As Goa welcomes hundreds of young Web 3.0 aficionados from all over the world at the Web 3.0 conference, it is important to know the potential of this global Web 3.0 phenomenon and its great ability to revolutionize global technology.
The global Web 3.0 blockchain market is expected to reach a value of USD 23.3 billion in 2028.
A recent study report by Vantage Market Research on the global Web 3.0 blockchain market reveals that rapid technological innovation is accelerating the growth of the Web 3.0 blockchain market. It is mainly driven by increasing transparency.
According to the report, the Web 3.0 blockchain market is expected to grow at a CAGR of approximately 41.6% between 2022 and 2028.
The Web 3.0 blockchain market was estimated at around USD 2.9 billion in 2021 and is expected to reach USD 23.3 billion by 2028.
The report further states that on the basis of region, Asia-Pacific is expected to dominate the global Web 3.0 blockchain market. The Asia-Pacific region is expected to grow at the fastest compound annual growth rate (CAGR) between 2022 and 2028.
China accounted for the considerable share of Asia-Pacific (APAC) in 2021. This share is attributable to the growing adoption of technologies such as blockchain and machine learning in emerging economies in the region such as India and China. In addition, the increasing number of emerging start-ups based on advanced technologies in the region, along with the growing adoption of automation, are also expected to support the regional growth of the market.
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 the latest analysis from Emergen Research.
Growing demand for more user-centric, interactive, advanced and secure technologies, and growing initiatives by governments in various countries for the development of new technologies such as Web 3.0 to enable better transparency for users are some of the one of the major factors expected to drive the global Web 3.0 market. revenue growth to a significant extent over the forecast period.
For the uninitiated, Decentralized Web, also known as Web 3.0, is the third generation of the Internet that uses Decentralized Ledger Technology (DLT), Machine Learning (ML), and Big Data.
The web 3.0 blockchain market provides better user browsing experience and more efficient data analysis. Compared to previous versions, Web 3.0 is more dynamic and user-friendly.
Major government agencies are launching digitization programs to create a regulatory environment that will allow the Web 3.0 blockchain market to gain traction. Growing concerns over data security and increasing investments by companies to develop Web 3.0 Blockchain Market applications are expected to drive the market forward.
With Web 3.0, consumers can utilize new technologies and lead more fulfilling lives due to rapid urbanization, globalization and digitalization. Blockchain technology provides computers with human-like intelligence while improving data exchange. As a result, companies are using the Web 3.0 blockchain market to improve data security and privacy, propelling the global Web 3.0 blockchain market forward.
The report further states that increasing technological advancements are expected to fuel the growth of the Web 3.0 blockchain market in the future. Blockchain in Web 3.0 is a rapidly evolving technology. It offers significant benefits to the end user, such as reduced operational costs, increased speed, reduced risks of cyberattacks and personal data management.
The integration of blockchain and IoT and the use of blockchain technology in logistics and operations have seen significant advancements in recent years.
Primary research and development is underway to improve the scalability of this technology so that it can be used effectively in businesses, including currency exchange, social networks, chat platforms, data storage and navigation.
Additionally, Web 3.0 technology has contributed to the emergence of NFT payment systems and digital collectibles in recent years. Other technology uses include spatial web design, 3D graphics, etc. Over the forecast horizon, the continued rise of Web 3.0 will generate enormous growth potential and affect many industry sectors.
The growing preference and usage of non-fungible tokens (NFTs) along with digital collectibles, digital currencies, and other blockchain entities is expected to continue to support market revenue growth in the future.
For example, Reddit is making inroads into Web 3.0 by developing a mechanism that enables the use of cryptocurrency tokens, which will allow users to control parts of the on-site communities in which they participate. This will result in rewards for users in the form of Community Points, which they can earn by posting to a specific subreddit. These points can be used as voting actions, which will allow users with significant contributions to have more say in community decisions. These points are stored on the blockchain and cannot be withdrawn easily, and their owners will have more control over them. However, an enterprise version of a Web 3.0 concept known as Decentralized Autonomous Organizations (DAOs), which uses tokens, allows for more evenly distributed ownership and decision-making power.
Web 3.0 has its limits. Some key factors that could hold back the move to Web 3.0 include challenges with 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 monitoring and regulating Web 3.0 more difficult. Additionally, cybercrime, online abuse, and potential fraud could increase significantly.
Also, less tech-savvy people may find the app difficult to use and privacy concerns will increase due to easy access to user information and details about public and private life and activities etc. . In addition, new, more specific privacy policies will need to be considered and implemented. Deployment of Web 3.0 will also require faster operating systems in central processing units (CPUs).
Service providers supporting legacy website traffic will need to modernize, and as applications and websites that use Web 3.0 gain traction among users, incumbents will be asked to improve their services. to avoid losing user bases and revenue.
Web 3.0 is here to stay. The cryptocurrency applications segment is expected to grow at a significant compound annual growth rate (CAGR) during the forecast period. The growing adoption of cryptocurrencies, along with the growing trend of digitalization, is expected to augment the market growth. However, the danger would lie in the cryptocurrency. It is so far unregulated.