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The Web 3.0 Market stood at USD 26.3 billion in 2023-e, and is projected to grow at a CAGR of 33.2% through 2030 to reach USD 195.7 billion. The emergence of blockchain technology, distributed ledger technology (DLT), and other decentralized systems is a fundamental driver of Web 3.0. These technologies provide a basis for creating trustless, transparent, and secure systems, enabling decentralized applications (DApps) and smart contracts. Web 3.0 technologies, particularly blockchain and smart contracts, provide opportunities for the development of decentralized financial systems. DeFi platforms enable peer-to-peer transactions, lending, borrowing, and trading without the need for traditional intermediaries.
Tokenization, automated transaction, decentralization, and trace & track are some of the major applications of Web 3.0. Tokenization is the process of converting rights to an asset into a digital token on a blockchain. These tokens can represent ownership, a stake in the asset, or some form of value. Tokenization has gained prominence across various industries, and it plays a significant role in the development of decentralized applications (DApps) and the broader Web 3.0 ecosystem.
Tokenization allows for fractional ownership, breaking down assets into smaller units. This enhances liquidity by enabling a larger pool of investors to participate in markets that may have been traditionally illiquid. Smart contracts, self-executing code on a blockchain, are often used in tokenization. They automate the enforcement of terms and conditions related to the token, such as the distribution of dividends or the execution of contractual agreements. Considering the benefits offered by Web 3.0 in tokenization, this application is estimated to grow at a substantial growth rate in the coming years.
Web 3.0 is increasingly used in BFSI, transport & logistics, retail & e-commerce, gaming, media & entertainment, and among others. Web 3.0 technologies have the potential to significantly impact the transport and logistics industry by introducing decentralized, interoperable, and automated solutions. Utilizing blockchain in Web 3.0 for supply chain management provides a transparent and trustless ledger. This ensures the authenticity and traceability of goods from manufacturing to delivery.
Web 3.0 can leverage the Internet of Things (IoT) to enhance real-time tracking and visibility of shipments. Sensors and devices can provide accurate and up-to-date information on the location and condition of goods in transit. Smart contracts can automate various processes in logistics, such as contract execution, delivery confirmation, and payment. This reduces the need for intermediaries and streamlines operations. As a result, the transport & logistics segment is expected to record significant market growth over the projected timeframe.
North America is estimated to show significant growth in the global Web 3.0 market. The growth of Web 3.0 in North America is driven by a combination of technological advancements, business trends, regulatory environment, and user adoption. North America has been a hub for blockchain and cryptocurrency innovation. The presence of numerous startups, blockchain projects, and investment in the crypto space contributes to the development of Web 3.0 technologies.
The availability of venture capital funding and investment in emerging technologies is a driving force behind Web 3.0 growth. Many startups working on decentralized technologies in North America attract substantial investment. These factors are expected to drive the market in the estimated timeframe.
Major players operating in the global Web 3.0 market are AMD, Apple, Binance, Block, Ethereum, IBM, Meta, NKN, NVIDIA, and Unity Software, among others. In addition, several prominent start-ups are working in the field of Web 3.0. Braintrust, Chainalysis, Chainlink, Coinbase, Consensys, Gemini, Helium, OpenSea, Polygon, and Ripple are the leading start-ups in the Web 3.0 market.
Major market players are adopting organic and inorganic strategies to expand their business. Some of the important developments in the recent past are mentioned below
- In December 2023, Block launched the self-custody Bitcoin wallet - Bitkey, in more than 95 countries across six continents, widening access to self-custody and empowering people around the world to truly own and manage their Bitcoin easily and safely.
- In October 2023, Chainlink Labs announced a strategic collaboration with the South Korean gaming powerhouse, Wemade, with the shared vision of transforming the landscape of Web 3.0 gaming.
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