Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Web 3.0 Market by Technology Stack (Infrastructure Layer, Protocol Layer, Utility Layer (CDNs, DEXs, Cryptocurrency), Service Layer (NFTs, DECs), Application Layer (DApps, DeFi, Smart Contract, DAOs), Vertical and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for Web 3.0 is projected to grow from USD 0.4 billion in 2023 to USD 5.5 billion by 2030, at a CAGR of 44.9% during the forecast period. Web 3.0, driven by decentralized blockchain technology, promises a revolutionary internet experience.
Market Dynamics
- Drivers
- Rising Adoption of Blockchain Technologies
- Demand for Secure and Transparent Digital Transactions
- Need for Decentralized Technology and Applications
- Restraints
- Extensive Regulatory Scrutiny and Evolving Regulatory Perspectives
- High Demand for Security
- Opportunities
- Rising Adoption of Web 3.0 Technology Across Business Applications
- Ability to Offer Increased Transparency
- Challenges
- Lack of Awareness
- Limited Scalability of Blockchain Technology
The market study covers Web 3.0 across various segments. It aims to estimate the market size and the growth potential across different segments, such as technology stack, infrastructure layer, protocol layer, utility layer, service layer, application layer, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The healthcare & life sciences vertical is projected to hold the largest CAGR during the forecast period
The growth of Web 3.0 in healthcare and life sciences is poised to revolutionize these industries. Web 3.0 technologies, including blockchain, smart contracts, and decentralized data sharing, promise enhanced security, interoperability, and patient-centric care. From secure health records to decentralized clinical trials and drug discovery, the convergence of cutting-edge technologies is unlocking new potentials, improving data management, and ultimately shaping the future of healthcare and life sciences.
Among infrastructure layer, computing to account for the largest market during the forecast period
Web 3.0's infrastructure layer embraces a diverse range of computing innovations. Decentralized computing, and edge computing play pivotal roles in this transformation. These technologies ensure data processing efficiency, low latency, and robust security. They serve as the backbone for the dynamic and interconnected digital ecosystem of Web 3.0, supporting decentralized applications, artificial intelligence, and the Internet of Things, among other advancements.
Among service layer, the non-fungible tokens are anticipated to account for the largest market share during the forecast period
Non-fungible tokens (NFTs) are a cornerstone of Web 3.0's services layer, enabling unique digital asset ownership and provenance verification. NFTs, built on blockchain technology, provide a secure and decentralized way to represent ownership of digital art, collectibles, virtual real estate, and more. It offers creators new monetization opportunities and users the ability to truly own and trade digital assets, revolutionizing the digital economy and content creation.
North America to account for the largest market size during the forecast period
Web 3.0 is experiencing robust growth in North America. The region is witnessing widespread adoption of blockchain technology, cryptocurrencies, and decentralized applications. Projects related to decentralized finance (DeFi), digital identity, and NFTs are thriving. Additionally, major tech hubs are fostering innovation in this domain. Regulatory developments and increased investments are further propelling the expansion of Web 3.0, positioning North America as a key player in the evolving decentralized digital landscape.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 335 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $0.4 Billion |
| Forecasted Market Value (USD) by 2030 | $5.5 Billion |
| Compound Annual Growth Rate | 44.9% |
| Regions Covered | Global |
Case Study Analysis
- IT
- Openzeppelin Leverages Infura to Reduce the Overhead of Maintaining and Managing Nodes
- BFSI
- Ripple Labs Helped Novatti to Make Cross-Border Payments Fast and Secure
- Alchemy Helped Zerion Improve Reliability, Scalability, and Performance of Its Digital Asset Wallet and API
- Telecommunication
- Web3 Labs Helps Vodafone Eliminate Identity Management Vulnerabilities
- Media & Entertainment
- Alchemy Enables Royal to Enhance Performance and Scalability
Technology Analysis
- Key Technologies
- Blockchain
- AI
- Cloud Computing
- Big Data and Analytics
- AR/VR
- Adjacent Technologies
- 5G
- IoT
- Digital Twins
Pricing Model Analysis
- Indicative Pricing Analysis, by Platform
- Average Selling Price Trend of Key Players
Patent Analysis
- Methodology
- Document Type
- Innovation and Patent Applications
- Top Applicants
Companies Profiled
- Alchemy Insights
- Ava Labs
- AWS
- Biconomy
- Binance
- Brave
- Chainalysis
- Chainlink
- Coinbase
- Consensys
- Covalent
- Crypto.com
- DAOstack
- Decentraland
- Fujitsu
- Gemini
- Helium Foundation
- Highstreet
- Huawei Cloud
- IBM
- Kadena LLC
- Kusama
- MakerDAO
- NTT Docomo
- Ocean Protocol Foundation
- Oracle
- Parfin
- Pinata
- Polygon Technology
- Ripple Labs
- Sapien
- Storj
- Web3 Foundation
For more information about this report visit https://www.researchandmarkets.com/r/hbv0ij
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