Government Support to Promote Web 3.0 Blockchain Infrastructure Drives the Market
New York, US, Jan. 04, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Web 3.0 Blockchain Market information by Blockchain Type, by Vertical, by Application and Region – forecast to 2030” market size to grow at a healthy compound annual growth rate by 2030.
Market Scope:
Web 3.0 Blockchain technology is the latest buzz in the market. Considered the Internet of the future, Web 3.0 enables users and developers to use decentralized blockchain technology. In simpler terms, decentralized blockchain networks facilitate Web 3.0 and search engines, social media platforms, marketplaces etc.
Dominant Key Players on Web 3.0 Blockchain Market Covered are:
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Market USP Exclusively Encompassed:
Market Drivers
Search engines in Web3 would provide personalized insights based on users’ browsing and search context, where they can control their data. Moreover, Web 3.0 built on the blockchain can boost novel developments like uncensorable content and more comprehensive payment services.
As more people seek custom services, decentralized blockchain networks would replace centralized servers and information on multiple computing devices, acting more like a peer-to-peer internet with no single authority. Another critical benefit of Web3 is that it is able to avoid internet hacks and leaks, acting as a system for specific users, thus being a great pioneer for data security and privacy.
Once Web 3.0 becomes a reality, the world can virtually see resources, applications, and content that is accessible to all. As it penetrates more deeply, the Web 3.0 Blockchain market is expected to gain vast momentum in the years to come.
Segmentation of Market Covered in the Research:
The WEB 3.0 Blockchain market forecast is segmented into blockchain types, applications, verticals, and regions. Of these, the blockchain type segment is bifurcated into public, private, consortium, and hybrid. The application segment is bifurcated into cryptocurrency, conversational AI, data & transaction storage, payments, smart contracts, and others.
The vertical segment is bifurcated into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others. Further, by region, the market is bifurcated into the Americas, Asia Pacific, Middle East & Africa (MEA), Europe, and Rest-of-the-World.
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Regional Analysis
North America dominates the global Web 3.0 Blockchain market, witnessing the higher adoption of innovative technologies such as Web 3.0. Besides, advances in blockchain technologies positively impact the growth of the regional market. The region witnesses vast R&D investments in advancing web platforms.
Moreover, the strong presence of eminent technology providers and well-established development centers of WEB 3.0 Blockchain in the region boosts the market size. With the high adoption of digital assets, the US has emerged as a leading market for WEB 3.0 Blockchain platforms globally.
APAC is another lucrative market for Web 3.0 Blockchain, witnessing higher adoption among end-use industry verticals. Additional factors bolstering the market value include the increasing adoption of WEB 3.0 Blockchain and advances in 5G technology and AI/ML acceleration.
Furthermore, considerable investments in Web 3.0 blockchain developments increase the region’s market shares. The APAC WEB 3.0 Blockchain market is expected to register robust growth during the forecast period owing to the demand for innovative and secured platforms.
Europe is showing significant progress in terms of Web 3.0 Blockchain market revenue. The market growth is driven by the rapid digital transformation among the BFSI industry and enterprises across industries. Moreover, the growing adoption of WEB 3.0 Blockchain is a key growth driver for the market.
Furthermore, the rapid adoption of 5G, AI, and ML technology increases the region’s WEB 3.0 Blockchain market shares. Being home to organizations operating in the BFSI industry, the UK accounts for a larger market share among other European countries. The European Web 3.0 blockchain market is anticipated to be the fastest-growing market across the globe.
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Competitive Analysis
The Web 3.0 Blockchain market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technologies integration. Major industry players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Dec.20, 2021, the Indian state government announced its plans to accredit Web 2.0 and Web 3.0 blockchain startups by launching the blockchain accelerator program in partnership with CoinSwitch Kuber and Lumos Labs.
The state government of Telangana launched the India Blockchain Accelerator program aiming to foster early-stage Web 2.0 and Web 3.0 startups and blockchain developers seeking to solve real-world challenges. The state has already piloted Blockchain tech, including T-Chits (chit funds in the blockchain), e-voting/digital voting platform built using blockchain & AI, supply chain (seed traceability), and more.
Industry Trends
Governments of most developed and developing countries are increasingly providing the required regulatory framework to enable and promote blockchain growth. They are initiating programs that can seek blockchain-based solutions usable across various business verticals, including fintech, sustainability, infrastructure & tooling, entertainment, agritech, logistics, and healthcare.
On the other hand, digital assets are rapidly becoming mainstream and are expected to demonstrate tremendous potential across countries in the next few years due to their rapid adoption. The adoption rate of digital assets is growing nearly twice as fast as that of the Internet.
The benefits of Web 3.0 blockchain, especially in the cryptocurrency industry, are attracting investors who are making heavy investments in the research & development of innovative technologies. Cryptocurrencies are expected to transform the way people interact day-to-day and gaming and non-fungible tokens (NFTs).
They are expected to help countries to achieve economic goals. Therefore, governments are also enforcing efforts in identifying various use cases in nonfungible tokens (NFTs), decentralized finance (DeFi), and other crypto initiatives for mainstream implementation.
Many organizations today are striving to explore more about the potential of Web 3.0 Blockchain, contributing to the success of these platforms. Enterprises have powered their marketing and advertising with previously private consumer data and very little security surrounding that data. However, internet benefits bring along consumer privacy concerns.
While the Internet helps businesses to understand their prospects better, data mining and exploitation aren’t always good for brand perception. Businesses are often facing cyberattacks, with billions of records exposed. Since Web 3.0, also referred to as the Spatial Web/ Metaverse, could solve some of these privacy concerns and determine who can access the data and leverage profits from it, more and more companies are embracing the technology.
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