VANCOUVER, BC, June 1, 2022 /PRNewswire/ -- The global Web 3.0
market size reached USD 3.2 Billion
in 2021 and is expected to register a CAGR of 43.7% 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.
Market Size – USD 81.5 Billion
in 2030, Market Growth – at a CAGR of 43.7%, Market Trends – Rising
demand for enhanced user experience and increasing advancements in
connectivity are factors driving Web 3.0 market revenue
growth.
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Drivers:
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.
Restraints:
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.
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.
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Growth Projections:
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 Impact Analysis:
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.
Current Trends and Innovations:
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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Geographical Outlook:
North America accounted for
largest revenue share in 2021, and is expected to register a steady
revenue growth rate over the forecast period owing to higher rate
of adoption of advanced and innovative technologies such as
Internet of Things (IoT), Web 3.0, AI, and others. Advancements in
blockchain technologies are also resulting in deployment of related
services and solutions and is contributing to revenue growth of
market in the region.
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
|
Strategic Initiatives:
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, and
Highstreet.
- 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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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
a. U.S.
b. Canada
c. Mexico
- Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe
- Asia-Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC
- Latin America
a. Brazil
b. Rest of LATAM
- Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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