According to a recent research report published by MarkNtel Advisors, the Global Web 3.0 Market is set to register more than 50% CAGR during 2023-28. The mounting demand for enhanced data privacy, technological advancements in the internet, the rising popularity of cryptocurrencies, and the rapidly increasing deployment of the 5G are the major factors projected to drive the market in the forecast years.
The advent of blockchain technology has revolutionized internet usage by enabling users to sell, purchase, own, and earn profits by converting their digital assets into NFTs (Non-Fungible Tokens). Web 3.0 aids in zero-knowledge proofs and provides more secure personal data to be used in the digital infrastructure while supporting peer-to-peer digital financial transactions.
Unlike previous versions, Web 3.0 comes with a better user interface in terms of personalized content and speech & voice recognition features, facilitates real-time communication, and enhanced transparency. Moreover, the extensive applicability provided by cryptocurrency & conversational AI in data & transaction storage and payments is another prominent aspect expected to propel the market expansion in the coming years.
Mounting Demand for Public Networks to Boost the Web 3.0 Market
Public networks are decentralized and have extensive accessibility features that allow users to enter the chain without having to get authorized by some regulating entity. Besides, these networks are more secure since they remain unedited, which is why cryptocurrencies like Bitcoin, Ethereum, Dogecoin, & Litecoin, have gained immense popularity in recent years. Governments, especially in developed countries, are actively promoting the adoption of blockchain technology in numerous applications owing to its transparency & openness. Hence, these trends are playing a crucial role in amplifying the demand for public blockchain and, consequently, stimulating the Web 3.0 market expansion globally.
North America is set to dominate the Market with the Largest Share
North America is witnessing substantial funding in cryptocurrencies, and different sectors like retail, government, & BFSI are increasingly adopting blockchain technology. Even several investors that were hesitant formerly are now relying on these decentralized technologies. Hence, they are heavily investing in blockchain technology required by digital identity detection solutions, smart contracts, payment & wallet solutions. Additionally, the extensive presence of technology providers and well-established Web 3.0 development centers, especially in the US, is another prominent aspect contributing to the regional market expansion.
The key companies in the Web 3.0 Market include Filecoin, Helium Systems Inc., Kadena LLC, Kusama, Livepeer, Inc., Ocean Protocol Foundation Ltd., Polygon Technology, Terra, Web 3 Foundation, and Zel Technologies Ltd.
Key Questions Answered in the Research Study: