Web 3.0 Global Market Report 2024

The Web 3 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 expansion during the historical period can be credited to concerns regarding data ownership and privacy, interoperability, the implementation of smart contracts, a user-centric approach, the adoption of blockchain and cryptocurrency, as well as the development of the Internet of Things (IoT) and smart devices.

The Web 3 market size is expected to see exponential growth in the next few years. It will grow to $16.3 billion in 2028 at a compound annual growth rate (CAGR) of 38.5%. The increase anticipated during the forecast period stems from widespread adoption, scalability solutions, integration with conventional systems, the evolution of token economies, regulatory dynamics, and the escalating demand for decentralized technologies and applications. Key trends expected in this period comprise technological advancements, developer creativity, cross-chain partnerships, edge computing enhancements, accelerated transaction speeds, tokenization, and developments in crypto economics.

The advancement of the Internet of Things (IoT) and smart devices is anticipated to drive the expansion of the Web 3 market in the future. IoT denotes a network of interconnected physical devices, while smart devices are individual objects or systems augmented with computing and communication capabilities. The fusion of IoT and smart devices through Web 3 amplifies connectivity, data utilization, automation, and user experiences, fostering a more intelligent, decentralized, and responsive web ecosystem. For example, in August 2022, Akamai Technologies Inc., a US-based internet company, predicted IoT connections to surge from 15.1 billion in 2021 to 23.3 billion by 2025. Additionally, a March 2023 report by Cybercrew, a UK-based cybersecurity solutions provider, highlighted that the percentage of UK households using smartphones rose to 91.43% in 2021, with projections indicating an increase to 93.8% by 2026. Hence, the evolution of IoT and smart devices is propelling the Web 3 market's growth.

Prominent players in the Web 3 market are concentrating on pioneering advancements, exemplified by Shardeum, a novel Web 3 platform, driven by the remarkable growth and potential within this domain. Web 3 represents the third iteration of the World Wide Web, characterized by decentralization, openness, and immersion, underpinned by blockchain technologies and advancements in the semantic web. Notably, in February 2022, Wazir X, an Indian Bitcoin and cryptocurrency exchange company, introduced Shardeum, a Web 3 platform aimed at tackling scalability issues. Leveraging the capabilities of Web 3.0, Shardeum promises heightened data security, privacy, and more intuitive interaction. A key advantage of Web 3 lies in end users gaining complete ownership of their data. Furthermore, these attributes position Shardeum as a promising Web 3 platform, addressing challenges related to scalability, decentralization, and security, while catering to diverse use cases and fostering a developer-friendly ecosystem.

In December 2022, Orange Comet, a content creation company headquartered in the United States, completed the acquisition of Mint State Labs for an undisclosed sum. This acquisition aligns with Orange Comet's objective of pioneering premium content in the Web3 domain, leveraging distributed and blockchain-driven experiences, and enhancing its expertise in design, gaming, and associated blockchain technologies. Mint State Labs, a US-based operator of a Web3 gaming firm, specializes in providing creators with tools to construct Web3-enabled virtual economies within their games.

Major companies operating in the web 3 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.

North America was the largest region in the web 3 market in 2023. The regions covered in the web 3 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the web 3 market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Web 3.0, the forthcoming iteration of the World Wide Web, signifies the evolution of the Internet towards a more intelligent, decentralized, and user-centric experience. This transformation promises a plethora of potential advantages that could revolutionize the digital landscape.

The primary classifications of web 3 encompass public, consortium, private, and hybrid models. Public web 3 typically emphasizes openness, accessibility, and broad community involvement. Its applications span various domains, including cryptocurrency, smart contracts, conversational AI, payments, data and transaction storage, among others. End-users across sectors such as banking, financial services, insurance, IT and telecom, retail and e-commerce, pharmaceuticals, media and entertainment, among others, stand to benefit from these advancements.

The web 3 market research report is one of a series of new reports that provides web 3 market statistics, including web 3 industry global market size, regional shares, competitors with a web 3 market share, detailed web 3 market segments, market trends and opportunities, and any further data you may need to thrive in the web 3 industry. This web 3 market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The web 3 market includes revenues earned by entities by providing services such as blockchain-based identity services, decentralized finance, tokenization platforms, and authentication, privacy, and security solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The Web 3 market consists of sales of tamper-proof modules, encryption chips, IoT devices, and decentralized storage systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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