High Data Security is driving the Global Web 3.0 Blockchain Market: With a 43.6% CAGR | MRFR

Pune, India, Jan 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Web 3.0 Blockchain Market.

Web 3.0 blockchain market will be valued at USD 6,187.3 million in 2023. It is expected to expand at a CAGR of 43.6% from 2023 to 2030. In this report, Market Research Future (MRFR) includes qualitative and quantitative data regarding the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.

Web 3.0 blockchain technology works on the principle of distributed databases. The data is saved electronically in a digital format and collected in groups called blocks. These blocks have a certain storage limit. When the storage is full, the data is linked with the previous filled block forming a long chain. Web 3.0 blockchains are difficult to hack since they are spread across networks, making them highly secure and considerably enhancing user data security.

The Global Web 3.0 Blockchain market based on blockchain type is segmented into public, private, consortium, and hybrid.

GLOBAL WEB 3.0 BLOCKCHAIN MARKET, BY BLOCKCHAIN TYPE, 2023 (% SHARE)

Source: Company Websites, Secondary research, Expert interviews, Paid Databases, and MRFR Analysis

The market is led by the public segment. The segment is expected to account for the largest market share of 48% in 2023, with a market value of USD 2,969.4 million; it is expected to register a CAGR of 41.2% during the forecast period. A public blockchain is accessible to the general public, and anyone can join without needing special permission. Anyone who joins the network can read, write, and participate in this network, which no one controls. Public blockchains are decentralized and immutable. After an entry has been validated, no one can edit it, and users can rest assured that their transactions will not be changed or destroyed. Bitcoin, Litecoin, and Ethereum are examples of cryptocurrencies that use public blockchains and receive the most attention.

Global Web 3.0 Blockchain market based on application is segmented into cryptocurrency, conversational AI, data & transaction storage, payments, smart contracts, and others. The cryptocurrency segment is expected to account for the largest market share, with a market value of USD 1,355.8 million; it is expected to register a CAGR of 42.7% during the forecast period. A cryptocurrency is a form of currency that exists virtually or digitally and use cryptography to secure transaction. They use a decentralized system to record transactions and issue new units. Blockchain is a technology used by many cryptocurrencies such as Ethereum and Bitcoin to operate on.

Global Web 3.0 Blockchain market based on vertical is segmented into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others. The BFSI segment is expected to account for the largest market share, with a market value of USD 2,432.2 million; it is expected to register a CAGR of 45.2% during the forecast period. BFSI sector uses blockchain technology for various applications to transform the way people exchange values. Blockchain technology records the transaction as blocks and then chains them together to form complete transaction records.

The report on the global Web 3.0 Blockchain market has been segmented on the basis of region as North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America is likely to lead blockchain adoption in the global scenario. By cryptocurrency volume transferred on-chain, North America is the third most active area, trailing only Northern and Western Europe (NWE) and far behind East Asia. North America accounted for an estimated 14.8 percent of all cryptocurrency activity. North America, like East Asia, has a thriving professional market; however, its Bitcoin investing techniques appear to be somewhat different from those in East Asia.

North America region is expected to account for the largest market share, with a market value of USD 3,497.7 million; it is expected to register a CAGR of 41.2% during the forecast period. Organizations in the region are increasingly adopting blockchain technology, propelling regional market expansion. Many formerly hesitant leaders are beginning to understand blockchain's long-term potential, indicating that it is entering a new phase of wider, more practical acceptance. Blockchain initiatives are being expanded and diversified by an increasing number of enterprises across a wider range of industries. Leaders across a wide range of industries in North America are well aware of blockchain's disruptive potential, but each industry is figuring out how to best use the technology. Payment and wallet solutions, smart contracts, and digital identity detection solutions are being implemented in industries like government, retail, and BFSI, necessitating blockchain technology. In addition, the presence of a high number of companies in the region is boosting the regional market growth.

Competitive Analysis

The web 3.0 blockchain market is highly fragmented, owing to a large number of local players, especially in developed countries such as the US, the UK, and Germany. Investment from the top venture capital firms globally in the infrastructure and talent driving the blockchain and digital asset ecosystem is increasing continuously. It is expected that the established players in the technology sector will invest heavily in the web 3.0 blockchain market in the near future. Some of the players operating in the market are Polkadot (Web3 Foundation-Switzerland), Helium Systems Inc. (US), Antier Solutions, Ocean Protocol Foundation Ltd. (Singapore), Decentral and (China), Biance (Malta), and Alchemy Insights, Inc. (US).