Web 3.0 market is anticipated to grow at a CAGR of 46.2% during the forecast period (2023-2030). Web 3.0 is not a particular technology but represents decentralization, blockchain technology, and user empowerment. Specifically, Web 3.0 focuses on shifting from a centralized to a decentralized system. It mainly uses blockchain technology to ensure the transparency, security, and immutability of transactions and data management. Apart from blockchain, cryptocurrencies, tokens, and smart contracts are integral components of the Web 3.0 ecosystem. Decentralized applications (dApps), operating without reliance on a central authority, also work on the principles of Web3. These applications are community-driven, open-source, and frequently employ smart contracts and tokens to provide services that span from financial activities to social networking. Web 3.0 provides users with more privacy, transparency, and flexibility which is one of the main factors of the growing Web 3.0 market.

Segmental Outlook 

The global Web 3.0 market is segmented by blockchain type, application, and end-user. Based on blockchain type the market is sub-segmented into the public, private, consortium, and hybrid blockchain type. Based on application, the market is sub-segmented into cryptocurrency, conversational Artificial Intelligence (AI), data and transaction storage, payments, and smart contracts. Based on end-user, the market is sub-segmented into Banking, Financial Services, and Insurance (BFSI), retail and e-commerce, media and entrainment, healthcare and pharmaceutical, Information Technology (IT), and telecommunications and gaming industry. 

Among end-users, web 3.0 is growing significantly in the gaming industry. Web 3.0 gaming is a decentralized gaming experience in which the control of gaming assets and decision-making across all layers of the gaming ecosystem or platform any centralized entity or authority. Considering features such as ownership and interoperability in games through blockchain or Non-Fungible Tokens (NFT), web 3.0 is getting popular in the gaming industry. It allows gamers to transfer across multiple games easily which gives players more control over activities. The Web 3.0 gaming environment also provides a decentralized experience, and more earning opportunities to gamers and also includes multiple technologies such as metaverse, blockchain, and Decentralized Autonomous Organization (DAO) which drive demand for Web 3.0-based gaming products in the market. Apart from these factors, the growing gaming industry, and increasing investments in web 3.0-based gaming products are also driving the growth of web 3.0 in the gaming industry. For instance, in February 2023, a Chennai-based startup named Kartos Studios raised $20 million from investors for web 3.0 gaming. According to the company, the company will focus on building DAO under the IndiGG brand and focus on investing in web 3.0 games globally. 

The Healthcare and Pharmaceutical Industry is Anticipated to Hold a Prominent Share of The Web 3.0 Services Market

The applications of Web 3.0 is expected to grow significantly in the healthcare and pharmaceutical industries. The usage of Web 3.0 can improve the healthcare ecosystem by making data management more efficient and patient care more personalized. It can give people control over their sensitive health data, improve data security, and encourage medical innovation. Although the Web 3.0 ecosystem is still at an early stage of development which presents multiple challenges and regulatory problems, the technological advancements and products and services are helping in the growth of Web 3.0 ecosystems in the healthcare industry. For instance, in June 2023, JennyCo, Inc., a healthcare data exchange platform powered by Web3 and AI, announced the launch of its utility token, $JCO. According to the company, $JCO is an ERC-20 token on the Polygon (MATIC) network and is available for purchase on MEXC exchange (CEX) and Uniswap (DEX). Apart from this, the overall healthcare and pharmaceuticals industry is also growing globally owing to factors such as growing disposable income and access to healthcare which is also driving demand for web 3.0-based solutions in the healthcare and pharmaceutical sector.

Regional Outlook

The global Web 3.0 market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, growing concerns about data privacy and security and the rising adoption of blockchain technology in the European region are driving demand for the Web 3.0 market. With growing demand, web 3.0 companies are also focusing on increasing their presence in the region. For instance, in September 2023, US-based crypto exchange Kraken secured authorizations in two leading European countries – Spain and Ireland. In Spain, the exchange received a virtual asset service provider (VASP) registration from the central bank. The registration allows Kraken to offer exchange and wallet custodial services to Spanish residents. In Ireland, it received an Electronic Money Institution (EMI) license from the central bank. The license allows it to expand Euro-to-crypto trading services to 27 European Union (EU) member states and European Economic Area countries.

Global Web 3.0 Market Growth by Region 2023-2030

The Asia-Pacific Region is Expected to Grow Significantly in the Global Web 3.0 Market

Among regions, the Web 3.0 market is expected to grow significantly in the Asia-Pacific region owing to factors such as the growing adoption of Web 3.0 technologies from end-user industries in the region such as BFSI, and gaming among others. For instance, in April 2023, open-source blockchain company Tezos India launched an NFT cricket game in partnership with GoLive Games. Also, growing penetration and affordability of the internet in the region, growth of end-user industries such as healthcare and pharmaceuticals, gaming, telecommunication, and information technology (IT) among others, and increasing awareness about data privacy and security is driving demand for the web 3.0 market.

Market Players Outlook

The major companies serving the global Web 3.0 market include Blockchain App Factory, Consensys Inc., Fueled, Infura, Inc., Ripple Web 3.0, Solana Foundation, and among others. To stay competitive, companies are adopting strategies such as collaboration, merger, and acquisition and focusing on product development. For instance, in July 2023, Mindler collaborated with HRX to launch a corporate experience program on metaverse and web 3.0 for students aged 15 to 22 years for upskilling in web 3.0 technologies such as metaverse marketing, blockchain, NFT and crypto, brand management, and social media marketing among others.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the Web 3.0 market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.