Web 3.0 Blockchain Market Size, Share, Analysis, Trends, Growth, 2032

Web 3.0 Blockchain Market

Web 3.0 Blockchain Market By Application (Payments & Smart Contracts, Data & Transaction Storage, Conventional AI, Cryptocurrency, and Others), By Type (Consortium & Hybrid, Private, and Public), By End-User Verticals (Media & Entertainment, BFSI, IT & Telecom, Healthcare & Pharmaceuticals, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 – 2032

Category: Technology & Media Report Format : PDF Pages: 231 Report Code: ZMR-8754 Published Date: Sep-2024 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 2.32 Billion USD 85.43 Billion 49.30% 2023

Web 3.0 Blockchain Industry Prospective:

The global Web 3.0 blockchain market size was worth around USD 2.32 billion in 2023 and is predicted to grow to around USD 85.43 billion by 2032 with a compound annual growth rate (CAGR) of roughly 49.30% between 2024 and 2032.

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Web 3.0 Blockchain Market: Overview

Web 3.0 blockchain is an emerging forward-driven concept surrounding the way in which the current Internet technology works. Web 3.0 is the next-generation internet idea that focuses on providing a smarter and more specialized internet browsing experience.

On paper, Web 3.0 offers several essential advantages over conventional Internet usage. Web 3.0 blockchain, when completely functioning, is expected to allow internet users to have more control over their online activities and personal data. It promises to eliminate the ongoing debates over user data privacy breaches. It is expected to eliminate any intermediary when accessing information online, thus ensuring user anonymity and security. Large corporations will not control how and when user information is used. Currently, Web 3.0 blockchain is an emerging segment.

Once it is deployed at full scale, users will observe decentralization, which means that companies will not control any application or data stored in the apps. Semantic technologies will be used for interpreting web content. The main elements of Web 3.0 blockchain at present times include decentralized finance (DeFi), blockchain technology, and cryptocurrencies.

Key Insights:

  • As per the analysis shared by our research analyst, the global Web 3.0 blockchain market is estimated to grow annually at a CAGR of around 49.30% over the forecast period (2024-2032)
  • In terms of revenue, the global Web 3.0 blockchain market size was valued at around USD 2.32 billion in 2023 and is projected to reach USD 85.43 billion by 2032.
  • The Web 3.0 blockchain market is projected to grow at a significant rate due to the growing awareness regarding cryptocurrencies
  • Based on the application, the cryptocurrency segment is growing at a high rate and will continue to dominate the global market as per industry projection
  • Based on the end-user verticals, the BFSI segment is anticipated to command the largest market share
  • Based on region, North America is projected to dominate the global market during the forecast period

Web 3.0 Blockchain Market: Growth Drivers

Growing awareness regarding cryptocurrencies will drive the market demand rate

The global Web 3.0 blockchain market is expected to grow due to the surge in awareness regarding cryptocurrencies. They are digital currencies used for electronic payments between parties agreeing to trade in cryptos. They are used to perform secure transactions. Cryptocurrencies are decentralized and hence central banks do not issue them like traditional bank notes or coins. Cryptos work using blockchain technology, a type of distributed ledger technology (DLT).

One of the key advantages of trading in cryptos involves complete anonymity and hence transactions based on cryptocurrencies cannot be tracked by any authority. Some of the most popular cryptocurrencies are Ethereum, Bitcoin, Ripple, Binance Coin, and Cordano. Cryptos gained extreme popularity during the pandemic and since then have managed to sustain the interest of the common people.

According to CoinMarketCap, currently, more than 2.4 million cryptocurrencies exist on the internet. Statistics published by the Federal Reserve, over 7% of American citizens were reported to be using cryptocurrencies in 2023. The cryptos industry is led by several factors such as the development of positive government regulations supporting the market and rising acceptance of cryptos trading by companies worldwide.

Growth in the DeFi sector to fuel market expansion rate during the projection period

Decentralized finance refers to an emerging financial technology that eliminates the need for centralized institutions and third parties to carry out financial transactions. The surge in the number of DeFi platforms across the globe will promote demand for Web 3.0 blockchain systems. In August 2024, one of the world’s most famous and oldest decentralized finance applications, MakerDAO announced the rebranding of the company. The new name for Maker DAO is Sky as the company aims to improve the end applications of the platform. The move is a result of 2 years of extensive research as per company claims. In March 2024, Aperture Finance announced receiving series A funding worth USD 12 million. The company provides an Artificial Intelligence (AI)-powered DeFi platform, thus helping the global Web 3.0 blockchain market grow.

Web 3.0 Blockchain Market: Restraints

High cost of investment required to expand Web 3.0 services will limit the industry’s growth rate

The global Web 3.0 blockchain industry is projected to be limited due to the high investments required to make the technology accessible to global customers. At present, Web 3.0 is an emerging technology. Only specific applications and platforms operating on fundamentals associated with Web 3.0. In addition to this, a large number of modern devices used at present do not support Web 3.0 blockchain and their capabilities have to be improved for the successful adoption of future technology. The current Internet age heavily relies on Web 2.0, and it will take multiple years to replace it with Web 3.0.

Web 3.0 Blockchain Market: Opportunities

Investments in AI will create more growth opportunities for the Web 3.0 blockchain industry

The global Web 3.0 blockchain market is expected to generate more growth opportunities during the projection period due to a surge in AI-related investments. The adoption of Artificial Intelligence across several development stages of Web 3.0 can assist in generating a more efficient browsing experience for the users. Regional governments are increasingly promoting funds that promote AI development and adoption. For instance, according to the European Court of Auditors, France outlined an investment of €1.5 billion for 2018-2022 for an AI strategy.

