A new report from Advance Market Analytics provides powerful insight into the future of the Global Web 3.0 Blockchain market, predicting that many of its advantages – such as anti-monopoly, better privacy, a secure network, data ownership, and interoperability – are expected to drive the market in the coming years.
“Technology is at the center of Web 3.0, allowing individuals to quickly and easily access related data,” the report states. “However, with the introduction of a decentralized network powered by Blockchain technology, which permits unmediated transactions, there is a renewed focus on Web 3.0 based on the blockchain's trustworthiness.”
In other words, the report explains, Web 3.0 is what's known as the ‘read-write-own’ web. “The user owns and participates in the ownership of the protocol in this case. It's peer-to-peer as well as machine-to-machine. It also applies to individuals, businesses, and self-contained entities.”
The report is based on a study that spans 2017-2027 and covers a detailed analysis segmented by various market indicators, including by:
- Application (Cryptocurrency, Conversational AI, Data Transaction & Storage, Payments, Smart Contract, etc.);
- Blockchain Type (Public, Private, Consortium, Hybrid);
- End-use (BFSI, Retail & E-commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom); and
- Players and Region
“The competition is expected to become even more intense in the years to come due to the entry of several new players in the market,” the report states. It also notes that there is a huge demand in the market due to wide application in various industry verticals that are triggering the market growth over the forecasted period.
According to their findings, Advance Market Analytics predicts that several players in the United States will contribute to the maximum growth of the Global Web 3.0 Blockchain market. Some of those leading players include:
- Helium Systems Inc. (the world's first peer to peer wireless network that provides a secure mechanism for IoT, or Internet of Things, devices to get their data from the field to the dashboard)
- QuikNode, Inc. (helps blockchain ecosystems scale by providing accessible core infrastructure)
- Alchemy Insights, Inc (offers infrastructure and developer tools which enables enterprises and developers to build applications on top of blockchain technology)
- The Dapp List Ltd (a multi-chain ecosystem for curating Web3 adoption, offering a community-governed platform that strives to increase adoption of the Web3 ecosystem)
- EthBlock.art (a web3 platform and circular economy where digital artists inspire creators and creators express their style as tangible art pieces)
- Decentology (the company behind Hyperverse, the open, composable smart contracts marketplace that makes it easy for developers to discover, build and monetize web3 applications)
Major players outside the U.S. include Web3 Foundation (Switzerland), Ocean Protocol Foundation Ltd. (Singapore), Alphawallet (Singapore), Iota (Germany) and Zel Technologies GmbH (Germany).
“Several companies such as Iota, and QuikNode, Inc are operating in the market to provide customers with better offers with various features and unique offerings as well as products and services,” the report states.
The report also notes that the market is expected to grow specifically in the E-Commerce industry because “it has wide applications in decentralized apps that run on the blockchain.”
Such findings are consistent with a variety of other studies pointing to the widespread adoption of Blockchain. For instance, another recent report from Future Market Insights forecasts that the Blockchain market is expected to grow at a 34.1 percent rate during the years 2022-2032, increasing from $4.9 billion in 2021 to $155 billion in 2032.