Web 3.0 Blockchain Global Market Report 2024

The web 3.0 blockchain market has grown exponentially in recent years. It will grow from $3.25 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 42.8%. The historical period's expansion can be ascribed to a drive towards decentralization, a notable increase in smart contracts, challenges in interoperability, issues with scalability, the revolutionary impact of decentralized finance (DeFi), and ongoing exploration of regulatory frameworks.

The web 3.0 blockchain market is expected to see exponential growth in the next few years. It will grow to $19.2 billion in 2028 at a compound annual growth rate (CAGR) of 42.6%. The expansion anticipated in the forecast period can be linked to efforts promoting mass adoption, enhanced interoperability, the evolution of next-generation smart contracts, breakthroughs in scalability, and innovations in privacy. Key trends expected in the forecast period encompass decentralized finance (DeFi), non-fungible tokens (NFTs), interoperability solutions, enterprise blockchain, and the maturation of DeFi.

The anticipated surge in the web 3.0 blockchain market is set to be propelled by the swift adoption of 5G and 6G networks. 6G, categorized as the sixth-generation mobile network succeeding 5G, boasts superior speed, advanced data processing capabilities, seamless connectivity, and significantly reduced latency compared to its predecessor, operating at higher frequencies. The rapid expansion of 5G and 6G networks, exemplified by a 76% increase in 5G wireless connections to 1.05 billion from 2021 to 2022, as reported by 5G Americas in April 2023, is expected to further accelerate, reaching 1.9 billion by the end of 2023 and 5.9 billion by 2027. With North America projected to host 215 million 5G connections by the close of 2023, the swift adoption of these advanced networks is a driving force behind the growth of the web 3.0 blockchain market.

The upward trajectory of the Web 3.0 blockchain market is anticipated to be fueled by the increasing adoption of cryptocurrencies. Cryptocurrencies, digital or virtual currencies utilizing cryptography for security and operating independently of central banks or government entities, play an integral role in the symbiotic relationship with Web 3.0 and blockchain technology. This integration automates agreement execution based on predefined conditions, streamlining processes, and enhancing efficiency in cryptocurrency transactions and other applications. Notably, the cryptocurrency market's value nearly tripled to a record $2.5 trillion in 2021, according to the International Monetary Fund. Additionally, global crypto adoption, as per Chainalysis, surged by 881% in 2020 and continued to rise, reaching a 2300% increase in 2021 with an index score of 24 in October. Hence, the growing acceptance of cryptocurrencies is a significant driver behind the expansion of the Web 3.0 blockchain market.

A prominent trend gaining traction in the Web 3.0 blockchain market is the embrace of technological advancements. Key players within this market are strategically incorporating new technologies into their products to maintain their market standing. For instance, WazirX, a cryptocurrency exchange platform, introduced Shardeum in February 2022, a Web 3.0 platform designed to tackle scalability issues. Shardeum is an EVM-based, linearly scalable smart contract platform that upholds genuine decentralization and robust security through dynamic state sharding.

Major companies engaged in the Web 3.0 blockchain market are channeling their efforts into crafting innovative solutions, including data security platforms, to establish a competitive advantage. A comprehensive software solution, the data security platform (DSP), consolidates various traditionally standalone security tools into a unified interface. For instance, in June 2022, Fortanix Inc., a US-based multi-cloud security company, integrated Secure Web 3.0 Infrastructure solutions into the Fortanix Data Security Manager for cryptocurrency, blockchain, and decentralized finance enterprises. This unified data security platform utilizes hardware-backed secure enclaves to safeguard data-in-use, ensuring least-privileged access, and controlling encryption keys and data centrally.

In October 2022, Offchain Labs, a US-based software development company specializing in Arbitrum, a suite of scaling solutions for Ethereum, acquired Prysmatic Labs. This strategic move by Offchain Labs aims to collaborate on various joint initiatives with Prysmatic Labs, advancing both Layer 1 (L1) and Layer 2 (L2) development. The acquisition of Prysmatic Labs is anticipated to bring fresh expertise and resources to enhance the development of the Arbitrum platform, with the goal of alleviating congestion and boosting transaction throughput on the Ethereum blockchain. Prysmatic Labs, a US-based software development company, is dedicated to building blockchain infrastructure and tools to support the Ethereum ecosystem.

Major companies operating in the web 3.0 blockchain market report are Web3 Foundation, Helium Systems Inc., Ocean Protocol Foundation Ltd., Kusama Network, Livepeer Inc., Kadena LLC, Polygon technology Pvt. Ltd., Terra Motors Corporation, Binance Holdings Limited, Antier Solutions Pvt. Ltd., Alchemy Insights Inc., Zel Technologies Limited., Filecoin is Protocol Labs., Foris Limited, Smartcoin Financials Inc., Ripple Labs Inc., Braintrust Technologies Inc., OpenSea Inc., ConsenSys AG, Candy Technology Co. Ltd., OKCoin USA Inc., Ava Labs Inc., Aptos Labs Inc., Fusion92 Inc., Roblox Corporation, Hiro Systems Inc., Diem Networks US Inc., Republic.co Inc., BlockFi Lending LLC, SwissBorg SA.

North America was the largest region in the web 3.0 blockchain market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global web 3.0 blockchain market during the forecast period. The regions covered in the web 3.0 blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the web 3.0 blockchain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of web 3.0 blockchains include public, private, consortium, and hybrid. Public blockchains are decentralized and open-source ledgers, allowing universal participation for transaction validation on the network. They find applications in diverse fields such as cryptocurrency, conversational AI, data and transaction storage, payments, and smart contracts. End-user industries, including BFSI, retail and e-commerce, media and entertainment, pharmaceuticals, IT and telecom, utilize these public blockchains for various purposes.

The web 3.0 blockchain market research report provides web 3.0 blockchain market statistics, including web 3.0 blockchain industry global market size, regional shares, competitors with a web 3.0 blockchain market share, detailed web 3.0 blockchain market segments, market trends and opportunities, and any further data you may need to thrive in the web 3.0 blockchain industry. This web 3.0 blockchain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The web 3.0 blockchain market includes revenues earned by entities by providing web 3.0 blockchain services such as consulting and development services, support and maintenance services, and training and education programs on blockchain platforms. The market value includes the value of related goods sold by the service provider or included within the service offering. The web 3.0 blockchain market also includes sales of decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), decentralized applications (dApps), chain-crossing bridges, and supply chain management solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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