By 2023, the Web 3.0 Blockchain market will be worth USD 6,187.3 million. From 2023 to 2030, it is anticipated to grow at a CAGR of 44.6 percent. The fundamental ideas of decentralisation, openness, and increased consumer usefulness form the foundation of Web 3.0. Blockchain is crucial to the development of web 3.0 because its most salient feature, decentralisation, makes it the ideal foundation for web 3.0. The three main components of web 3.0 blockchain technology are artificial intelligence (AI), machine learning (ML), and blockchain technology. The web 3.0 blockchain focuses on privacy and security and lets users save data in decentralised storage.
Data transfer, cryptocurrency-based payments, and simple ownership transfers are all made possible by Web 3.0, which has changed the way people and machines interact. Blockchain technology for Web 3.0 gives people the freedom to decide which data to share. The user owns their personal data with web 3.0 blockchain technology, not a third-party service. Due to this, users now own their personal data instead of third-party suppliers. This has aided the development of blockchain technology even further. People are turning to web 3.0 blockchains to secure personal data and get rid of concerns about security and privacy from third-party suppliers as the idea of data ownership spreads.
Blockchain technology for web 3.0 is decentralised. As a result, every transaction is documented and is quite transparent. The information traceability method used by blockchain ensures that data is neither altered or tampered with. Blockchain technology for Web 3.0 improves the payment system’s transparency by making every transaction irreversible and recordable, which is advantageous for users during audits.
Technological advancements o drive market growth
Web 3.0 blockchain technology’s ability to record transactions is crucial for internet monitoring and censorship. People can also keep track of transactions involving the government that make use of their information. Since these methods are so clear, they have been increasingly adopted in recent years by significant industries. Technology has enhanced accountability, fostering the development of a transparent and accountable digital society. The demand for web 3.0 blockchain technology in the anticipated time frame will be significantly influenced by the increased transparency of the web 3.0 blockchain.
Blockchain is a technology that is advancing quickly in Web 3.0. The end user gains significant advantages from it, including cheaper operational costs, faster performance, a lower risk of cyberattack, and individual data management. Major advancements in the technology have occurred recently, including the use of blockchain technology in operations and logistics as well as the integration of IoT and blockchain. Major R&D is being done to increase the technology’s scalability so that it may be used to its fullest potential in sectors including browsing, social media, messaging, and data storage. The development of NFT in recent years has been aided by web 3.0 technologies.
Additional uses of the technology include 3D graphics and spatial web design, among others. In the anticipated timeframe, the ongoing development of web 3.0 will generate enormous growth prospects and have an impact across numerous industrial verticals.
North America to hold significant share over forecast period
Due to factors including growing use of blockchain technology, innovation in a decentralised environment, and consistently rising investment in cutting-edge web 3.0 firms, the North American area will hold the greatest market share, at close to 56.2%. During the forecast period, the area is anticipated to see a strong CAGR of 41.2 percent. With a 97.6% stake in the North American web 3.0 blockchain market in the fiscal year 2023, the US will dominate this market.
Due to the increasing demand for web 3.0 blockchain technology from a number of end use industries, including BFSI, media & entertainment, IT & telecom, e-commerce & retail, and others, Europe will hold the second-largest market share of XX percent in 2023. Additionally, due to increased investment in the implementation of blockchain technology from the major businesses operating in this region, Asia-Pacific will hold the third place globally. With a 57.1 percent market share in the 2023 fiscal year, China will have the greatest market share in the Asia-Pacific web 3.0 blockchain industry.