New York, United States, Nov. 24, 2023 (GLOBE NEWSWIRE) -- The Global Web 3.0 Blockchain Market Size is to Grow from USD 1.82 Billion in 2022 to USD 67.92 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 43.6% during the projected period.
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The global web 3.0 blockchain market represents a digital paradigm shift, encompassing advanced internet technologies as well as decentralized blockchain systems. Web 3.0, also known as the "Semantic Web," aims to create an online ecosystem that is more intelligent, interconnected, and user-centered. The primary goal of Web 3.0 is to use blockchain technology to enable seamless data sharing, interoperability, and improved user experiences. The market for Web 3.0 blockchain solutions is defined by the incorporation of decentralized principles into various industries such as finance, supply chain, healthcare, and others. Unlike its predecessors, Web 3.0 leverages the inherent properties of blockchain, such as transparency, security, and immutability, to enable trustless interactions and reimagine traditional business models. This market includes applications such as decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized identity, and others. The user experience (UX) of interacting with blockchain applications and decentralized platforms can be complex and challenging for non-technical users. Wallet management, private key security, and transaction processes can be complicated and perplexing, potentially limiting widespread adoption.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Web 3.0 Blockchain Market Size, Share, and COVID-19 Impact Analysis, By Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, Others), By End User (BFSI, E-Commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals, IT & Telecom, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The public segment accounted for the largest share of the global web 3.0 blockchain market in 2022.
The global web 3.0 blockchain market is classified into four types: public, private, consortium, and hybrid. The public segment held the largest share of the global web 3.0 blockchain market in 2022. Public blockchains are open, decentralized networks that allow for participation without the need for permission. These blockchains, like Ethereum and Bitcoin, allow anyone to join the network, validate transactions, and participate in the consensus mechanism.
The cryptocurrency segment accounted for the largest share of the global web 3.0 blockchain market in 2022.
The global web 3.0 blockchain market is segmented by application into Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, and Others. In 2022, the cryptocurrency segment held the largest share of the global web 3.0 blockchain market. Bitcoin, Ethereum, and other cryptocurrencies have grown in popularity as digital assets, stores of value, and mediums of exchange. Cryptocurrencies leverage blockchain's security and transparency to enable peer-to-peer transactions without the use of intermediaries.
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North America is anticipated to hold the largest share of the global Web 3.0 Blockchain market over the predicted timeframe.
North America, especially the United States, has long been a hub of blockchain innovation and investment. In Silicon Valley and other tech hubs, numerous blockchain startups have emerged, particularly in areas such as cryptocurrencies, enterprise solutions, and decentralized applications. The region's strong regulatory frameworks and capital access have aided its blockchain leadership.
During the forecast period, Asia Pacific is projected to expand at the fastest rate in the global web 3.0 blockchain market. Several Asian countries are actively involved in blockchain innovation. China has expressed interest in blockchain technology, particularly in digital payments and digital currencies backed by the government.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the Major vendors in the Global Web 3.0 Blockchain Market include Web3 Foundation (Polkadot), Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Limited., Kusama, Livepeer, Inc., Filecoin, Kadena LLC, Polygon technology, Terra, and Others.
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Recent Development
- In September 2022, Heru Finance, a global platform for investing in Web 3.0, has been launched in the markets of South East Asia and India. The asset management platform leverages deep technology and a team with a combined experience of 40 years to invest in Web3.0 and cryptocurrency.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Web 3.0 Blockchain Market based on the below-mentioned segments:
Global Web 3.0 Blockchain Market, By Type
- Public
- Private
- Consortium
- Hybrid
Global Web 3.0 Blockchain Market, By Application
- Cryptocurrency
- Conversational AI
- Data & Transaction Storage
- Payments
- Smart Contract
- Others
Global Web 3.0 Blockchain Market, By End User
- BFSI
- E-Commerce & Retail
- Media & Entertainment
- Healthcare & Pharmaceuticals
- IT & Telecom
- Others
Global Web 3.0 Blockchain Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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