Web 3.0 Blockchain Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Blockchain Type (Public, Private, Consortium and Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments and Smart Contracts), By Vertical (BFSI, E-commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals and IT & Telecom), By Region, and By Competition 2019-2029

Market Overview

Global Web 3.0 Blockchain Market has valued at USD 1.87 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 50.88% through 2029. The growth can be attributed to the rising demand for data privacy through the decentralized identity of Web 3.0 and the technological advancements in the internet.

Key Market Drivers

Technological Advancements:

Numerous players are focusing on developing Web 3.0 platforms to enhance operational scalability and flexibility for users. For instance, in February 2022, WazirX, a cryptocurrency exchange platform, launched a new Web 3.0 platform known as Shardeum to tackle the fundamental problems of scalability. Web 3.0 is the better internet where websites and applications are responsible for processing information in a humanoid way. Web 3.0 is mainly developed using blockchain technology and is powered by cryptocurrencies. Such product launches are expected to create lucrative growth opportunities for the industry during the forecast period.

Technologies such as machine learning, big data, and decentralized ledgers are also expected to drive the industry’s growth owing to the technological improvements on the internet. The evolution of the internet can be summarized in three stages. The first version of the internet, called Web 1, was widely available for use as the World Wide Web. It was made up of static pages that were connected by hyperlinks. Users at that time had little scope for communicating with the applications as the content production was in the early stages.

In Web 2, people could communicate with digital networks and generate the information required. Users could gather information and send data back to the server to receive more relevant data and other user-generated inputs. The evolution of Web 3 allowed users to store the information on a blockchain public ledger, which would be driven by artificial intelligence and blockchain technology.

The growing usage of Web 3.0 technology for many business applications such as smart contracts, digital identity, documentation, and exchanges is expected to drive the Web 3.0 market’s growth. Self-Sovereign Identity (SSI) is an effective way for digital identity in Web 3.0. SSI is a method of identity that centers the control of information around the user. SSI eliminates the need to store the user's personal information completely on a central database and offers individuals better control over what information they share, safeguarding their privacy. Such benefits of SSI in Web 3.0 is further expected to support the growth.

Rising Adoption of Web 3.0 Cryptocurrencies

The rising adoption of Web 3.0 cryptocurrencies to automate transactions over the internet is also anticipated to drive the industry’s growth. At the same time, trading cryptocurrencies in Web 3.0 offers better benefits, such as decentralization and growth potential. Moreover, it does not require permission from the higher authorities, which is an additional advantage. Countries are also focusing on legalizing cryptocurrency laws to attract new players and make improvements. For instance, in March 2022, Dubai established the Dubai Virtual Assets Regulatory Authority law, which aims to regulate blockchain-based assets.