Web 3.0 Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Web 3.0 refers to the next generation of the World Wide Web and is often associated with the evolution of the Internet. It represents a vision for a more intelligent, decentralized, and user-centric web experience. It brings forth a range of potential benefits that could reshape the digital landscape.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry 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

The web 3.0 market report table of contents includes:

1. Executive Summar
2. Web 3.0 Market Characteristics
3. Web 3.0 Market Trends And Strategies
4. Web 3.0 Market – Macro Economic Scenario
5. Global Web 3.0 Market Size and Growth

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32. Global Web 3.0 Market Competitive Benchmarking

33. Global Web 3.0 Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Web 3.0 Market

35. Web 3.0 Market Future Outlook and Potential Analysis

36. Appendix

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