Web 3.0 blockchain market is Expected to Reach USD 38.6 Billion with 43.6% by 2030

By 2030, the Web 3.0 blockchain market will be worth USD 38.6 Billion. It is expected to grow at a 43.6% CAGR from 2023 to 2030.

Web 3.0 represents the next iteration or phase of the web/evolution. Internet's Web 3.0 is based on the fundamental concepts of decentralisation, openness, and increased user utility. Blockchain is important in the development of web 3.0 because decentralisation is its most prominent feature, making it an ideal foundation for web 3.0.

The three main pillars of web 3.0 blockchain technology are artificial intelligence (AI), machine learning (ML), and blockchain technology. The web 3.0 blockchain allows users to save data in decentralised storage and focuses on personal privacy and security.

Web 3.0 has changed the way humans and machines interact by enabling data transfer, cryptocurrency-based payments, and simple ownership transfer.

Blockchain technology in Web 3.0 allows users to choose which data to share. Personal data in web 3.0 blockchain technology is owned by the user, not by any third-party provider. This has aided in the transfer of personal data ownership from third-party vendors to the user. This has aided the advancement of blockchain technology. People are shifting to web 3.0 blockchains to secure their data and eliminate issues related to security and privacy from third-party vendors, as the concept of data ownership grows.

The global web 3.0 market has been divided into blockchain type, application, vertical, and region segments.

The web 3.0 market is divided into four categories based on blockchain type: public, private, consortium, and hybrid.

The web 3.0 market is divided into applications such as cryptocurrency, conversational AI, data transaction storage, payments, smart contracts, and others.

The web 3.0 market is divided into the following verticals: BFSI, e-commerce retail, media entertainment, healthcare pharmaceuticals, IT telecom, and others.

The web 3.0 blockchain market is divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

North America will account for nearly 56.2% of the market in 2023, owing to factors such as increasing blockchain technology adoption, innovation in a decentralised ecosystem, and continuous investment in cutting-edge web 3.0 startups. During the forecast period, the region is expected to grow at a robust CAGR of 41.2%. The United States will account for 97.6% of the North American web 3.0 blockchain market in the fiscal year 2023.

The global web 3.0 blockchain market will expand rapidly during the forecast period as a result of increased government initiatives for 5G infrastructure development, increased use of advanced technologies such as blockchain, and rising demand for decentralised applications and services globally. The established players in the technology sector are expected to invest heavily in the web 3.0 blockchain market in the near future. Furthermore, increased venture capital funding as well as corporate and government investments in distributed ledger technologies (DLTs) are expected to accelerate blockchain adoption in logistics, distribution, manufacturing, and healthcare. For example, the European arm of global cryptocurrency exchange FTX announced a collaboration with Tomorrowland in March 2022 to bring blockchain and Web 3.0 solutions to the iconic electronic music festival.

Key Players in the web 3.0 blockchain market include Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd, Decentraland, Biance, Alchemy Insights, Inc., and Antier Solutions.

Browse In-depth Market Research Report: https://www.marketresearchfuture.com/reports/web-3-0-blockchain-market-10746