The Web 3.0 Blockchain 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 Blockchain Global Market Report 2024, The web 3.0 blockchain market size has grown exponentially in recent years. It will grow from $3.25 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 42.8%. The growth in the historic period can be attributed to decentralization push, smart contracts surge, interoperability challenges, scalability issues, defi revolution, regulatory exploration.
The web 3.0 blockchain market size is expected to see exponential growth in the next few years. It will grow to $19.2 billion in 2028 at a compound annual growth rate (CAGR) of 42.6%. The growth in the forecast period can be attributed to mass adoption initiatives, advanced interoperability, next-gen smart contracts, scalability breakthroughs, innovation in privacy. Major trends in the forecast period include decentralized finance (defi) , non-fungible tokens (nfts) , interoperability solutions, enterprise blockchain, defi maturation.
The rapid adoption of 5G and 6G networks is expected to propel the growth of the web 3.0 blockchain market going forward. 6G is classified as the sixth-generation mobile network and the successor of 5G. The sixth-generation network have better speed, high-level data processing, seamless connectivity, and much lower latency than the fifth-generation network as operate at higher frequencies. The high-speed connectivity and low latency offered by 5G and 6G networks enhance the performance of blockchain networks within the Web 3.0 ecosystem. For instance, in April 2023, according to 5G Americas, a US-based wireless industry trade organization that represents 5G mobile networks and wireless technology in the Americas, 5G wireless connections increased by 76% to reach 1.05 billion from 2021 to 2022. Further, it is expected to reach 1.9 billion by the end of 2023 and 5.9 billion by 2027. North America is projected to have 215 million 5G connections by the end of 2023. Therefore, the rapid adoption of 5G and 6G networks is driving the growth of the web 3.0 blockchain market.
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The web 3.0 blockchain market covered in this report is segmented –
1) By Type: Public, Private, Consortium, Hybrid
2) By Application: Cryptocurrency, Conversational AI, Data And Transaction Storage, Payments, Smart Contracts, Other Applications
3) By End-User: Banking, Financial Services And Insurance (BFSI), Retail And E-commerce, Media And Entertainment, Pharmaceuticals, IT And Telecom, Other End Users
Technological advancements are a key trend gaining popularity in the Web 3.0 blockchain market. Major companies operating in the Web 3.0 blockchain market are adopting new technologies in their products to sustain their position in the market. For instance, in February 2022, WazirX, a cryptocurrency exchange platform, launched a new Web 3.0 platform called Shardeum to address the basic issues of scalability. Shardeum is an EVM-based, linearly scalable smart contract platform that maintains true decentralization and solid security through dynamic state sharding.
The web 3.0 blockchain market report table of contents includes:
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