CHICAGO, April 27, 2023 /PRNewswire/ — The Global Web 3.0 Market size is valued at USD 3.34 Billion in 2022 and is projected to be USD 49.10 Billion by 2030, growing at a CAGR of 46.7% from 2023 to 2030, as per a recent report published by Cognitive Market Research. Web 3.0 infrastructure enhances the user experience by providing highly interactive advertising opportunities. Hence, companies are investing and raising funds to accelerate their Web 3.0 platform. For instance, Livepeer has raised $20 Million for a Series B extension, which will accelerate the growth of Livepeer’s Web3 infrastructure.
Major findings during the study of the Web 3.0 Market:
- The Web 3.0 blockchain market is primarily driven by the benefits of decentralized systems to provide greater security, transparency, and privacy for users compared to traditional centralized systems
- The Web 3.0 market is still in its nascent stages, but it is growing rapidly as more developers and entrepreneurs explore the potential of decentralized applications (dApps) and blockchain-based technologies
- The ability of public networks ensures users across the globe to participate in the network without any restrictions. This attributes to the dominance of the public segment in the Web 3.0 blockchain segment. Further, Web 3.0 is widely used as NFT-powered business model, and large groups of investors are pouring their investments into the nascent Web3 ecosystem, further accelerating the growth of the market
- In terms of end-use industries, BFSI held a maximum revenue share of 31.05% in the market. This can be attributed to the rising demand for Web 3.0 technology in high-speed transactions. It further helps in reducing processing costs in banking sectors
- North America dominates the Web 3.0 market with the highest market share in 2022. This is owing to the wide usage of Web 3.0 in numerous applications such as artificial intelligence, blockchain, online payments, and others
- Similarly, AI and machine learning have currently gained traction in U.S. organizations, with many either employing or planning to utilize AI use cases. In addition, investment in the United States has increased in recent years. Thus, by 2022, the North American artificial intelligence (AI) industry will have reached 24.9 billion US dollars, making it a large AI regional market. This increases the rate of Web 3.0 adoption in North America
View Detailed Report Description:
Web 3.0: by Type (Public, Private, Consortium, and Hybrid); by Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, and Others); by End-use (BFSI, Retail & E-commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, and Others); by Region (North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030
Web 3.0 Market 2022:
Global Web 3.0 Market
Global Revenue (USD Billion)
CAGR – (2023-2030)
Public Type Share
Cryptocurrency Application Share
BFSI End-use Share
North America Web 3.0 Market Regional Share
What are the Growth, Drivers, and Restraints for the Web 3.0 Market?
Increasing demand for data privacy through the decentralized identity
Web 3.0, also known as the decentralized web built on an open blockchain network, is a vision for the future of the internet in which users have greater control over their data and online interactions. With the advancement in technology such as blockchain, it is possible to create decentralized applications (dApps) that operate independently of centralized servers. Moreover, along with greater control and privacy, Web 3.0 also provides Decentralized finance (DeFi). DeFi applications built on blockchain technology could potentially disrupt traditional financial systems by providing greater access and transparency for users. For cryptocurrency users, it offers the ability to invest, borrow, lend, trade, and take crypto assets permission without any hassle.
Lack of awareness about Web 3.0 blockchain:
Despite the potential benefits of Web 3.0 and blockchain technology, many people and organizations are unaware of Web 3.0 blockchain and how it works. This lack of awareness can slow the adoption of blockchain-based solutions, as businesses may be hesitant to invest in technologies that need to be better by their customers. Moreover, the technical complexity of blockchain technology can also make it difficult for people to understand and use. This might hamper the growth of the Web 3.0 blockchain market.
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How COVID-19 Impacted the Web 3.0 Market?
The digitization process is being significantly accelerated by COVID-19, due to which several cryptocurrency businesses has emerged. The pandemic encouraged businesses to use digital platforms more frequently and to invest in digital solutions. Firms that did not employ any digital platform or channel prior to the pandemic inclined towards digital payments. Additionally, there is an increasing concentration of online sales among top businesses even though the percentage of online sales among firms for all sizes grew.
Additionally, during the COVID-19 pandemic, artificial intelligence (AI) has made great strides, particularly in the area of predictive machine learning models for medical treatment. In many areas of COVID-19, such as diagnosis, public health, clinical decision-making, social control, medicines, vaccine development, surveillance, combination with big data, operation of other key clinical services, and care of COVID-19 patients, artificial intelligence has been employed extensively. All of the considerations mentioned above show that Web 3.0 usage is skyrocketing in the aftermath of COVID-19.
Livepeer has raised $20 Million from its new investor, Alan Howard:
Livepeer has raised $20 Million for Series B extension which will accelerate the growth of Livepeer’s Web3 infrastructure.
Web 3.0 Market Report Scope
- Web 3.0 Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Web 3.0 Market – Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Conversational AI
- Data & Transaction Storage
- Smart Contracts
- Web 3.0 Market – End-use Outlook (Revenue, USD Billion, 2018 – 2030)
- Retail & E-commerce
- Media & Entertainment
- IT & Telecom
- Web 3.0 Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America (U.S., Canada, Mexico)
- Europe (UK, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Luxembourg, Netherlands, Switzerland, Belgium, and Rest of Europe)
- Asia Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, and Rest of APAC)
- Latin America (Brazil, Argentina, Colombia, Peru, Chile, and Rest of LA)
- Middle East & Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, and Rest of MEA)
List of Key Players in the Web 3.0 Market
- Web3 Foundation
- Zel Technologies Limited.
- Livepeer, Inc.
- Brunswick Corporation
- Helium Systems Inc.
- Polygon Technology
- Kadena LLC
- Ocean Protocol Foundation Ltd.
Related Reports on the Web 3.0 Market:
- Global Machine Learning is projected to hit USD 213.56 Billion by 2030
The global machine learning market is expected to reach USD 213.56 Billion by 2030 growing at a CAGR of 38.7%. Machine learning uses data and algorithms in order to imitate the way that humans learn. It is a branch of AI and computer science that is an important component of the growing field of data science. The rise in the adoption of technology platforms has spurred the market for machine learning. The increasing robotics sector has also accelerated the need for machine learning.
- Global Metaverse is expected to reach USD 512.49 Billion by 2030
The global metaverse market is expected to reach USD 512.49 Billion by 2030 growing at a CAGR of 47.8%. Metaverse refers to a virtual world that is facilitated by the use of VR and AR. Rising awareness associated with gaming and entertainment has enhanced the market for the metaverse. Further, outbreak of the COVID-19 pandemic has accelerated the demand by changing the social behavior of people.
Other Related Reports:
- Global Artificial Intelligence Market to reach $1,489.64 Billion by 2030, growing at an impressive CAGR of 39.0%
- Global BFSI Security Market to hit $114.6 Billion by 2030, growing at an impressive CAGR of 13.6%
- Global Digital Payment Market to reach $196.34 Billion by 2030, growing at an impressive CAGR of 14.7%
- Global Virtual Reality Market to reach $38.24 Billion by 2030, growing at an impressive CAGR of 16.3%
- Global IoT in Logistics Market to reach $99.67 Billion by 2030, growing at an impressive CAGR of 12.4%
Explore Other Cognitive Market Research’s Automotive and Transportation Report
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SOURCE Cognitive Market Research