Web 3.0 Market
The global Web 3.0 blockchain market size was USD 1.36 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 44.9% from 2022 to 2030. The growth can be attributed to the rising demand for data privacy through the decentralized identity of Web 3.0 and the technological advancements in the internet. The rapid rise in the popularity of digital assets such as cryptocurrencies, along with the deployment of the 5G and 6G technologies, is further expected to contribute to the growth. Furthermore, the growing usage of connected devices, along with the improved transaction processes, are further supporting the growth of the Web 3.0 blockchain industry.
Blockchain Type Insights
The public segment accounted for the largest revenue share of more than 56.0% in 2021. The ability of the public blockchain networks to allow users worldwide to participate in the network without any restrictions is a major factor driving the segment’s growth. In a public blockchain, users worldwide can join the network, read, write and participate in the blockchain. Moreover, public blockchain offers high security, an open environment, total transparency, decentralization, and better distribution.
The hybrid segment is anticipated to register significant growth during the forecast period. The ability of the hybrid segment to offer permission-based and permissionless systems is a significant factor driving the growth of the segment. A hybrid blockchain is a combination of both public, and private blockchain where some part is controlled by the organization and others are made visible via the blockchain. Moreover, a hybrid blockchain offers the ability of the user to access information through smart contracts.
Application Insights
The cryptocurrency segment accounted for a revenue share of more than 25.0% in 2021. Rapid advancements in technological innovation, including digitization and automation, have led to the growing demand for highperformance cryptocurrency transaction services among enterprises. Hence to cope with the need for highperformance cryptocurrency transactions, several players across the globe are using blockchain technology solutions in cryptocurrency to carry out their transactions efficiently. The aforementioned factors are expected to drive segment growth.
The smart contracts segment is anticipated to register significant growth during the forecast period. The unchangeable, traceable, and secure smart contracts created using Web 3.0 blockchain technology make a more open and collaborative work environment. As a result of these inherent properties, smart contracts are more likely to expand, and more businesses would be able to cut costs and facilitate faster and safe transactions. Such factors bode well for the growth of the segment.
End-use Insights
The BFSI segment accounted for the largest revenue share of more than 33.0% in 2021. The increasing demand for Web 3.0 blockchain for scalability, better transaction speed, and reduced processing costs in the banking and finance sector is a major factor driving the segment growth. Additionally, transactions enabled by Web 3.0 blockchain technology eliminate the need for third-party payment gateways to allow faster financial communications. Moreover, Web 3.0 also enables insurance companies to maintain decentralized data, thus preventing cybercrimes.
Last modified 8mo ago