Global Web 3.0 Blockchain Market in the Growth Trajectory Phase By CIOTechOutlook Team

Global Web 3.0 Blockchain Market in the Growth Trajectory Phase

CIOTechOutlook Team | Friday, 24 November 2023, 12:11 IST

The Global Web 3.0 Blockchain Market is expected to grow at a compound annual growth rate (CAGR) of 43.6% from USD 1.82 billion in 2022 to USD 67.92 billion by 2032. It is a digital paradigm shift that includes sophisticated internet technologies as well as decentralized blockchain platforms. Web 3.0, often known as the "Semantic Web," aspires to build a more intelligent, interconnected, and user-centered online environment.

The primary goal of Web 3.0 is to use blockchain technology to enable seamless data sharing, interoperability, and improved user experiences. The market for Web 3.0 blockchain solutions is defined by the incorporation of decentralized principles into various industries such as finance, supply chain, healthcare, and others, as per Spherical Insights

Web 3.0, unlike its predecessors, uses blockchain's inherent features, such as openness, security, and immutability, to enable trustless interactions and reinvent established business structures. Decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized identification, and other applications are included in this market. For non-technical users, dealing with blockchain apps and decentralized platforms may be difficult and challenging. Wallet management, private key security, and transaction processes might be difficult to understand, thereby restricting wider adoption.

Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, and Others are the application segments of the worldwide web 3.0 blockchain market. In 2022, the cryptocurrency category accounted for the majority of the worldwide web 3.0 blockchain market. Bitcoin, Ethereum, and other cryptocurrencies are becoming increasingly popular as digital assets, value storage, and vehicles of exchange. Cryptocurrencies employ the security and transparency of blockchain to enable peer-to-peer transactions without the use of middlemen.