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The Web 3.0 blockchain market is estimated to grow at a CAGR of 47.85% between 2022 and 2027. The market size is forecast to increase by USD 27,422.25 million. The growth of the market depends on several factors that play a crucial role in the market's growth, such as the growing investment in Web 3.0 blockchain, the growing support from the government to adopt Web 3.0 blockchain, and the increasing adoption of Web 3.0 blockchain among end-users.
This Web 3.0 blockchain market report extensively covers market segmentation by end-user (BFSI, government, healthcare, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The report also covers an in-depth analysis of drivers, trends, and challenges.
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One of the key factors driving the Web 3.0 blockchain market growth is the growing investment in Web 3.0 blockchain. There is an increase in investment in Web 3.0 blockchain technology. For example, in July 2023, Animoca Brands, a prominent metaverse gaming and venture capital company, invested USD 30 million in the Web 3.0 payment application and protocol HI. This protocol is essentially a Web 3.0 financial application that works on layer 2 Ethereum side chain hi Protocol.
In addition, in February 2023, the Blockchain Founders Fund raised USD 75 million. This fund is extensively utilized to promote Web 3.0 and blockchain technology usage. Hence, such investments in Web 3.0 blockchain technology are positively impacting the market. Therefore, it is expected to drive market growth during the forecast period.
A key factor shaping the Web 3.0 blockchain market growth is the new center ecosystem launched by market players. There is an increasing focus by prominent market players on different growth strategies including new launches, to expand their landscapes and garner large market shares. There is a significant presence of both international and local players in the Web 3.0 blockchain market.
Moreover, the launch of new center launches helps companies strengthen their offerings and improve diversification in supporting the end-users. For example, in May 2023, Crypsense and Africa Blockchain Center launched a Blockchain web 3.0 R&D lab. Additionally, the launch of House of Web 3.0 was announced by Seracle, a blockchain technology company. Hence, such product launches are expected to positively impact the market which, in turn, will drive the market growth during the forecast period.
System configuration concerns are one of the key challenges hindering the Web 3.0 blockchain market growth. There is an increasing requirement for the most up-to-date design of information, communication, and technology (ICT) infrastructure to apply web 3.0 blockchain solutions without any issues as it is the most cutting-edge distributed ledger management system. Several end-users in developing economies still depend on antiquated IT systems, which makes it challenging to make IT systems compatible with Web 3.0 blockchain technology.
Moreover, it is essential for networking systems to be compatible with the most recent network security standards in order to avoid instances of system hacking. As a result, there is a significant challenge for various enterprises in replacing legacy IT systems. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The BFSI segment is estimated to witness significant growth during the forecast period. There is increasing adoption of Web 3.0 blockchain across the BFSI segment for financial credit services such as credit lending and borrowing, securely verifying credit histories. Several investment banks extensively utilize tokens for securities, bonds, and other assets. For example, high-value physical assets, including diamonds or fine arts, are tokenized using NFTs, which are also enabled for trading.
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Additionally, in December 2022, the Digital Rupee-Retail segment was launched by the Reserve Bank of India (RBI) which is treated as the same level of currency. There is increasing implementation of blockchain in trade settlement, payments, reference data, and trade finance by several enterprises across the BFSI industry. For example, in July 2023, Animoca Brands partnered with Hi, a web 3.0 neo-banking app that features cryptocurrency exchange services and conventional digital banking, among others. Additionally, there is a growing adoption of metaverse by several banks to train their employee and interact with colleagues, thereby offering a strong bonding experience and an enhanced understanding of customer handling. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that significantly contribute to the growth of the global Web 3.0 blockchain market in North America the technological innovation and the strong regulatory environment that supports Web 3.0 blockchain development. In North America, one of the key industries that is the early adopter of Web 3.0 blockchain technology is the financial sector. For example, JP Morgan has been issuing NFTs to attendees of its first crypto economy forum since 2020. Additionally, North America has a saturated and robust financial market that has shown great inclination toward blockchain technology. Furthermore, there is a growing adoption of web 3.0 blockchain technology across healthcare, supply chain, and logistics. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global Web 3.0 blockchain market witnessed a significant slowdown due to the temporary closure of industries such as manufacturing travel, and hospitality in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of operations in the end-user industries. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alchemy Insights Inc: The company offers web 3.0 blockchain such as Alchemy Web3 SDK blockchain.
The research report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Web 3.0 blockchain market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Web 3.0 Blockchain Market Scope |
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Report Coverage |
Details |
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Page number |
131 |
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Base year |
2022 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 47.85% |
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Market growth 2023-2027 |
USD 27,422.25 million |
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Market structure |
Concentrated |
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YoY growth 2022-2023(%) |
42.48 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 40% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alchemy Insights Inc., Antier Solutions Pvt. Ltd., Binance Holdings Ltd., Coinbase Global Inc., Guardian Blockchain Labs Pte Ltd., Helium Systems Inc., Intel Corp., Kadena LLC, Messari Inc., Ocean Protocol Foundation Ltd., Polygon Labs, Protocol Labs, Silota Research and Development Inc., and Web 3.0 Technologies Foundation |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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