blockchain market, the public sector has held the largest share. Public blockchains, such as those found in cryptocurrencies like Ethereum and Bitcoin, function on a decentralized network that is open to all users. By using consensus techniques, these blockchains give security and transparency top priority. Additionally, the openness, global participation, and decentralized applications of the public blockchain are its main selling points.

The Smart Contracts segment is expected to have the highest CAGR during the forecast period

The segment with the highest CAGR is smart contracts. On blockchain platforms, smart contracts are self-executing contracts with coded conditions that guarantee the transparent and trustless execution of agreements. Significant growth has been spurred by their versatility, particularly in applications related to decentralized finance (DeFi). Smart contracts have gained a lot of attention and are being widely used because they automate complicated processes, remove middlemen, and improve security.

Region with largest share:

The largest share of the Web 3.0 blockchain market has been held by the North American region, specifically the United States. With a large number of well-known tech firms, financial institutions, and startups actively investigating and deploying blockchain solutions, the US has emerged as a leader in blockchain innovation. The region holds a dominant position due to its strong infrastructure, comparatively favorable regulatory environment, and substantial investments in blockchain research and development when compared to other regions. Additionally, the region's leadership in the Web 3.0 blockchain market can be attributed to the existence of significant blockchain projects, partnerships among industry participants, and a strong emphasis on emerging technologies in North America.

Region with highest CAGR:

The Web 3.0 blockchain market is expected to grow at the highest CAGR in the European region. Countries in the European Union, such as Germany, Switzerland, and the United Kingdom, have shown a strong interest in blockchain technology and its potential uses. The region's increasing prominence in the blockchain space can be attributed to the European Union's initiatives to investigate and implement blockchain technology, as well as the regulatory frameworks that support them. Moreover, blockchain solutions are being increasingly integrated by European businesses and financial institutions for a range of use cases, which is encouraging innovation and assisting in the anticipated rapid growth.

Key players in the market

Some of the key players in Web 3.0 Blockchain market include Ocean Protocol Foundation Ltd., Polygon technology, Alchemy Insights, Inc., Filecoin, Antier Solutions, Ripple, Web3 Foundation (Polkadot), Livepeer, Inc., Helium Systems Inc., Kadena LLC, Terra and Zel Technologies Limited.

Key Developments:

In August 2023, Polygon Labs and SKT an international software development company that builds blockchain scaling infrastructure, today announced that they have signed a strategic collaboration agreement to build SKT’s Web3 ecosystem. The agreement signing ceremony took place at SKT’s headquarters located in Seoul and was attended by Oh Se-hyun, Vice President and Head of Web3 CO of SKT, and Marc Boiron, CEO of Polygon Labs.

In June 2023, Alchemy Insights Inc. announced the launch of AlchemyAI, a suite of new artificial intelligence tools. These tools aim to expedite data acquisition for developers and reduce build time. AlchemyAI will be a valuable addition to the existing platform, which already enables developers to create Web3 and blockchain applications.

In January 2022, Ocean Protocol, the decentralized data exchange protocol to unlock data for AI and business innovation, has entered into a strategic partnership with Dimitra, an agricultural technology company guided by the mission to deliver technology to help farmers around the globe improve operations and deliver higher yields.

Types Covered:
• Public
• Private
• Consortium
• Hybrid
• Other Types

Applications Covered:
• Crypto Currency
• Conversational AI
• Data & Transaction Storage
• Payments
• Smart Contracts
• Other Applications

End Users Covered:
• BFSI
• Retail & E-commerce
• Media & Entertainment
• Pharmaceuticals
• IT & Telecom
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances