Web 3.0 Blockchain Market

Web 3.0 Blockchain Market Overview

The global Web 3.0 Blockchain Market size was valued at USD 4.39 billion in 2023 and is estimated to reach USD 64.28 billion by 2030, registering a CAGR of 46.7% from 2024-2030. Web 3.0 blockchain market refers to the utilization of blockchain technology within the framework of the next iteration of the internet, known as Web 3.0. It signifies a major shift from centralized control to distributed networks, enabling enhanced security, transparency, and user control. It involves the implementation of blockchain technology to create decentralized applications (dApps), smart contracts, and digital assets, transforming sectors such as finance, healthcare, supply chain, and digital identity.

The market is characterized by innovation and collaboration, with businesses seeking to leverage blockchain to streamline operations, reduce costs, and create new business models. Blockchain's transparency also allows companies to adhere to the regulatory compliance and reporting, reducing the regulatory burden of dealing with large volume of data and transaction. Overall, web 3.0 blockchain equips businesses with a strong foundation for building secure, efficient, and innovative digital ecosystems, driving growth and competitive advantage. As the market grows, it promises to revolutionize traditional systems by fostering trustless environments, where data integrity and user privacy are paramount.

Market Dynamics and Trends

The increasing cybersecurity threat worldwide is spurring the adoption of web 3.0 blockchain technology. For example, in 2023, there were approximately 5.5 billion malware attacks and 6.3 trillion online intrusion attempts took place globally. As organizations seek more robust and secure solutions to protect their data and digital assets from cyber threats, the adoption of decentralized and immutable nature of blockchain technology is poised to rise.

Moreover, the demand for web 3.0 blockchain technology is experiencing a significant surge due to the expanding internet penetration worldwide. According to the latest report published by the International Telecommunication Union, approximately 5.3 billion people worldwide used the internet in 2022. 

As the global number of internet users continues to increase, there is a growing need for high-speed connectivity and enhanced security measures. Web 3.0 blockchain technology addresses this demand by offering high-speed internet services coupled with advanced security features for data protection, improved connectivity speeds while ensuring the integrity and security of their digital transactions and communications.

However, lack of awareness and high cost of implementing and maintaining blockchain infrastructure are the major factors restraining the web 3.0 blockchain market growth. On the contrary, the introduction of 6G connectivity and the adoption of artificial intelligence in blockchain technology is expected to create ample growth opportunities for the market in the coming years. These advancements are anticipated to revolutionize the capabilities and functionalities of blockchain technology, enabling faster and more efficient transactions, enhanced security, and greater scalability.

Market Segmentation and Scope of the Study

The web 3.0 blockchain market report is segmented on the basis of blockchain type, application, end-user, and region. On the basis blockchain, the market is segmented into public, private, consortium, hybrid, and others. On the basis application, the market is segmented into cryptocurrency, conversational AI, data & transaction storage, payments, smart contract, and others. On the basis of end user, the market is classified into BFSI, e-commerce & retail, media & entertainment, healthcare & pharmaceuticals, IT & telecom, and others. Regional breakdown and deep analysis of each segment are included for North America, Europe, Asia-Pacific and rest of the world.

Geographical Analysis

North America dominates the web 3.0 blockchain market share and is expected to continue dominating the market during the forecasted period. This is attributed to factors such as the growing number of cyberattack in the healthcare sector of this region. For instance, the U.S. experiences the highest number of ransomware attacks globally, accounting for 15% of all reported incidents.

Furthermore, in April 2022, 65 hospitals and 450 healthcare facilities in the U.S. were targeted by cyberattacks, leading to compromised patient data and estimated losses of approximately USD 100 million. Moreover, rising investment by the government in the development of blockchain technology to enhance security measures across different sectors and address evolving threats effectively is further boosting the growth of the web 3.0 blockchain market demand in this region.

As per the latest report published by the Department of Homeland Security, the governmet of U.S. is investing in numerous blockchain based security technology, including the investment of more than USD 143 thousand for Danube Tech GmbH to develop blockchain security technology.

Additionally, approximately USD 182 thousand has been invested in Mavennet Systems, Inc. to adapt its blockchain security technology, originally designed for the oil and gas industry, for use by Customs and Border Protection (CBP) to track cross-border oil imports.

On the other hand, Asia-Pacific is expected to show a steady rise in the web 3.0 blockchain market due to the rapid adoption of digitization in this region. Countries such as India, China, and Japan are some of the fastest adopters of digitalization, including web 3.0 blockchain technology.

According to the latest report published by the Ministry of Electronics and Information Technology, the government of India aims to harness the blockchain technology across multiple sectors, including healthcare, finance, voting, and e-governance, through the implementation of a National Blockchain Framework.

The government aims to develop the "Made in India" blockchain technology for global utilization by the year 2027, while also striving to achieve convergence across blockchain, Internet of Things (IoT), cloud computing, and Artificial Intelligence (AI), collectively referred to as the "BICA Stack.

Furthermore, the rapidly expanding ecosystem of web 3.0 and blockchain startups, accelerators, and incubators is further driving boosting the market growth. For example, in Asia Pacific, India leads with the largest number of blockchain startups, boasting 399 companies operating within the country. Following closely are Singapore and China, with 392 and 296 companies respectively, as of 2022.

This thriving ecosystem of blockchain startups provides a fertile ground for collaboration, investment, and technological advancements, contributing to the overall expansion and development of the web 3.0 blockchain industry in the region.

Competitive Landscape

Various key players operating in the web 3.0 blockchain industry include Web3 Foundation (Polkadot), Polygon Technology, ConsenSys, Alchemy Insights Inc., Helium Systems Inc, Ocean Protocol Foundation Ltd., Binance, Livepeer Inc., KiwiTech, Alphabet Inc, and others. These key players are adopting various joint venture strategies and innovative product & service launches to remain dominant in the market.

For instance, in October 2022, Alphabet Inc and Coinbase launched new strategic collaboration to drive Web3 innovation. The collaboration involves Google Cloud as a strategic cloud provider to build advanced exchange and data services to process blockchain data at large. The collaboration aims to improve the global reach of cryptocurrency services by leveraging Google's premium fiber-optic network. 

Key Benefits

• The report provides quantitative analysis and estimations of the web 3.0 blockchain market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future web 3.0 blockchain market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the web 3.0 blockchain market is provided in the report.

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Web 3.0 Blockchain Market Key Segments 

By Blockchain Type

• Public

• Private 

• Consortium

• Hybrid

By Application

• Cryptocurrency 

• Conversational AI

• Data & Transaction Storage

• Payments

• Smart Contract

By End User

• BFSI

• E-Commerce & Retail

• Media & Entertainment

• Healthcare & Pharmaceuticals 

• IT & Telecom

By Region 

• North America

  • The U.S

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France    

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  •  India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  •  Taiwan

  •  Thailand 

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East 

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 4.39 Billion
Revenue Forecast in 2030	USD 64.28 Billion
Growth Rate	CAGR of 46.7% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Growing cybersecurity risk across the globe drives the market Increasing penetration of internet worldwide creates market expansion
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Web3 Foundation (Polkadot)

• Polygon Technology

• ConsenSys

• Alchemy Insights Inc.

• Helium Systems Inc.

• Ocean Protocol Foundation Ltd.

• Binance

• Livepeer Inc.

• KiwiTech

• Alphabet Inc.