What Has Been The Evolution of the Web 3 0 Market in Recent Years?
The web 3 0 market has seen considerable growth due to a variety of factors.
• The expansion of the web 3.0 market has been substantial in recent history, experiencing a growth from $4.43 billion in 2024 to a projected $6.15 billion in 2025, marking a compound annual growth rate (CAGR) of 38.9%.
The surge in growth during this historical period can be associated with factors like data ownership and privacy issues, interoperability, advancement of smart contracts, customer-focused experiences, the adoption of blockchain and cryptocurrency, and the progression of internet of things (IoT) and intelligent devices.
What Is the Forecasted Market Size and Growth Rate for The Web 3 0 Market Size In The Coming Years?
The web 3 0 market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of web 3.0 is set to witness a significant surge in the coming years, escalating to $22.57 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 38.4%.
The predicted growth during the forecast period can be traced back to wide scale adoption, development of scalable solutions, amalgamation with existing systems, the evolution of token-based economies, changes in regulatory landscape, and the surging requirement for decentralized technologies and applications. Key trends to look forward during the forecast period include progress in technology, innovation by developers, cooperation among different blockchain networks, expansion of edge computing along with enhanced speed, tokenization, and the growth of crypto economics.
What Factors Are Driving Growth In The Web 3 0 Market?
The growth of the Web 3.0 market is set to be propelled by the advent of the Internet of Things (IoT) and smart devices. The IoT encapsulates a network of intertwined physical gadgets, and smart devices are stand-alone objects or systems that are augmented with computing and communication capabilities. The amalgamation of IoT and smart devices through Web 3.0 bolsters connectivity, optimizes data usage, automation, and enhances user experience, paving the way for a more intelligent, decentralized, and interactive web environment. For example, as per Akamai Technologies Inc., a company based in the US that provides internet services, IoT connections are anticipated to rise from15.1 billion in 2021 to 23.3 billion in 2025 in August 2022. Moreover, a report released by Cybercrew, a UK-based company specializing in offering cybersecurity solutions for businesses of all sizes, in March 2023, reported that UK households utilizing smartphones hit 91.43% in 2021, with projections setting this figure at 93.8% in 2026. Therefore, it is the progress of the Internet of Things (IoT) and smart devices that fuels the expansion of the Web 3.0 market.
What Are The Main Segments Of The Global Web 3 0 Market?
The web 3.0 market covered in this report is segmented –
1) By Type: Public, Consortium, Private, Hybrid
2) By Application: Cryptocurrency, Smart Contracts, Conversational AI, Payments, Data And Transaction Storage, Other Applications
3) By End-Use: Banking Financial Services And Insurance, IT And Telecom, Retail And E-commerce, Pharmaceuticals, Media And Entertainment, Other End User
Subsegments:
1) By Public Blockchain: Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Decentralized Applications (dApps)
2) By Consortium Blockchain: Supply Chain Management Solutions, Cross-Industry Blockchain Platforms, Multi-Party Data Sharing
3) By Private Blockchain: Enterprise Data Security Solutions, Internal Blockchain Applications, Confidential Business Processes
4) By Hybrid Blockchain: Semi-Public Blockchains, Interoperable Network Solutions, Cross-Platform Identity Verification
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How Are New Trends Impacting The Size Of The Web 3 0 Market?
Major companies are focusing their efforts on the innovative progression of the Web 3.0 market, with much attention directed towards Shardeum, a new Web 3.0 platform. This is due to the exciting growth and possible opportunities within the Web 3.0 market. The third generation of the World Wide Web, Web 3.0 is identified by its decentralised, open, immersive nature and roots in blockchain technologies and semantic web developments. For example, in February 2022, Wazir X, a Bitcoin and cryptocurrency exchange company based in India, introduced its new Web 3.0 platform known as Shardeum. This platform aims to solve issues of scaling and is crafted to utilise the superior features of Web 3.0 including enhanced data security, privacy, and a human-like interaction. Web 3.0 technology allows end-users complete control over their data. The unique characteristics of Shardeum make it a promising Web 3.0 platform. With its ability to address scalability, decentralisation, and security issues, it caters to a broad swath of use cases while creating a conducive environment for developers.
Who Are the Key Players In The Web 3 0 Market?
Major companies operating in the web 3.0 market report are:
• Huawei Services Co. Limited
• Amazon Web Services
• International Business Machines
• NTT Docomo Inc.
• Oracle Corp.
• Fijitsu Ltd.
• Binance Holdings Ltd.
• Coinbase Global Inc.
• Ripple Labs Inc.
• Consensys Inc.
• Polygon Labs
• Alchemy Insights Inc.
• Sygnum Bank AG
• Terra Networks SA
• Zel Technologies Limited
• Decentraland
• Okcoin USA Inc.
• ChainAnalysis Inc.
• Ava Labs Inc.
• Protocol Labs Inc.
• Ocean Protocol Foundation Ltd.
• Helium Systems Inc.
• Yayoi Kusama
• Kadena LLC
• Crypto.Com
What Is The Most Dominant Region In The Web 3 0 Market?
North America was the largest region in the web 3.0 market in 2024. The regions covered in the web 3.0 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
