New York, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Web 3.0 is a third-generation or future-generation of internet services and the next step in the web's evolution. This transformation will be aided by the increasing and broadening capabilities of artificial intelligence (AI) and machine learning (ML), as well as the precipitous development of blockchain technology. Blockchain technology is crucial in developing web 3.0 enterprises, as the next internet generation will operate on decentralized protocols. The web 3.0 blockchain technology is now in the research and development phase, and it's commercial introduction could take up to a year. The primary factors driving the growth of the worldwide web 3.0 blockchain industry are the transfer of data ownership to the user, the rise in data transparency, and the tightening of data security. However, a lack of knowledge is anticipated to hinder market growth throughout the forecast period. Moreover, the rapid development of new technologies is predicted to generate potential prospects for the worldwide web 3.0 blockchain industry.
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Data Ownership Shifting Towards the User to Drive the Global Web 3.0, Blockchain Market
The three critical foundations of web 3.0 blockchain Technology are artificial intelligence (AI), machine learning (ML), and blockchain technology. The web 3.0 blockchain allows users to store data in decentralized storage and prioritizes the privacy and security of personal data. Web 3.0 has aided in altering how humans and machines interact by enabling data transfer, cryptocurrency-based payments, and simple ownership transfer. Web 3.0 blockchain technology allows users to decide which data to disclose. In web 3.0 blockchain technology, the user owns their personal information and is not a Third-Party supplier. This has assisted in transferring personal data ownership from third-party providers to the user. This has contributed to the development of blockchain technology. People are migrating to web 3.0 blockchains to secure their data and reduce difficulties connected to security and privacy from third-party providers as the notion of data ownership grows.
Rapid Innovation in Technology to Provide Opportunities for the Global Web 3.0 Blockchain Market
According to Straits Research, "The global web 3.0 blockchain market size was valued at USD 1890 million in 2021. It is estimated to reach an expected value of USD 52890 million by 2030 at a CAGR of 44.8% during the forecast period (2022 – 2030)." Web 3.0 blockchain technology is fast evolving. It provides significant benefits to the end-user, such as cheaper operating costs, increased speed, less cyber-attack risks, and individual control over data. In recent years, significant technological advancements have occurred, such as integrating blockchain and IoT and implementing blockchain technology in logistics and operations. Considerable R&D is conducted to enhance the scalability of this technology, which may be exploited efficiently in industries such as currency exchange, social media service, messaging platforms, data storage, and browsing. Web 3.0 Technology has aided NFT payment systems and digital collectibles growth in recent years. In addition to spatial web design and 3D graphics, the technology is used for various other applications. In the forecasted timeframe, the continuous growth of this technology will create enormous growth opportunities and have an impact
The key players in the global web 3.0 blockchain market are
- Web3 Foundation (Polkadot)
- Helium Systems Inc
- Ocean Protocol Foundation Ltd.
- Zel Technologies Limited.
- Filecoin
- Terra
- Polygon Technology
- Binance
- Antier Solutions
- Alchemy Insights Inc
Key Highlights
- Based on blockchain type, the global web 3.0 blockchain market is segmented into public, private, consortium, and hybrid. The public segment accounted for the largest market share and is estimated to grow at a CAGR of 41.2% during the forecast period.
- Based on application, the global web 3.0 blockchain market is segmented into cryptocurrency, conversational AI, data & transaction storage, payments, smart contracts, and others. The payments segment accounted for the largest market share and is estimated to grow at a CAGR of 40.1% during the forecast period.
- By vertical, the global web 3.0 blockchain market is segmented into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others.
- The BFSI segment dominated the market share and is estimated to grow at a CAGR of 45.1% during the forecast period.
Regional Insights
Based on region, the global web 3.0 blockchain market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America accounted for the largest market share and is estimated to grow at a CAGR of 41.2% during the forecast period. North America is the third most active region regarding bitcoin volume transferred on-chain, behind only Northern and Western Europe (NWE) and East Asia. North America represented around 14.8% of total cryptocurrency activity. Like east Asia, North America has a thriving professional market; yet, its Bitcoin investment strategies appear to be considerably distinct from those of east Asia. Increasingly, regional organizations are adopting blockchain technology, driving regional market expansion. Numerous formerly skeptical leaders are coming to comprehend blockchain's long-term potential, signaling that it is entering a new phase of broader, more practical adoption. Many organizations across various industries are expanding and diversifying their blockchain activities. North American industry leaders know blockchain's disruptive potential, but each sector still determines how best to implement the technology. Government, retail, and BFSI industries are implementing payment and wallet solutions, smart contracts, and digital identity detection solutions, necessitating blockchain technology. In addition, the presence of a large number of businesses in THE area contributes to the expansion of the regional market.
Europe is the second largest region. It is estimated to grow at a CAGR of 50.5%. Given its diverse applications, blockchain has the potential to be one of the most disruptive technologies in European and global economies. And its applications have expanded far beyond cryptocurrencies, which first brought the blockchain to the public's attention a decade ago. Blockchain technology is still in its developmental stage and confronts obstacles like performance, energy efficiency, digital asset regulation, connection with legacy infrastructure, and interoperability amongst blockchains. However, some of these impediments can be addressed, and considerable tailwinds for rapid adoption can be generated by the European government and private sector actions. The European Commission (EC) plans to utilize blockchain technology to build a pan-European blockchain for public services, provide a legal and regulatory framework for blockchain-based applications, and fund significant research and development projects. Aided by supporting regulatory frameworks and a developing blockchain infrastructure and services industry, firms are eager to enter the blockchain space to generate capital. These and other factors are crucial stepping stones toward adopting blockchain technology in Europe.
Market News
- October 2022 - Following receipt of its Category 4 license as a Crypto Asset Service Provider (CASP) in May 2022, Binance launched its Bahrain platform - Binance. bh, a fully regulated platform by the Central Bank of Bahrain, where Bahrain users can access Binance's full range of crypto-asset exchange services, including direct deposits and withdrawals in local currencies.
- October 2022 - Binance has added BETH and POLYX as new collateral assets on the Binance Loans platform.
- October 2022 - Ocean Protocol, the Web3 platform to unlock data services for AI and business innovation, launches the Energy Efficiency data challenge - the latest initiative under its broader Ocean Data Challenge program to incentivize data analysis and algorithms for solving complex business problems
Global Web 3.0 Blockchain Market: Segmentation
By Blockchain Type
- Public
- Private consortium
- Hybrid
By Application
- Cryptocurrency
- Conversational AI
- Data & Transaction Storage
- Payments
- Smart Contracts
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
Get Detailed Market Segmentation @ https://straitsresearch.com/report/web-3-0-blockchain-market/segmentation
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