Web 3.0 Blockchain Market Size, Share, and COVID-19 Impact Analysis, By Type (Public, Private, Consortium, Hybrid), By Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, Others), By End User (BFSI, E-Commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals, IT & Telecom, Others), and Regional Forecast, 2024-2032

Web 3.0, is the latest and the emerging phase of the evolution of the internet. Web 3.0 or Web 3, is based on the concept of creating a totally decentralized environment. This new technological dimension in leveraging Machine Learning and Artificial Intelligence enable computers to analyse data and also assist in the distribution of valuable content according to a user’s specific needs.

Web 3.0 is a democratized, new and improved, internet environment which will be open to any central authority. Using blockchain technology in Web 3.0 it transforms the use of the internet. People will be able to sell and purchase their digital content in the form of Non-fungible tokens (NFTs). Various uses of blockchain technologies like decentralized apps (DApps), smart contracts, will become more popular once Web 3.0 is widely accepted.

The Internet has been one of the most fast growing and transformative technologies. The number of Internet users increased from 69% of the world's population, or 4.9 billion people in 2022. Web 3.0 is the next evolution of the internet due to increase in demand of artificial intelligence, machine learning, blockchain technology, and virtual reality (VR) among the business and the people.

In addition, the rising adoption of web 3.0 in the marketing tool are fuelling the market growth. As technologists continue to develop new ways to interact with each other through online, Web 3.0 gives greater control over digital identities and information that has been shared online. For instance,

• In 2021, the rate of data breaches increased from USD 3.86 million to USD 4.24 million and is expected to increase in the upcoming years. In business and marketing, using of blockchain technologies can provide added security measures by recording, encrypting, and verifying blockchain transactions.


• Also in a study done by Forrester it was found that 69% of brands that spend over USD 1 million per month in ads stated that more than 20% of their budgets was lost due to digital ad fraud. Having a combination of accountability and transparency blockchain can reduce advertising fraud and help businesses achieve greater results for their digital spending.

Impact of COVID-19 on the Web 3.0 Blockchain market

The market has been negatively impacted due to the outbreak of COVID-19. These pandemic caused the global economic unstable with the huge disruptions of many sectors such as agriculture, supply chain, industry, insurance, and tourism, forcing governments to shut operations on a global scale.

However, the pandemic did not impact the IT sector. IT industry saw a stable revenue despite the pandemic, due to which it is expected to have a positive impact on the Web 3.0 blockchain industry. Web 3.0, has revolutionized the crypto landscape and the digital payment infrastructure. For instance,

• In 2021, National Library of medicine in their article mentioned that having blockchain solutions will support health care professionals to combat the COVID-19 pandemic by fast-tracking of drug delivery, enabling early detection of outbreaks, and providing a consent on the ordering of the COVID-19 data records.

Furthermore, the market is seeing opportunities in the currency exchange, social media service, messaging platforms, data storage, and browsing. Technology such as artificial intelligence, decentralized ledgers, and machine learning are expected to drive the industry’s growth owing to the technological improvements on the internet.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators.


• Drivers, Restraints, Trends, and Opportunities.


• Business Strategies Adopted by the Players.


• Impact of COVID-19 on 3D Semiconductor Packaging Market.


• Consolidated SWOT Analysis of Key Players.

Analysis by Application

Based on application, the market includes cryptocurrency, conversational AI, data & transaction storage, payments, smart contract. The cryptocurrency is expected to hold the largest share in the global web 3.0 blockchain market owing to the high-performance and interconnectivity features.

Developments in technological innovation, like automation and digitization, have led to the growing demand for high performance cryptocurrency transaction services among enterprises. Using of blockchain technology solutions in cryptocurrency by various players around the globe will help them to carry out their transactions efficiently and with high-performance. For instance,

• October 2022, cryptocurrency market cap at global has gained 0.83% or USD 947.48 billion, although it is still lesser than the USD 1 trillion mark. The total cryptocurrency market volume over the last 24 hours’ positions at USD 33.28 billion, marking a 1.86 % uptrend.

Regional Analysis

The global web 3.0 blockchain market is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. Middle East and Africa holds the largest share in the market owing advanced metaverse and blockchain ecosystem. For instance,

• In October 2022, Dubai set forth the new era of blockchain technology, by placing the nation at the Global Capital of Web 3.0 with its new metaverse and drafted regulatory framework and blockchain technology.


• Dubai Metaverse Strategy planned to target USD 4 billion of the country’s GDP in the coming five years that will offer over 40,000 virtual jobs in the metaverse and blockchain sectors by 2030.

Key Players Covered

The key players in the market include Intel Corporation, Web3 Foundation (Polkadot), Helium Systems Inc., Ocean Protocol Foundation Ltd., Kusama, Livepeer, Inc., Kadena LLC, Polygon technology, Terra, Biance, Antier Solutions and others.

Segmentation

Key Industry Developments

• September 2022: Heru Finance global platform providing opportunity to invest in Web 3.0 was launched in South East Asia and India markets on Monday. The platform with assets under management leverages deep technology and a team with a combined experience of 40 years are investing in Web3.0 and cryptocurrency.


• September 2022: Shemaroo a content distribution company entered into the Web 3.0 solutions space with a partnership of blockchain solutions provider Seracle. With this partnership, Shemaroo will extend entertainment for consumers with offerings ranging from (NFTs) to entertainment in the Metaverse and bridging the traditional fandom with the Web 3.0 environment.