Southeast Asia Web 3.0 Market 2023 Sizing, Key Trends, and Industry Analysis Till 2031

The Southeast Asia web 3.0 market held a market value of USD 193 million in 2021 and is estimated to reach USD 6,475.8 million by the year 2030. The market is projected to list a CAGR of 50.2% during the forecast period.

Southeast Asia is a breeding ground for decentralised finance, but it is the access points into DeFi that make the region so appealing. Cryptocurrency acceptance, as well as the massive number of players of the play-to-earn game Axie Infinity, are two examples of Southeast Asia's Web3 boom. Singapore alone has over 400 blockchain-related firms, and P2E (Play to Earn) games like Axie Infinity are gaining popularity.

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Western investments in Asian firms, like as US billionaire Mark Cuban's substantial investment in Indian blockchain business Polygon, are also garnering headlines. Southeast Asia's adoption of Web3 is projected to grow substantially due to the region's tech-savvy populace, government support for digitisation, and the region's continuous use of blockchain.

Web3 trends in Southeast Asia will most likely favour tech businesses receiving funding to develop Web 3.0-based solutions for the region.

Despite the possible benefits of Web 3.0, detractors feel the proposed technology and its claimed benefits are based on hype and may fail to deliver the expected results. Furthermore, the expense of introducing new technology and supporting infrastructure may be prohibitively expensive, particularly for developing countries such as those in Southeast Asia. Due to insufficient investment and assistance from regional governments, startups may also struggle to adapt and integrate emerging technologies.

Growth Influencers:

Rapid Digital Transformation in the BFSI Industry

Some of the Web3 trends in Southeast Asia will most likely focus around decentralised finance (DeFi). It combines peer-to-peer financial networks and developing technologies to provide financial services that were previously only available to large banks and other monetary organisations. To fulfil the demand for digital payment solutions, new DeFi financial technology (fintech) businesses are anticipated to emerge. Regular people utilising Web 3.0 should be able to send money to each other without the need for an intermediary. The underlying blockchain technology ensures that all transactions are documented on a publicly accessible distributed ledger, which is critical for security and easy verification. Users will no longer have to pay payment processing costs as a result of these developments.

Data ownership shifting towards the user

The Internet of Things (IoT) already demonstrates the potential for smart connectivity, which Web 3.0 has improved on. By improving communication rates and decreasing latency, 5G technology is improving interconnectivity. Furthermore, as technology progresses, blockchain will improve connectivity, and AI will learn our personal tastes, improving the quality and speed of internet searches. This means that web browsing will be speedier and more personalised.

Segments Overview:

The Southeast Asia Web 3.0 market is segmented into archituecture, technology, application, and industry.

By Architecture
o Ethereum Blockchain
o Smart Contracts
o Ethereum Virtual Machine (EVM)
o Front End
o Services

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The Ethereum blockchain segment is likely to hold the highest growth rate of 51.1% over the forecast period.

By Technology
o Machine learning (ML)
o Big Data
o Artificial Intelligence
o Edge Computing (Highest CAGR: 62.6%)
o Decentralized Ledger Technology (DLT)
The big data segment held more than 45% of the market share in 2021.

By Application
o DeFi (Decentralised Finance)
o Non-fungible tokens ("NFTs")
o Others

The NFTs segment is likely to cross the mark of USD 3,600 million by 2030, in terms of revenue.

By Industry
o IT & Telecom
o Media and Entertainment
o Banking, Financial Services, and Insurance (BFSI)
o Healthcare and Pharmaceuticals
o Retail and Consumer Goods
o Others

The BFSI segment is projected to hold the revenue of more than USD 3,600 million from 2022 to 2030.

Regional Overview

The Southeast Asian market for web 3.0, on the basis of geography, is divided into Thailand, Indonesia, India, Vietnam, Malaysia, and rest of South-East Asia. The Indian market for Web 3.0 held the largest market share of more than 50% in 2021, with a revenue of USD 105.7 million.

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Competitive Landscape

The top players operating in the Southeast Asia web 3.0 market include Helium Systems Inc., Polkadot (Web3 Foundation), Ocean Protocol Foundation Ltd., Decentraland, Polygon, Tearra, ConsenSys, Biconomy, Bitpay, Brave, Huddle01, and others. the company, ConsenSys builds Ethereum blockchain infrastructure and applications ranging from developer tools to enterprise solutions. ConsenSys is an Ethereum software web3 company. ConsenSys enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Moreover, WIR Group in Indonesia expanded its online and offline presence, as well as creaed its metaverse, in April 2022. WIR Group went public on the Indonesian stock exchange, and one of its subsidiaries, AR&Co, focuses on implementing augmented reality projects in over 20 countries.

The Southeast Asia Web 3.0 market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Southeast Asia Web 3.0 market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various components used in the manufacturing of software
? Manufacturing Cost Analysis: Cost-share of various components
? The Future of Web 3.0 and the Metaverse

The Southeast Asia Web 3.0 market report answers questions such as:

? What is the market size and forecast of the Southeast Asia Web 3.0 market?
? What are the inhibiting factors and impact of COVID-19 on the Southeast Asia Web 3.0 market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Southeast Asia Web 3.0 market?
? What is the competitive strategic window for opportunities in the Southeast Asia Web 3.0 market?
? What are the technology trends and regulatory frameworks in the Southeast Asia Web 3.0 market?
? What is the market share of the leading players in the Southeast Asia Web 3.0 market?
? What modes and strategic moves are considered favorable for entering the Southeast Asia Web 3.0 market?

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