Web 3.0 Blockchain Market Overview:
According to the analysis reports by MRFR, Web 3.0 Blockchain Market Research Report: Information by Application, Vertical, Blockchain Type, and Region—Forecast Till 2030, the market is forecast to thrive at a robust CAGR of roughly 44.6% during the assessment era from 2023 to 2030. The report further predicts that the market to obtain a pricing of around USD 6,187.3 million by the end of 2023.
|Revenue Forecast in 2030||USD 82,898.1 Million|
|Growth Rate:||CAGR of 44.6% from 2023 to 2030|
|Forecast Period:||2023 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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Web 3.0 Market Scope:
Web 3.0 refers to the next generation of phase on the progress of the web/Internet. The concept is developed on the central idea decentralization, more exceptional user utility, and openness. Blockchain carries out a special role in the building of the web 3.0, as decentralization of storage is the major characteristic of blockchain, making it an ideal basis for web 3.0. The three major pillars of the web 3.0 blockchain includes blockchain technology, machine learning (ML), and artificial intelligence (AI). The technology enables the user to save data in decentralized storage and concentrates on the security and privacy of personal data. Web 3.0 market has aided alter the way machines and humans communicate and facilitates simple ownership transfer, data transfer, and cryptocurrency-based payments. The technology empowers users to select which data to share. In this technology, personal data is preserved by the user and not by any third-party supplier. This has aided change ownership of personal data from third-party providers to the user.
The list of prominent leaders across the global web 3.0 blockchain market includes companies such as:
Web 3.0 Market USP Covered
The global market for web 3.0 blockchain recorded significant growth in the last few years. The factors boosting the market’s growth include increased transparency and rapid technological innovation.
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The global health crisis has had a massive impact on the majority of the industry sectors across the globe. The pandemic had spread to nearly 225 countries across the globe. Given the rapid spread of the disease, several governments across the globe implemented partial or complete lockdowns. Considering the deployment of travel restrictions and social distancing norms, the supply chain networks of most industry sectors witnessed significant disruption in recent times. Players across the global market experienced severe losses in terms of revenues and demand. The sectors that witnessed significant losses include retail, aviation, and automobile.
On the other hand, the global health crisis did not massively affect the IT sector. The IT sector across the globe experienced steady revenue despite the pandemic. The primary influence the IT industry faced was elevated IT expenditure as employees switched to work from a home model and implemented cloud software and other digital platforms raised during a pandemic. Moreover, the global health crisis has brought new market opportunities for the IT industry, such as rising demand for virtual and augmented reality, 5G technology, machine learning, artificial intelligence & blockchain, and quantum technology. With the growing generation of big data, the global web 3.0 blockchain market is anticipated to register substantial growth over the coming years.
Web 3.0 Market Segment Analysis
Among all the blockchain types, the private segment is anticipated to dominate the global market for web 3.0 blockchain over the assessment timeframe. The central aspect causing an upsurge in the segment’s growth is the growing advantages of private blockchains, such as security, high quality, low costs, reliability, efficient & controlled business process, and real-time process information.
Among all the application areas, the cryptocurrency segment is projected to lead the global market for web 3.0 blockchain during the review timeframe. The main parameter supporting the segment’s growth is credited to the high inflow of payments to developing nations and venture capital investments.
Based on end-use sectors, the healthcare & pharmaceuticals segment is anticipated to secure the leading position across the global web 3.0 blockchain market over the assessment era. The significant aspect boosting the segment’s growth is the increasing adoption of this technology in developing healthcare areas for better security and data management processes.
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Web 3.0 Market Regional Analysis
The global market for web 3.0 blockchain is analyzed across five major regions: South America, the Middle East & Africa, Asia-Pacific, Europe, and North America.
According to the research report by MRFR, the North American region is anticipated to lead the global web 3.0 market over the review timeframe. The regional market is anticipated to account for the maximum share of approximately 56.2% across the global market, credited to the aspects such as growing investment in cutting-edge web 3.0 startups, innovation in a decentralized ecosystem, and growing adoption of blockchain technology. The regional market is expected to flourish at a healthy CAGR of 41.2% over the forecasted era.
The European regional market for web 3.0 blockchain is likely to secure the second position globally. the rising demand for web 3.0 blockchain technology from various industry sectors is the primary aspect supporting the growth of the regional Web 3.0 market.
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