Web 3.0 Global Market Report 2024 - By Demand, Size, Share, Drivers, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Web 3.0 Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $16.3 billion In 2028 At A CAGR Of 38.5% :
The Web 3.0 market size has grown exponentially in recent years. It will grow from $3.19 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 38.8%. The growth in the historic period can be attributed to data ownership and privacy concerns, interoperability, smart contracts, user-centric experience, blockchain and cryptocurrency adoption, evolution of the internet of things (IoT) and smart devices.

The Web 3.0 market size is expected to see exponential growth in the next few years. It will grow to $16.3 billion in 2028 at a compound annual growth rate (CAGR) of 38.5%. The growth in the forecast period can be attributed to mass adoption, scalability solutions, integration with traditional systems, token economy development, regulatory landscape, rising need for decentralized technology and applications. Major trends in the forecast period include technological advancements, developer innovation, cross-chain collaboration, edge computing and improved speed, tokenization and crypto economics.

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Web 3.0 Market Major Segments
The web 3.0 market covered in this report is segmented -
1) By Type: Public, Consortium, Private, Hybrid
2) By Application: Cryptocurrency, Smart Contracts, Conversational AI, Payments, Data And Transaction Storage, Other Applications
3) By End-Use: Banking Financial Services And Insurance, IT And Telecom, Retail And E-commerce, Pharmaceuticals, Media And Entertainment, Other End User

Key Driver - Explosive Growth in IoT and Smart Devices Propels Web 3.0 Market Expansion
The evolution of the Internet of Things (IoT) and smart devices is expected to propel the growth of the Web 3.0 market going forward. The Internet of Things (IoT) refers to a network of interconnected physical devices, while smart devices, on the other hand, are individual objects or systems that are enhanced with computing and communication capabilities. The integration of IoT and smart devices using Web 3.0 enhances connectivity, data utilization, automation, and user experiences, contributing to a more intelligent, decentralized, and responsive web environment. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion in 2025. Further, in March 2023, according to a report published by Cybercrew, a UK-based developing and providing cybersecurity solutions for businesses of all sizes, the percentage of UK households using smartphones reached 91.43% in 2021, and this percentage is projected to increase to 93.8% in 2026. The evolution of the Internet of Things (IoT) and smart devices is driving the growth of the Web 3.0 market.

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Prominent Trend - Shardeum Emerges as a Pioneer Addressing Scalability and Security Challenges
Major companies operating in the Web 3.0 market are focusing on innovative advancements, such as Shardeum, a new Web 3.0 platform, due to the significant growth and potential of the Web 3.0 market. Web 3.0 is the third generation of the World Wide Web. It is characterized by its decentralized, open, and immersive nature, built on top of blockchain technologies and developments in the semantic web. For instance, in February 2022, Wazir X, an India-based Bitcoin and cryptocurrency exchange company, launched a new Web 3.0 platform called Shardeum, which is designed to address scaling issues. This platform is built to leverage the capabilities of Web 3.0, which offers enhanced data security, privacy, and more human-like interaction. One of the key advantages of Web 3.0 technology is that end users can take full ownership of their data. Additionally, these features position Shardeum as a promising Web 3.0 platform, offering solutions to scalability, decentralization, and security challenges while catering to a wide range of use cases and providing a developer-friendly environment.

Web 3.0 Market Players
Major companies operating in the web 3.0 market report are Huawei Services Co. Limited, Aamzon Web Services, International Business Machines, NTT Docomo Inc., Oracle Corp., Fijitsu Ltd., Binance Holdings Ltd., Coinbase Global Inc., Ripple Labs Inc., Consensys Inc., Polygon Labs, Alchemy Insights Inc., Sygnum Bank AG, Terra Networks SA, Zel Technologies Limited, Decentraland, Okcoin USA Inc., ChainAnalysis Inc., Ava Labs Inc., Protocol Labs Inc., Ocean Protocol Foundation Ltd., Helium Systems Inc., Yayoi Kusama, Kadena LLC, Crypto.Com

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Largest And Fastest Growing Region In The Market
North America was the largest region in the web 3.0 market in 2023. The regions covered in the web 3.0 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Web 3.0 Market Report Structure
3. Web 3.0 Market Trends And Strategies
4. Web 3.0 Market - Macro Economic Scenario
5. Web 3.0 Market Size And Growth
…..
27. Web 3.0 Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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