Web 3.0 Blockchain Market - Technical Developments and a Change in Data Ownership from Businesses to Consumers are Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 41.6% from 2022 to 2028

Web 3.0 Blockchain
  • Web 3.0 Blockchain Market

As stated in our extensive research study report, the Global Web 3.0 Blockchain Market accounted forUSD 2.9 Billionin the year 2021. Web 3.0 is the next iteration or phase in the evolution of the internet. Internet Decentralization, transparency, and greater user usefulness are key themes in Web 3.0. Because block chain's most noticeable feature is decentralization, it's an excellent basis for web 3.0 development. Artificial intelligence (AI), machine learning (ML), and blockchain technology are the three primary foundations of Web 3.0 Blockchain technology. The Web 3.0 Blockchain focuses on personal data privacy and security by allowing users to save data in decentralized storage. Web 3.0 has changed the way humans and machines interact, enabling data sharing, Cryptocurrency payments, and fast ownership transfers.

Web 3.0 Blockchain technology empowers users to choose which data to share. With Web 3.0 Blockchain technology, the consumer has control over their data rather than a third-party provider. This control has made it more comfortable for users to take control of their data from third-party suppliers. The evolution of blockchain technology has been added as a result of this. Consumers are turning to Web 3.0 Blockchain to protect their data and decrease third-party vendor security and privacy issues as the concept of data ownership gains acceptance.

The Global Web 3.0 Blockchain Market will likely grow quickly throughout the forecast period. The market's expansion could be attributed to technical developments and a change in data ownership from businesses to consumers. The decentralized web, sometimes called Web 3.0, is the third generation of the internet that incorporates decentralized ledger technology (DLT), machine learning (ML), and Big Data. Users will have a better surfing experience and more efficient data analysis thanks to the Web 3.0 Blockchain.

Web 3.0 is a more dynamic and user-friendly version than earlier versions. In addition, leading government agencies are launching digitization initiatives to create a regulatory climate conducive to the use of Web 3.0 Blockchain. The market is further predicted to grow as data security concerns and company expenditures to enhance Web 3.0 Blockchain applications. Rapid urbanization, globalization, and digitalization have allowed consumers to use new technology and live more fulfilling lives. While boosting data interchange, blockchain technology gives computers human-like intelligence. As a result, organizations are turning to Web 3.0 Blockchain for better data security and privacy, which is expected to propel market growth.

North Americaholds the largest share in theWeb 3.0 Blockchain Marketand is expected to continue this trend in the forecast period. The market is relatively fragmented, especially in industrialized countries like the United Kingdom and Germany, due to many local participants. The amount of money invested by the world's largest venture capital companies in the infrastructure and knowledge that supports the blockchain and digital asset ecosystem is steadily increasing. Shortly, established IT corporations will likely make large investments in the market in the coming years.

Notable and prominent players in the Global Web 3.0 Blockchain Market include- Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd, Decentraland, Biance, Alchemy Insights Inc. and others.