The global web 3.0 market is anticipated to reach USD 33.53 billion by 2030. The market is expected to expand at a CAGR of 49.3% during the forecast period, according to a new report by Grand View Research, Inc. The ability of Web 3.0 to authorize the users to use the decentralized blockchain technology for accessing the decentralized applications is the major factor driving the market growth. Web 3.0 provides perception based on the users’ search content and allows them to control their data on websites.
Web 3.0 technology is also used in social network platforms that aim to improve the customer experience, such as how customers communicate, interact and form communities. Rising investments in Web 3.0 blockchain technology to expand its application is a significant factor driving the growth of the industry. For instance, according to the statistics of Venture Intelligence, a financial analysis company, Web 3.0 and crypto startups have raised more than USD 1 billion in funding across 43 deals in the first six months of 2022.
Numerous companies across the globe are also focusing on launching Web 3.0 practices to help startups scale their businesses and develop innovative solutions. For instance, in July 2022, KiwiTech, an innovation ecosystem company, launched a Web 3.0 Center of Excellence service to empower the next-generation blockchain innovations for startup companies. Such a launch of services is expected to create lucrative growth opportunities for the market during the forecast period.
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The public segment dominated the market in 2023. The growth of the segment can be attributed to the increased demand for public blockchain technology owing to the free, secure, and permissionless accessibility to anyone with internet access.
The cryptocurrency segment dominated the market in 2023. Enterprises are increasingly in need of high-performance cryptocurrency transaction services. Web 3.0 cryptocurrencies use blockchain and smart contracts to automate transactions and eliminate the need for a third-party entity which is anticipated to support the segment's growth.
The retail & e-commerce segment is anticipated to register the fastest growth over the forecast period. Increasing demand for Web 3.0 blockchain in retail & e-commerce owing to benefits such as reduced costs, faster payments, improved security, and increased transparency is expected to fuel the segment's growth.
The Asia Pacific regional market is anticipated to emerge as the fastest-growing market during the projection period. The increasing advancements in 5G, artificial intelligence, and machine learning is the major factor driving the growth of the Asia Pacific region. Moreover, growing investments in research & development of Web 3.0 is anticipated to aid the growth.
In June 2023, SailGP, an international sailing competition extended its partnership agreement for additional three years with Oracle Corporation. ‘The Dock’, a Web 3.0-integrated fan loyalty programme will be powered by Oracle Customer Experience (OCX).
Grand View Research has segmented the global Web 3.0 market on the basis of blockchain type, application, end use, and region:
Web 3.0 Blockchain Type Outlook (Revenue, USD Million; 2019 - 2030)
Web 3.0 Application Outlook (Revenue, USD Million; 2019 - 2030)
Data & Transaction Storage
Web 3.0 End Use Outlook (Revenue, USD Million; 2019 - 2030)
Retail & E-commerce
Media & Entertainment
IT & Telecom
Web 3.0 Regional Outlook (Revenue, USD Million; 2019 - 2030)
List of Key Players in the Web 3.0 Market
Web3 Foundation (Polkadot)
Helium Systems, Inc.
Ocean Protocol Foundation Ltd.
Zel Technologies Limited.
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