Rising demand for enhanced user experience and increasing advancements in connectivity are factors driving market revenue growth
Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global Web 3.0 market size reached USD 3.2 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising demand for more user-oriented, interactive, advanced, and secured technologies, and increasing initiatives by governments of various countries for development of newer technologies such as Web 3.0 to enable better transparency to users are some major factors expected to drive global Web 3.0 market revenue growth to a significant extent during the forecast period.
Increasing preference and use of Non-Fungible Tokens (NFTs) as well as digital collectibles, digital currencies, and other blockchain entities is expected to continue to support revenue growth of the market going ahead. For example, Reddit is making Web 3.0 inroads by developing a mechanism that enables use of cryptocurrency tokens, which will allow users to control pieces of the on-site communities in which they participate. This will result in rewards to users in the form of community points, which they can earn by posting on a specific subreddit. These points can be used as voting shares, which will allow users with significant contributions to have a greater say in community decisions. These points are stored on the blockchain and cannot be taken away easily, and their owners will have more control over them. However, a corporate version of a Web 3.0 concept known as Decentralized Autonomous Organizations (DAOs), which uses tokens, enables more evenly distributed ownership and decision-making authority.
Some key factors that could restrain shift towards Web 3.0 include challenges related to older technologies, software, and hardware. Web 3.0 will only be accessible by more advanced devices, Web 1.0 sites will be older than the current successor, regulations will be more complex, and decentralization could make it challenging to oversee and regulate Web 3.0. In addition, cybercrime, online abuse, and potential fraud could increase significantly.
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In addition, less tech-savvy individuals may find the application difficult to use and privacy concerns will rise owing to easy access to user information and details about public and private life and activities etc. Furthermore, newer more precise privacy policies will be required to be considered and implemented. Deployment of Web 3.0 will also require faster-operating systems in Central Processing Unit (CPUs).
Service providers supporting traffic on existing websites will be required to modernize, and as apps and websites that use Web 3.0 gain traction among users, incumbent firms will be prompted to enhance their digital services to avoid losing user bases and revenues. The global Web 3.0 market is expected to register a CAGR of 43.7 % over the forecast period and revenue is projected to increase from USD 3.2 Billion in 2021 to USD 81.5 Billion in 2030. Increasing adoption of blockchain technologies and rising investment in research and development activities by governments of various countries and major market players are some factors contributing currently to market revenue growth.
COVID-19 pandemic has been having a wide-ranging impact on various industries. The pandemic had slowed down global economic growth and caused global losses and stalled projects and initiatives worldwide. Travel bans, restrictions in industrial operations, sluggish trade activities, and disruption in supply chain all had significant impact globally. Impact was also evident on sectors such as automobile, aviation, and retail. However, the pandemic did not severely impact the IT sector and growth was stable despite ensuing challenges. IT employees opted to work from home and adopted various software and work moved to the cloud and other digital platforms for uninterrupted work operation and convenience. Furthermore, the pandemic has opened up new opportunities in the IT industry, including demand for quicker deployment of 5G technology and networks, quantum technology, virtual and augmented reality, blockchain and Artificial Intelligence (AI), and Machine Learning (ML), among others.
Market players are taking initiatives to advance further to the cloud. For instance, Microsoft has announced making advancements in cloud technologies for healthcare and life sciences with general availability of Azure Health Data Services and updates to Microsoft Cloud for the healthcare sector. These technologies will assist Microsoft in reducing clinician burnout, thereby allowing for more personalized patient experience, which will enable health data interoperability, empower health team collaboration, and improve clinical and operational insights. With the acquisition of Nuance Communications, Microsoft has significantly increased its ability to assist others by leveraging AI to address challenges across the healthcare sector.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 3.2 Billion |
| CAGR (2021–2030) | 43.7% |
| Size forecast to 2030 | USD 81.5 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, blockchain type, organization size, application, vertical, and region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA |
| Key companies profiled | Web3 Foundation, Helium, Ocean Protocol Foundation Ltd., Decentraland, Binance, Alchemy Insights, Inc., Crypto.com, Coinbase, Ripple, and Highstreet |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
Global Web 3.0 market is consolidated, with large, medium, and small-sized players accounting for majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient products in the global Web 3.0 market. Some major companies in the global market report include:
- Web3 Foundation
- Helium
- Ocean Protocol Foundation Ltd.
- Decentraland
- Binance
- Alchemy Insights, Inc.
- Crypto.com
- Coinbase
- Ripple
- Highstreet
Strategic Development
- On 17 December 2021, State Government of Telangana, India, CoinSwitch Kuber, and Lumos Labs announced the launch of India Blockchain accelerator to support blockchain entrepreneurs. As part of the accelerator, selected blockchain entrepreneurs will be able to secure government accreditation, go-to-market support, grant support, and mentorship. Selected participants will also be given opportunity to raise pre-seed and seed investments of USD 700,000 or more from investment partners Lightspeed and WoodstockFund.
- On 19 April 2022, KuCoin, which is a leading global cryptocurrency trading platform, announced a USD 100 million ‘Creators Fund’ by its venture firm KuCoin Ventures and KuCoin NFT Marketplace-Windvane. This fund will support and incubate early-stage NFT projects, including arts, sports, PFPs, Asian culture, and games. The 99 outstanding NFT creators will also be invited by this fund to join Windvane NFT marketplace, which will help to accelerate growth of Web 3.0.
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Some Key Highlights from the Report
- Artificial Intelligence segment revenue is expected to register a rapid rate during the forecast period. Web 3.0 machines can read and decipher data, and creation of intelligent machines will certainly offer numerous benefits and advantages in future. Web 2.0 has similar capabilities, but is primarily human-based, which allows corrupt behaviors such as rigged ratings, biased reviews, and others. Moreover, Al distinguishes between genuine and fake, which is a major advantage for various reasons.
- Cryptocurrency segment is expected to register fastest revenue growth rate during the forecast period. Web 3.0 is the latest version of public blockchains, which is a record-keeping system for cryptocurrency transactions. Web 3.0 protocols rely majorly on cryptocurrencies. Users can also avail monetary incentives, rewards, and points for helping to create, govern, contribute, or improve any projects.
- Market in Asia Pacific is expected to register fastest revenue growth rate during the forecast period due to consistently high demand for Web 3.0 systems from various end-use sectors such as BSFI, e-Commerce and retail, healthcare and pharmaceuticals, and others.
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Emergen Research has segmented the global Web 3.0 market on the basis of type, blockchain type, organization size, application, vertical, and region:
- Type Outlook (Revenue, USD Billion; 2019–2030)
-
- Ubiquity
- Semantic Web
- Artificial Intelligence (AI)
- 3D Graphics
- Others
- Blockchain Type Outlook (Revenue, USD Billion; 2019–2030)
-
- Public
- Private
- Consortium
- Hybrid
- Others
- Organization Size (Revenue, USD Billion; 2019–2030)
-
- Small and Medium-Sized Enterprises
- Large Enterprises
- Application Outlook (Revenue, USD Billion; 2019–2030)
-
- Cryptocurrency
- Conversational Al
- Data and Transaction Storage
- Payments
- Smart Contract
- Others
- Vertical Outlook (Revenue, USD Billion; 2019–2030)
-
- BFSI
- E-commerce & Retail
- Media & Entertainment
- Healthcare & Pharmaceuticals
- IT & Telecom
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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