Web 3.0 Market Size To Grow To 50 Billion By 2030
According to market research report by Straight Research ,the global web 3.0 blockchain market size was valued at about USD 2 billion in 2021 and is expected to reach an expected value of USD 52 billion by 2030, growing at a CAGR of 44.8% during the forecast period (2022–2030).
Regionally, North America dominates the market and is estimated to grow at a CAGR of 41.2% during the forecast period. The region has become a leader in blockchain adoption due to organizations embracing the technology for payment and wallet solutions, smart contracts, and digital identity detection solutions across industries such as government, retail, and BFSI.
Europe is the second largest region. The significant growth in Europe can be attributed to initiatives developed throughout the region, such as the European Commission’s plans to leverage blockchain technology and create a legal and regulatory framework for its applications. Additionally, firms are eager to enter the blockchain space and capitalize on supportive legislative frameworks and a booming blockchain infrastructure and services market.
East Asia is another major region that has a high potential for growth in the coming years. Organizations in this region are increasingly adopting blockchain technology, propelling regional market expansion. Payment and wallet solutions, smart contracts, and digital identity detection solutions are some of the major uses that are driving blockchain market growth in East Asia.
The Prominent Factors Driving the Growth of the Global Web 3.0
The global Web 3.0 blockchain market is fueled by several factors such as the shift in data ownership towards the user, increased transparency, and highly secured data security. Additionally, the increasing amount of venture capital investments in blockchain technology-based companies are driving market growth. The benefits associated with Web 3.0 blockchain technology are creating an array of opportunities for organizations in various industries, such as government, retail, and BFSI.
On the other hand, a lack of awareness among end-users is expected to restrict market growth. Other factors affecting market growth include asset regulation, integration with legacy infrastructure, and interoperability amongst different blockchains.
Handling The Web 3.0 Blockchain Market
In order to overcome these challenges and capitalize on the lucrative opportunities, market players are investing in research and development activities to launch innovative solutions. Partnerships with various organizations, regulatory bodies, and technology providers will boost the market growth.