Driving Innovation: Key Drivers Shaping Web 3.0 Market Growth and Expansion

The Web 3.0 Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Web 3.0 Global Market Report 2024, 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.

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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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

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.

The web 3.0 market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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