Web 3.0 Market worth $5.5 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 11, 2023 /PRNewswire/ -- Advancements in blockchain, AI, privacy, security, interoperability, and data ownership will define the Web 3.0 market in the future. These advancements are intended to produce a user-centered, decentralised internet that provides both individuals and organisations with better privacy, security, and innovative opportunities.

The global Web 3.0 Market is projected to grow from USD 0.4 billion in 2023 to USD 5.5 billion by 2030, at a CAGR of 44.9% during the forecast period, according to a new report by MarketsandMarkets™. Web 3.0 signifies a profound shift toward a more decentralized and democratic Internet ecosystem. It has emerged as a prominent buzzword, reflecting the growing interest in restructuring online interactions. Unlike the current internet, Web 3.0 envisions a landscape where power and control are distributed among users through technologies such as blockchain and decentralized autonomous organizations (DAOs). This concept fosters greater individual agency and ownership of digital assets, challenging traditional centralized models. As Web 3.0 continues to gain traction, it promises to reshape online interactions, enabling a more equitable and user-centric internet experience.

Browse in-depth TOC on "Web 3.0 Market"
265 - Tables
65 - Figures
310 - Pages

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Scope of the Report

Decentralized applications to account for the largest market during the forecast period.

Based on the application layer, the decentralized applications are anticipated to hold for largest market during the forecast period. Decentralized application (DApps) emphasize their foundation on decentralized networks and the role of blockchain, with Ethereum being a notable platform for DApp development. This technology allows for secure and transparent data processing and transaction execution.

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Blockchain protocol to account for higher CAGR during the forecast period.

Based on the protocol layer, the blockchain protocol is anticipated to hold the highest CAGR during the forecast period. Blockchain protocols use cryptographic techniques to create decentralized, tamper-proof ledgers, with consensus mechanisms such as PoW or PoS for validation. This technology ensures data immutability and transparency, supporting applications such as cryptocurrencies and smart contracts. Blockchain's decentralized nature enhances trust and security, making it a key component of Web 3.0's technical infrastructure

Asia Pacific to exhibit the highest CAGR during the forecast period.

The CAGR of Asia Pacific is estimated to be highest during the forecast period. Web 3.0 holds transformative potential for the Asia-Pacific region. Its decentralized, AI-driven features offer financial inclusion through blockchain and DeFi. In the supply chain, it enhances transparency and safety. Additionally, user-generated content and advanced tech can personalize digital experiences. However, regulatory and cybersecurity challenges must be addressed. As the Asia-Pacific adapts to these innovations, Web 3.0 is set to drive economic growth and innovation across sectors.          

Top Key Companies in Web 3.0 Market:

Major vendors in the global Web 3.0 Market are IBM (US), AWS (US), Oracle (US), Coinbase (US), Fujitsu (Japan), Huawei Cloud (China), NTT DOCOMO (Japan), Chainanlysis (US), Ripple Labs (US), Consensys (US), Gemini (US), Binance (Malta), Ocean Protocol Foundation (Singapore), Helium Foundation (US), KUSAMA (Switzerland), Crypto.com (Singapore), Biconomy (Singapore), MakerDAO (US), Chainlink (Cayman Island), Web3 Foundation (Switzerland), HighStreet (US), PARFIN (UK), Ava Labs (US), Pinata (US), Covalent (Canada), Polygon Technology (Cayman Islands), Alchemy Insights (US), Decentraland (China), DAOstack (Israel), Kadena LLC (US), Sapien (US), Storj (US), and Brave (US).

Recent Developments:

• Coinbase partnered with Truflation to offer real-time inflation information to the Web3 and blockchain ecosystem. This partnership aims to establish transparency and standardization in the investment environment, enabling Coinbase to make well-informed investment decisions by accessing accurate economic data.
• Animoca Brands has partnered with AWS to boost Web3 product and service development. Animoca Brands is now an official AWS Activate Provider, offering its portfolio companies access to AWS tools, resources, content, and expert support, facilitating their development on the AWS platform.
• IBM and FYI are partnered to use secure and trustworthy generative AI to help creatives collaborate more effectively, manage their businesses, and protect their data and intellectual property. This partnership is a significant step forward in the development of AI for creatives in Web 3.0.
• SailGP partnered with Oracle and leveraged Oracle's customer experience (CX) technology to fuel its latest fan engagement platform, known as The Dock. This innovative platform, integrated with Web 3.0, offers a free fan loyalty program.
• Fujitsu and Mitsubishi Heavy Industries collaborate to develop and deploy blockchain solutions for the energy sector. The two companies would work together to develop blockchain-based solutions for several energy-related use cases, including green energy trading, demand response, distributed energy resources, and carbon emissions trading.

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Web 3.0 Market Advantages:

• Web 3.0 relies less on centralised institutions and gives people better ownership and control over their data because it is built on decentralised technology like blockchain.
• Users now have more control over how and where their personal data is stored, improving privacy and security.
• The goal of Web 3.0 technologies is to create interoperability standards, which will facilitate the seamless integration of various platforms and applications.
• Personalised content, predictive analytics, and task automation are all made possible by artificial intelligence (AI), which is a key component of Web 3.0.
• Smart contracts are frequently used by decentralised applications (DApps) on Web 3.0 platforms to enable automated, trustless transactions and agreements.
• Information retrieval is facilitated by semantic search and natural language processing (NLP), which improve the precision and relevance of search results.
• Microtransactions can replace the need for middlemen and offer new revenue streams for content creators, allowing for more equitable payment.
• Data leaks and cyberattacks are less likely because to decentralised technologies and encryption.
• Users who possess self-sovereign digital identities can manage who has access to their personal data and engage in safe online communication.

Report Objectives

• To define, describe, and predict the Web 3.0 Market by technology stock, infrastructure layer, protocol layer, utility layer, service layer, application layer, vertical, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Web 3.0 Market
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Web 3.0 Market
• To analyze the impact of the recession on the Web 3.0 Market

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