Future Market Insights have projected that the Web 3.0 Blockchain market will grow to an estimated valuation of USD $116.51 billion by 2033, with a strong CAGR of 44.9% over 2023-2033.
The market is currently valued at USD $2.86 billion, so the demand is expected to grow substantially.
Widespread adoption of Web 3.0 Blockchain technology for use in business settings, particularly in the realms of smart contracts, digital identity, documentation, and exchanges, is expected to spur the market’s expansion.
Cryptocurrency is also expected to have a large impact on the market’s growth. As countries work to legalise cryptocurrency in an effort to bring more players and foster innovation in their nations, the adoption of Web 3.0 cryptocurrency for transaction automation on the internet looks positive. Web 3.0 cryptocurrency trading, however, boasts superior advantages like decentralisation and expansion prospects.
Another area expected to aid the growth of the Web 3.0 Blockchain market is the fast pace of online and brick-and-mortar retail sales. In addition, the use of Web 3.0 cryptocurrencies as a means of automating online transactions is becoming increasingly popular.
The continued digitisation of daily life and widespread implementation of blockchain technology, especially as demand rises for 4G and 5G networks, will also assist the growth in the adoption of Web 3.0 Blockchain technology.
The widespread availability of public blockchain technology has needed to expand, especially considering the market’s primary customer base in 2021 was the public. Anyone with an internet connection can use it without any fees or requiring any special permissions, which has contributed to the sector’s expansion.
The retail and eCommerce sector is expected to be the fastest-increasing sector over 2023-2033. Rising consumer demand for Web 3.0 Blockchain technology is because of its many advantageous features, including lower prices, faster transactions, higher levels of security, and greater transparency.
Looking globally, the Asia Pacific region is expected to expand rapidly over 2023-2033. This growth in the adoption of Web 3.0 Blockchain technology is because of developments in 5G technology, AI and machine learning. In addition, investments in Web 3.0 research and development are also expected to rise, further contributing to expansion.
There has been a heavy reliance by companies that make up the demand for Web 3.0 Blockchain businesses on partnerships and collaborations. These joint ventures have been used to introduce new products and provide blockchain solutions to different sectors.
Companies have also worked with each other to pool their knowledge and resources to provide clients with comprehensive services. There has also been an effort to expand customer bases by companies by opening locations in different parts of the world.
Businesses in the blockchain industry are additionally attempting to incorporate cutting-edge technologies like blockchain and AI into their products and services in order to compete.