WEB 3.0 MARKET SIZE
As per the recent study report by Vantage Market Research the Global Web 3.0 Blockchain Market finds that the rapid technology innovation is expediting the market growth. It is primarily driven by growing transparency.
The Global Web 3.0 Blockchain Market revenue is expected to reach a value USD 23.3 Billion in the year 2028.
As stated by Vantage Market Research in its report titled "Web 3.0 Blockchain Market Size, Share & Trends Analysis Report by Blockchain Type (Public, Private, Consortium, Hybrid), by Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments), by Vertical (BFSI, E-Commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" the Global Market revenue was valued at USD 2.9 Billion in 2021.
The Global Web 3.0 Blockchain Market is forecast to grow to exhibit a Compound Annual Growth Rate (CAGR) of 41.6% during the forecast period.
• According to our primary Respondents’ research,
The Web 3.0 Blockchain market is predicted to grow at a CAGR of roughly 41.6% during the forecast period.
• The Web 3.0 Blockchain market was estimated to be worth roughly USD 2.9 Billion in 2021 and is expected to reach USD 23.3 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Web
3.) Blockchain market.
Market Dynamics:
Increased Transparency to Drive the Market Growth
The decentralized web, also known as Web 3.0, is the third generation of the internet that uses decentralized ledger technology (DLT), machine learning (ML), and Big Data. The Web 3.0 Blockchain Market provides a better surfing experience for users and more efficient data analysis. In comparison to previous versions, Web 3.0 is more dynamic and user-friendly.
Leading government agencies are initiating digitalization programs to create a regulatory environment that will let Web 3.0 Blockchain Market gain traction.
Rising data security concerns and rising firm investments to expand Web 3.0 Blockchain Market applications are expected to drive the market forward. Consumers can employ new technologies and live a more fulfilling life due to rapid urbanization, globalization, and digitalization. Blockchain technology provides computers with human-like intelligence while also improving data exchange. As a result, businesses are using Web 3.0 Blockchain Market to enhance data security and privacy, propelling the Global Web 3.0 Blockchain Market forward.
Rapid Innovation in Technology to Stimulate Market Growth .The increasing technological advancements are expected to fuel the growth of the Web 3.0 Blockchain Market in the future. Blockchain in Web 3.0 is a rapidly evolving technology. It offers significant advantages to the end-user, such as lower operational costs, increased speed, reduced cyber-attack risks, and personal data management.
Blockchain and IoT integration and the use of blockchain technology in logistics and operations have witnessed significant advancements in recent years. Primary research and development are being done to improve the scalability of this technology so that it can be used effectively in businesses, including currency exchange, social networking, chat platforms, data storage, and browsing.
In addition, web 3.0 technology has aided the emergence of NFT payment systems and digital collectibles in recent years. Other technology uses include spatial web design, 3D graphics, and more. In the anticipated timeframe, the continued rise of web 3.0 will generate enormous growth potential and be involved in numerous industrial sectors.