The global web 3.0 blockchain market is projected to have a moderate-paced CAGR of 44.9% during the forecast period. The current valuation of the web 3.0 blockchain market is US$ 2.86 Bn in 2023. The demand for web 3.0 blockchain is anticipated to reach a high of US$ 116.51 Bn by the year 2033.
The expansion of the web 3.0 blockchain market will be spurred by the widespread adoption of this technology for use in business settings, particularly in the realms of smart contracts, digital identity, documentation, and exchanges. When it comes to your online persona in the Web 3.0 era, you should use Self-Sovereign Identity (SSI).
In SSI, the user is at the heart of the identity system, as all data is under their direct control. Using SSI, users’ private data is not required to be stored in a centralized location, and users have more say over the information they choose to make public. The growth is anticipated to be aided further by the advantages of SSI in Web 3.0.
Web 3.0 cryptocurrency adoption for transaction automation on the internet is also expected to contribute to the industry’s expansion. Web 3.0 cryptocurrency trading, however, boasts superior advantages like decentralization and expansion prospects. The fact that you do not need permission from higher-ups is a bonus as well.
In addition, countries are working to legalize cryptocurrency to entice new players and foster innovation. For instance, Dubai passed a law in March 2022 called the Dubai Virtual Assets Regulatory Authority law to control the use of blockchain technology and its associated assets.
Web 3.0-blockchain market growth is anticipated to be aided by the brisk pace of online and brick-and-mortar retail sales. Web 3.0 cryptocurrencies are becoming increasingly popular as a means of automating online transactions, which is expected to fuel the demand for web 3.0 blockchain.
Growth in the adoption of web 3.0 blockchain will also be aided by the widespread adoption of digitalization into daily life and the widespread implementation of blockchain technology. Opportunities for web 3.0 blockchain markets to make money are expected to increase as demand rises for 4G and 5G networks.
· In 2021, the public was the market’s primary customer base. The need for public blockchain technology has expanded because of its widespread availability; anyone with an internet connection may use it without paying any fees or requiring special permissions, which has contributed to the sector’s expansion.
· In 2021, cryptocurrency was a huge part of the economy. It is becoming increasingly important for businesses to have access to reliable bitcoin transaction services. Growth of demand for web 3.0 blockchain is foreseen thanks to the usage of blockchain and smart contracts by Web 3.0 cryptocurrencies, which streamline transactions and do away with the requirement for a trusted third party.
· Over the course of the projected period, retail and online shopping are expected to increase at a significantly faster rate than other categories. Web 3.0 blockchain is predicted to rise in the retail and e-commerce sector as a result of rising consumer demand for its many advantageous features, including lower prices, faster transactions, higher levels of security, and greater transparency.
· The Asia-Pacific region is expected to expand at a rapid rate during the forecast period. Asia and the Pacific is a growth in the adoption of web 3.0 blockchain because of developments in 5G technology, AI, and machine learning. Investments in Web 3.0 R&D are expected to rise, further contributing to expansion.
The companies that make up the demand for web 3.0-blockchain business have relied heavily on partnerships and collaborations to introduce new products and provide blockchain solutions to different sectors. The opportunity to streamline organizations’ payment processes is what has fuelled interest in web 3.0 blockchain technology. Companies also worked together to pool their knowledge and resources in order to provide clients with comprehensive services. In order to reach a wider customer base, many companies have opened locations in different parts of the world.
In order to compete, businesses in the blockchain industry are attempting to incorporate cutting-edge technologies like blockchain and artificial intelligence into their products and services. Companies can increase their value to customers and their ability to compete by investing in cutting-edge technology. By incorporating blockchain technology, supply chains can become more efficient, trustworthy, and adaptable.
These insights are based on a report on Web 3.0 Blockchain Market by Future Market Insights