Jersey City, NJ, March 22, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Web 3.0 Blockchain Market Size, Share & Trends Analysis Report By Blockchain Type (Public, Private, Consortium, And Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage), By End Use (BFSI, Retail & E-Commerce, Media & Entertainment, Pharmaceuticals, It & Telecom)- Market Outlook And Industry Analysis 2031"
The global web 3.0 blockchain market is estimated to reach over USD 44.2 billion by 2031, exhibiting a CAGR of 44.13% during the forecast period.
The web 3.0 blockchain market is a rapidly growing and evolving industry focusing on decentralized technology and applications (dApps). The aim of Web 3.0 is to create a decentralized, transparent, and secure internet, where users have control over their data and can securely and transparently interact with each other without intermediaries. The Web 3.0 blockchain market is primarily driven by increasing demand for decentralized technology and apps and growing interest in cryptocurrencies and blockchain-based applications.
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The market is also being driven by increasing investment in blockchain startups and growing partnerships and collaborations between established companies and blockchain-based startups. A major challenge faced by this market is the need for interoperability between different blockchain networks. This means that assets and data cannot be easily transferred between blockchains, making it difficult for users to move their assets between different platforms.
Recent Developments:
- In March 2022, The Dubai Virtual Assets Regulatory Authority statute, which attempts to control blockchain-based assets, was founded.
- In February 2022, To address the basic issues of scalability, WazirX, a cryptocurrency exchange platform, launched a new Web 3.0 platform called Shardeum.
List of Prominent Players in the Web 3.0 Blockchain Market:
- Alchemy Insights Inc.
- Antier Solutions
- Biance
- Decentraland
- Filecoin
- Helium Systems Inc
- Kadena LLC
- Kusama
- Livepeer, Inc.
- Ocean Protocol Foundation Ltd.
- Polygon Technology
- Terra
- Web3 Foundation (Polkadot)
- Zel Technologies Limited.
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Web 3.0 Blockchain Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 1.66 Bn |
| Revenue forecast in 2031 | USD 44.2 Bn |
| Growth rate CAGR | CAGR of 44.13% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Application, And End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
One of the major driving factors of the web 3.0 blockchain market is the shift of data ownership toward users. In the traditional internet, user data is typically owned and controlled by centralized organizations, such as tech companies, who use this data to generate revenue through advertising and other means. Also, with the shifting from data ownership to users, there is a growing demand for decentralized applications and services that allow users to control their data and share it with others on their terms.
This demand is driving the growth of the Web 3.0 blockchain market as more businesses and individuals seek to leverage the technology to give users more control over their data. In addition, the shift of data ownership toward users also opens up new opportunities for innovation and the creation of new business models. This is also expected to drive further growth and adoption of Web 3.0 blockchain technology in the future.
Challenges:
The prime challenge is the need for more awareness in developing countries, which is predicted to reduce the growth of the web 3.0 blockchain market. Despite the growing interest in blockchain technology, many people still need to understand what it is and how it works. This lack of awareness can create a barrier to entry for new users and limit the widespread adoption of Web 3.0 blockchain technology. In addition, the technology behind Web 3.0 blockchain can be complex and difficult to understand for those with a technical background. This can make it difficult for businesses and individuals to leverage the technology's benefits fully.
Regional Trends:
The Asia Pacific Web 3.0 Blockchain Market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. Also, during the forecast period, the Asia-Pacific region is expected to expand the fastest.
The main factor fueling the expansion of the Asia Pacific region is the banking and financial industry's quick adoption of digitization using Web 3.0. The region's retail and e-commerce sectors, which are among the biggest contributors to the blockchain industry, are expanding at the same time. The elements mentioned above are encouraging for the development of Web 3.0 blockchain in the Asia Pacific area.
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Segmentation of Web 3.0 Blockchain Market-
By Type Outlook-
- Public
- Private
- Consortium
- Hybrid
By Application Outlook-
- Cryptocurrency
- Conversational AI
- Data & Transaction Storage
- Payments
- Smart Contracts
- Others
By End-Use Outlook-
- BFSI
- Retail & E-commerce
- Media & Entertainment
- Pharmaceuticals
- IT & Telecom
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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