The increased focus on NFTs especially cryptocurrencies owing to increased return on investments will significantly boost the global market growth
Covid19 Impact and Market Status
The Covid19 pandemic adversely affected the global market economy. Despite harming other industry segments the covid19 pandemic didn’t have many restraints towards web3 technology. Some research institutes had to temporarily shut their operations due to a lack of funds the overall market is quite stable and has made immense progress during the post-pandemic market situation.
The increased use of hybrid blockchain technology will benefit the global market growth
Hybrid blockchain is a better combination of public as well as private blockchain techniques. It allows businesses to form a centralised set of networks along with the default decentralised chain of networks. The ability to form and maintain a centralised network enhances user security in hybrid blockchain technology which significantly contributes to the growth of the global web 3 technology market. The minimization of transaction costs owing to the influence of powerful nodes will help expand the demand for web 3 technology in the global market. Hybrid blockchains ensure simplified and quick operation compared to private and public blockchains.
Advancements made in artificial intelligence will boost the global market growth
Extensive research and development in the segment of artificial intelligence will help in enriching web 3 technology to be more user-friendly and easily understand the requirements of the users. Businesses will immensely benefit by being able to effectively design products on basis of user needs and requirements. Artificial intelligence will allow web 3 technology to implement human features using the concept of machine learning and the semantic web.
Asia-Pacific to grow the fastest in this segment
The increased presence of key market players and maximization of the regional economy has led to advanced research in the field of web 3 technology. The expansion of demand for highly protective digital platforms will drive market growth in this region. The advent of 5G technology and maximized investment made in the NFT segment will contribute to the growth of web 3 technology in the region. The immense demand from end-use industries including healthcare, BFSI and eCommerce will contribute to the regional market growth during the forecasted period.
The rapid expansion of blockchain technology in the corporate world will immensely benefit the global market growth
Owing to the ability of complete data control and end-to-end data encryption will maximize the growth of the global web 3 technology market. Users can choose to allow only access permission as per their choice and suitability. The rapid expansion of cloud technology and the ability to use data from anywhere will increase demand for web 3 technology. Businesses can use this technology to access user data irrespective of location. End-to-end encryption ensures high security towards critical data and even the government cannot make changes to individual confidential data. Web 3 technology allows the exclusion of intermediaries to access user data and keeps it secure. The blockchain is an open-source and easy-to-impact network, users can easily transfer digital assets in the most simplified form. The ability to eliminate server failures due to the storage of data in multiple nodes will immensely benefit the global web 3 technology market. Web 3 technology will provide access to the most updated and necessary data instead of anything and everything related to a particular keyword. Popular search engines like google are recently utilizing natural language and web 3 to provide its users access to the most appropriate results. The global market will achieve an expected market value of USD 82.72 Billion with an estimated CAGR of 41.65% during the forecast period
Furthermore, e-commerce businesses can utilize web 3 to advertise to customers with the products according to their recent activity and requirements. The linkage of huge datasets will allow the availability of relatable and accurate data to users. The advent of artificial intelligence in combination with web 3 technology will enhance the online search capability and provide curated content as per requirement. No single entity will hold the authority of control and every user will get an equal opportunity to play with the network due to the presence of diversified control. The open access provided to users to enhance the source code of web 3 applications and projects will help to create inventive solutions and serve as a crucial factor for the growth of the global web 3 technology market. Dispersed and diversified control of the network will eliminate single-point failures and will rapidly drive the global web 3 technology market. The negligible chances of server failures will ensure uninterrupted access to users for exploring and contributing towards internet growth.
Although having several benefits, certain factors might slow down the growth of the global web 3 technology market. Usage of web 3 technology will require upgraded processors due to the presence of artificial intelligence, machine learning and advanced technology to be installed in the systems. Owing to advanced technical fundamentals and open-source networks it can be difficult for beginners to understand and use. Being a diversified network with easy access for everyone it can be simple to access vulnerable data about other users. Businesses will be required to update their digital products to retain the web 3 market position. The decentralized network and no single point of authority can lead to rising internet abuse and cybercrime. The creation of web 3 technology is yet to be completed and so cannot be relied upon completely.
The primary market holders in the global web 3 technology market are Antier Solutions, Alchemy, Binance, Decentraland, Ocean Protocol Foundation, Helium Systems, Polkadot, Highstreet, Ripple, Coinbase, Com, Helium, and Web 3 Foundation. The top market players have well utilized the abilities of virtual reality and artificial intelligence along with the promotion of NFTs and cryptocurrencies which led to the growth of the global web 3 technology market.
Web 3 Technology Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 82.72 Billion|
|Growth Rate||CAGR of 41.65 % during 2022-2030|
|Segment Covered||By Security, Application, End-user, Blockchain Type, Organisation, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Antier Solutions, Alchemy, Binance, Decentraland, Ocean Protocol Foundation, Helium Systems, Polkadot, Highstreet, Ripple, Coinbase, Com, Helium|
Key Segments of the Global Web 3 Technology Market
Product Type Overview, 2021-2030 (USD Billion)
- 3D graphics
- semantic web,
- artificial intelligence
Application Overview, 2021-2030 (USD Billion)
- smart contract
- data storage and transaction
- conversational AI
Blockchain Type Overview, 2018-2028 (USD Billion)
End-Use Overview, 2018-2028 (USD Billion)
- healthcare and pharmaceuticals
- media and entertainment
- eCommerce and retail
- IT and Telecom
Organisation Size Overview, 2021-2030 (USD Billion)
- small scale
- large scale
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa