Web 3.0 Market Report 2024 (Global Edition)

Global Web 3.0 Market Report 2024 Market Size Split by Type (Public, Private, Consortium, Hybrid), by Application (Conversational AI, Data & Transaction Storage, Cryptocurrency, Payments, Smart Contra...

Web 3.0 Market Report Description

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Web 3.0 Market Insights Video

Competitive Landscape of the Web 3.0 Market

The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major web 3.0 blockchain market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.

• September 2022: Shemaroo, a content distribution company, entered the Web 3.0 solutions space with a partnership with blockchain solutions provider Seracle. With this partnership, Shemaroo will extend consumer entertainment with offerings ranging from (NFTS) to entertainment in the Metaverse, bridging traditional fandom with the Web 3.0 environment.

(Source:economictimes.indiatimes.com/tech/technology/shemaroo-to-partner-with-seracle-for-web3-foray/articleshow/94011343.cms)

• May 2020: The Web3 Foundation unveils Polkadot, a sharded protocol that enables distributed blockchain networks to collaborate efficiently and at scale.

(Source:web3.foundation/press/polkadot-is-live)

Top Companies Market Share in Web 3.0 Industry: (In no particular order of Rank)

• Web3 Foundation (Polkadot)
• Helium Systems Inc.
• Ocean Protocol Foundation Ltd.
• Zel Technologies Limited.
• Kusama
• Livepeer Inc.
• Filecoin
• Kadena LLC
• Polygon technology
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

North America dominated the market in 2023 and accounted for around 40% of the global revenue

According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, owing to the region’s robust embrace of decentralized technologies such as blockchain and smart contracts. This wave of transformation is particularly evident in the financial sector, where decentralized finance (DeFi) is gaining substantial ground, offering enhanced security, transparency, and trust that resonate with businesses and investors. DeFi platforms, non-fungible tokens (NFTs), and blockchain-based applications ignite innovation in various industries. Moreover, heightened concerns about data privacy and a growing desire for user empowerment propel the shift toward a more user-centric and decentralized digital landscape. Evolving regulatory frameworks further bolster this transition, making Web 3.0 adoption all the more appealing.

Europe is the fastest-growing region in the web 3.0 blockchain market due to the region's governments embracing blockchain for secure data management and financial services. Collaborations between traditional industries and blockchain startups, coupled with increased awareness of the benefits of decentralized systems, are fostering a dynamic ecosystem. As Europe positions itself at the forefront of blockchain adoption, the convergence of regulatory clarity and technological advancements propels the region's Web 3.0 landscape into a transformative phase with significant economic and social impact potential.

The current report Scope analyzes Web 3.0 Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Web 3.0 Market

According to Cognitive Market Research, North America held the major market share in 2023, accounting for 40% of the global revenue and will expand at a CAGR of 40% from 2023 to 2030. This is due to a convergence of factors. The key drivers are the increased adoption of decentralized applications (dApps), rising awareness of blockchain's potential, and growing investments in blockchain projects. This dynamic ecosystem reflects a shift toward decentralized, transparent, and secure digital infrastructures in the region. According to Cognitive Market Research, increased adoption of decentralized technologies, rising demand for digital assets, and a growing acceptance of blockchain applications fuel this momentum. Cryptocurrencies, as a decentralized financial tool, are pivotal in shaping the region's blockchain ecosystem. In conclusion, the North American Web 3.0 blockchain market is poised for significant growth, integrating decentralized technologies. In conclusion, the region's dynamic landscape presents immense opportunities for innovation and collaboration in the evolving digital ecosystem.

Europe Web 3.0 Market

According to Cognitive Market Research, the European web 3.0 blockchain market accounted for approximately 30% of the global market share and will expand at a CAGR of 4.3 from 2023 to 2030, owing to the increased adoption of decentralized applications (DApps) and the growing significance of blockchain in sectors like finance, healthcare, and supply chain. Regulatory support, technological innovation, and a robust ecosystem are key drivers, fostering a dynamic landscape that arranges Europe at the forefront of the global web 3.0 blockchain revolution. According to Cognitive Market Research, natural language processing and machine learning innovations amplify user interactions, enhancing customer experiences and powering new applications, particularly in conversation AI. This synergy propels Europe to the forefront of the evolving digital landscape. In conclusion, Europe embraces the web 3.0 blockchain market, fostering innovation and decentralized solutions. As a catalyst for digital transformation, this synergy promises a dynamic and resilient future for the continent.