In 2021, the country added €1.5 billion for 2022 to 2025. Machine Learning (ML) technology is further expected to contribute heavily to the advancements in Web 3.0 blockchain over the forecast period. Market research suggests Machine Learning leads global AI investments with control over 61.9% of the total funds.

Web 3.0 Blockchain Market: Challenges

Regulatory complexities will challenge the market expansion rate

One of the key challenges faced by the global Web 3.0 blockchain industry players is expected to be challenged by intense regulatory limitations worldwide. Due to the decentralized nature of the technology, Web 3.0 poses several risks, including the use of the technology for terrorism and other anti-social activities. Regulatory laws regarding Web 3.0 development and implementation are unclear in most parts of the world leading to difficulties in technology adoption.

Web 3.0 Blockchain Market: Segmentation

The global Web 3.0 blockchain market is segmented based on application, type, end-user verticals, and region.

Based on the application, the global market segments are payments & smart contracts, data & transaction storage, conventional AI, cryptocurrency, and others. In 2023, the highest growth was observed in the cryptocurrency segment. It enjoys relatively well-defined regulatory guidelines that allow ease of business operations. Research suggests that cryptos can be considered the foundation of Web 3.0 blockchain. The rising acceptance of cryptos by businesses and surging user awareness work in favor of segmental growth. The number of Bitcoins in circulation currently stands at 19,647,050.

Based on type, the global Web 3.0 blockchain industry is divided into consortium & hybrid, private, and public.

Based on the end-user verticals, the global market divisions are media & entertainment, BFSI, IT & telecom, healthcare & pharmaceuticals, and others. In 2023, the highest demand was observed in the BFSI segment. It stands for Banking, Financial Services, and Insurance. BFSI institutes have increasingly shown acceptance of Web 3.0-derived platforms and systems. The secure transaction trait offered by blockchain technology is the key segmental growth driver. According to market research, over 155 banks in the US were already implementing blockchain as of 2019.

Web 3.0 Blockchain Market: Report Scope

Report Attributes Report Details
Report Name Web 3.0 Blockchain Market
Market Size in 2023 USD 2.32 Billion
Market Forecast in 2032 USD 85.43 Billion
Growth Rate CAGR of 49.30%
Number of Pages 231
Key Companies Covered Polkadot, Cosmos, Filecoin, Ethereum, Polygon (MATIC), Chainlink, Dapper Labs, Solana, Algorand, Aave, Flow, Uniswap, Celo, Avalanche, Tezos., and others.
Segments Covered By Application, By Type, By End-User Verticals, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Web 3.0 Blockchain Market: Regional Analysis

North America to continue leading the market during the projection period

The global Web 3.0 blockchain market is expected to be led by North America during the projection period. The US will take the regional market forward, according to market research. The region has been at the forefront of Web 3.0 blockchain systems driven by the presence of a technologically advanced ecosystem with a higher focus on futuristic technologies such as Web 3.0. Cryptocurrency is highly popular in the US as the country hosts several crypto-based platforms and exchanges.

In May 2024, the U.S. House of Representatives passed a new bill. The new framework is expected to create comprehensive legal systems for digital currencies. In August 2024, former US President Donald Trump announced the upcoming launch of The Defiant Ones, a Trump Organization crypto platform.

Europe is expected to emerge as a significant player in the Web 3.0 blockchain industry in the coming years. The surge in AI and ML investments along with greater demand for internet privacy across European nations will drive the regional market demand rate. In May 2024, 10 European nations signed a deal in support of a new bloc-wide blockchain for businesses and the public. Through this move, the region aims to reduce dependency on US technologies.

Web 3.0 Blockchain Market: Competitive Analysis

The global Web 3.0 blockchain market is led by players like:

  • Polkadot
  • Cosmos
  • Filecoin
  • Ethereum
  • Polygon (MATIC)
  • Chainlink
  • Dapper Labs
  • Solana
  • Algorand
  • Aave
  • Flow
  • Uniswap
  • Celo
  • Avalanche
  • Tezos.

The global Web 3.0 blockchain market is segmented as follows:

By Application

  • Payments & Smart Contracts
  • Data & Transaction Storage
  • Conventional AI
  • Cryptocurrency
  • Others

By Type

  • Consortium & Hybrid
  • Private
  • Public

By End-User Verticals

  • Media & Entertainment
  • BFSI
  • IT & Telecom
  • Healthcare & Pharmaceuticals
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Web 3.0 blockchain is an emerging forward-driven concept surrounding the way in which the current Internet technology works.

The global Web 3.0 blockchain market is expected to grow due to the surge in awareness regarding cryptocurrencies.

According to study, the global Web 3.0 blockchain market size was worth around USD 2.32 billion in 2023 and is predicted to grow to around USD 85.43 billion by 2032.

The CAGR value of the Web 3.0 blockchain market is expected to be around 49.30% during 2024-2032.

The global Web 3.0 blockchain market is expected to be led by North America during the projection period.

The global Web 3.0 blockchain market is led by players like Polkadot, Cosmos, Filecoin, Ethereum, Polygon (MATIC), Chainlink, Dapper Labs, Solana, Algorand, Aave, Flow, Uniswap, Celo, Avalanche, and Tezos.

The report explores crucial aspects of the Web 3.0 blockchain market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.

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