Northbrook, IL 60062 -- (SBWIRE) -- 10/27/2023 -- The global Web 3.0 Market size is projected to grow from USD 0.4 billion in 2023 to USD 5.5 billion by 2030, at a CAGR of 44.9% during the forecast period, according to research report by MarketsandMarkets™.

Web 3.0 signifies a profound shift toward a more decentralized and democratic Internet ecosystem. It has emerged as a prominent buzzword, reflecting the growing interest in restructuring online interactions. Unlike the current internet, Web 3.0 envisions a landscape where power and control are distributed among users through technologies such as blockchain and decentralized autonomous organizations (DAOs). This concept fosters greater individual agency and ownership of digital assets, challenging traditional centralized models. As Web 3.0 continues to gain traction, it promises to reshape online interactions, enabling a more equitable and user-centric internet experience.

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Decentralized applications to account for the largest market during the forecast period.

Based on the application layer, the decentralized applications are anticipated to hold for largest market during the forecast period. Decentralized application (DApps) emphasize their foundation on decentralized networks and the role of blockchain, with Ethereum being a notable platform for DApp development. This technology allows for secure and transparent data processing and transaction execution.

Blockchain protocol to account for higher CAGR during the forecast period.

Based on the protocol layer, the blockchain protocol is anticipated to hold the highest CAGR during the forecast period. Blockchain protocols use cryptographic techniques to create decentralized, tamper-proof ledgers, with consensus mechanisms such as PoW or PoS for validation. This technology ensures data immutability and transparency, supporting applications such as cryptocurrencies and smart contracts. Blockchain's decentralized nature enhances trust and security, making it a key component of Web 3.0's technical infrastructure.

Asia Pacific to exhibit the highest CAGR during the forecast period.

The CAGR of Asia Pacific is estimated to be highest during the forecast period. Web 3.0 holds transformative potential for the Asia-Pacific region. Its decentralized, AI-driven features offer financial inclusion through blockchain and DeFi. In the supply chain, it enhances transparency and safety. Additionally, user-generated content and advanced tech can personalize digital experiences. However, regulatory and cybersecurity challenges must be addressed. As the Asia-Pacific adapts to these innovations, Web 3.0 is set to drive economic growth and innovation across sectors.

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Major vendors in the global Web 3.0 market are IBM (US), AWS (US), Oracle (US), Coinbase (US), Fujitsu (Japan), Huawei Cloud (China), NTT DOCOMO (Japan), Chainanlysis (US), Ripple Labs (US), Consensys (US), Gemini (US), Binance (Malta), Ocean Protocol Foundation (Singapore), Helium Foundation (US), KUSAMA (Switzerland), Crypto.com (Singapore), Biconomy (Singapore), MakerDAO (US), Chainlink (Cayman Island), Web3 Foundation (Switzerland), HighStreet (US), PARFIN (UK), Ava Labs (US), Pinata (US), Covalent (Canada), Polygon Technology (Cayman Islands), Alchemy Insights (US), Decentraland (China), DAOstack (Israel), Kadena LLC (US), Sapien (US), Storj (US), and Brave (US).

Key Dynamic Factors For Web 3.0 Market:

Blockchain Technology and Decentralisation: Web 3.0 is built on decentralised technology like blockchain. Peer-to-peer interactions, security, and trust are made possible by these technologies and are crucial for the development of decentralised apps (dApps) and services.

Web 3.0 places a strong emphasis on interoperability between various services and applications. This implies that functionality and data can coexist peacefully even if they are created using various platforms or technologies.

Semantic Data: Information in Web 3.0 is machine-readable in addition to human-readable. More intelligent applications are made possible by the improved context and meaning extraction made possible by this semantic data.

Artificial Intelligence (AI): AI and machine learning are key components of Web 3.0 because they enable individualised user experiences and the extraction of meaning from the massive amount of data that is accessible.

Smart contracts are self-executing agreements that have the terms encoded directly into the code. They are essential to Web 3.0 because they automate contracts and transactions.

Privacy and Security: Users now have more control over who may access their data and how it is used because to Web 3.0's improved privacy-focused technologies, which were pushed for due to worries about data security and privacy.

Data Ownership and Control: One goal of Web 3.0 is to give individuals more power over data ownership and control, taking it away from centralised platforms. This is frequently linked to the concept of identity that is self-governing.

Decentralised Identity: By reducing dependency on centralised platforms, decentralised identification systems provide users more autonomy over their digital identities.

Competitive and Segmentation Analysis:

The Web 3.0 market is characterised by a wide range of cutting-edge firms and developing technologies, creating a dynamic and competitive marketplace. In this context, competitive analysis entails evaluating how various businesses and initiatives are positioned in relation to important domains like data interoperability, blockchain, AI integration, and decentralised applications (dApps). In this dynamic economy, established tech giants are competing with startups and decentralised platforms for supremacy.

The Web 3.0 industry is segmented in many ways. It can be divided into groups according to user segments, applications, and technological components. Technologically, the segments comprise decentralised identity providers, blockchain-based platforms, AI-driven services, and smart contract solutions. Applications-wise, it covers a broad range of industries, including supply chain management, healthcare, metaverse development, and decentralised finance (DeFi) and NFT markets. Additionally, user segments include both individual users who want control over their data and privacy and businesses who integrate Web 3.0 technology into their processes to build trust and efficiency. The Web 3.0 market's segmentation demonstrates its adaptability to a wide range of requirements and use cases, which supports the industry's ongoing development and innovation.

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