Web 3.0 Blockchain Market Size
Report SummaryThe global Web 3.0 blockchain market size was US$1.36 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 44.9% between 2022 and 2030.
The growth is driven by the increasing demand for privacy from Web 3.0’s decentralized identity and technological advances on the Internet. The rapid rise in popularity of digital assets such as cryptocurrencies coupled with the introduction of 5G and 6G technologies is expected to further contribute to growth. In addition, the increasing use of connected devices coupled with improved transaction processes further supports the growth of Web 3.0 Blockchain Industry.
Numerous gamers are specializing in growing Web three.zero structures to decorate operational scalability and versatility for customers. For instance, in February 2022, WazirX, a cryptocurrency trade platform, released a brand new Web three.zero platform called Shardeum to address the essential issues of scalability. Web three.zero is the higher net wherein web sites and programs are answerable for processing data in a humanoid manner. Web three.zero is specially evolved the use of blockchain generation and is powered with the aid of using cryptocurrencies. Such product launches are predicted to create rewarding increase possibilities for the enterprise all through the forecast period.
Technologies consisting of gadget learning, huge facts, and decentralized ledgers also are predicted to pressure the enterprise’s increase attributable to the technological upgrades at the net. The evolution of the net may be summarized in 3 stages. The first model of the net, referred to as Web 1, become broadly to be had to be used because the World Wide Web. It become made from static pages that had been linked with the aid of using hyperlinks. Users at that point had little scope for speaking with the programs because the content material manufacturing become withinside the early stages. In Web 2, humans should speak with virtual networks and generate the data required. Users should acquire data and ship facts lower back to the server to get hold of greater applicable facts and different user-generated inputs.
The evolution of Web three allowed customers to shop the data on a blockchain public ledger, which could be pushed with the aid of using synthetic intelligence and blockchain generation. The developing utilization of Web three.zero generation for lots commercial enterprise programs consisting of clever contracts, virtual identification, documentation, and exchanges is predicted to pressure the Web three.zero market’s increase.
Self-Sovereign Identity (SSI) is an powerful manner for virtual identification in Web three.zero. SSI is a way of identification that facilities the manipulate of data across the user. SSI gets rid of the want to shop the user’s non-public data absolutely on a crucial database and gives people higher manipulate over what data they share, safeguarding their privacy. Such blessings of SSI in Web three.zero is similarly predicted to aid the increase. The growing adoption of Web three.zero cryptocurrencies to automate transactions over the net is likewise predicted to pressure the enterprise’s increase. At the identical time, buying and selling cryptocurrencies in Web three.zero gives higher blessings, consisting of decentralization and increase potential. Moreover, it does now no longer require permission from the better authorities, that’s an extra advantage. Countries also are specializing in legalizing cryptocurrency legal guidelines to draw new gamers and make upgrades. For instance, in March 2022, Dubai installed the Dubai Virtual Assets Regulatory Authority law, which objectives to alter blockchain-primarily based totally assets.