Asia Pacific Web 3.0 Market

According to Cognitive Market Research, Asia Pacific held a considerable market share in 2023, accounting for more than 22% and will expand at a CAGR of 4.8% from 2023 to 2030 owing to the region's increased adoption driven by factors like burgeoning decentralized finance (DeFi) platforms, government initiatives promoting blockchain technology, and rising demand for transparent and secure digital ecosystems. These drivers propel the region's ascent as a key participant in shaping the destiny of decentralized technologies. According to Cognitive Market Research, there is increased demand for decentralized applications and the rising adoption of blockchain technology in payment systems. The shift towards a more transparent, secure, and efficient payment infrastructure is propelling the region's embrace of web 3.0 blockchain solutions. In conclusion, the Asia Pacific region is a key player in the rapidly growing web 3.0 blockchain market, with innovative developments and increased adoption. Its dynamic ecosystem positions it as a pivotal force in shaping the future of decentralized technologies.

South America Web 3.0 Market

According to Cognitive Market Research, Latin America's v market accounted for more than 5% of the global revenue in 2023 and will expand at a CAGR of 4.5% from 2023 to 2030 due to the region's economic inclusion and decentralized solutions. Governments and businesses recognize blockchain's potential for transparency, security, and efficiency, propelling innovation across finance and supply chain sectors. This digital transformation fosters a dynamic ecosystem, attracting investments and fostering a more inclusive, resilient economy. According to Cognitive Market Research, smart contracts play a pivotal role in automating and securing transactions across diverse industries. Their efficiency, transparency, and trustworthiness empower businesses and governments in the region, fostering a blockchain revolution with wide-ranging societal and economic implications. In conclusion, Latin America embraces web 3.0 and blockchain technologies, fostering innovation and economic growth. The region's increasing participation in this market signifies a promising future for decentralized solutions, driving socio-economic advancements. 

Middle East and Africa Web 3.0 Market

According to Cognitive Market Research, the Middle East and Africa accounted for more than 3% of the global revenue and will expand at a CAGR of 45.1% from 2023 to 2030. This is due to the region's increasing digitalization, government initiatives, and a growing tech-savvy population. Blockchain's decentralization, enhanced security, and transparency are key drivers, fostering innovation and transforming industries across the MEA region, paving the way for a blockchain-powered future. According to Cognitive Market Research, enhanced security, decentralized finance, and efficient transactions drive market growth. MEA's embrace of blockchain in BFSI underscores a transformative shift, fostering innovation and opening new avenues for financial inclusion and digital transformation. In conclusion, the Middle East and Africa show growing interest in the web 3.0 blockchain market, fostering innovation and economic inclusion. As the region embraces decentralized technologies, a promising future for blockchain development and adoption unfolds.

Web 3.0 Market Analysis

Web 3.0 Type Segment Analysis

According to Cognitive Market Research, the lipstick public held the prominent share in the web 3.0 blockchain market over the projected period due to the accessibility of public blockchain networks, which enable users from all over the world to join the network without imposing any limitations on their participation. When a blockchain is public, anyone can access it, add data to it, and participate in the network. Public blockchains are advantageous because they are more secure than private ones, are accessible to anybody, are transparent in every way, are decentralized, and have a more equitable distribution of resources.

The hybrid are the fastest-growing category over the projected period over the forecast period as they can provide both permission-based and permission-less systems. Using elements of both public and private blockchains, a hybrid blockchain allows for some data to remain under the organization's watchful eye while other data is made publicly available through the blockchain. In addition, a hybrid blockchain provides users access to data via smart contracts.

• Public
• Private
• Consortium
• Hybrid

 

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Web 3.0 Industry. Request a Free Sample PDF!

Web 3.0 Application Segment Analysis

According to Cognitive Market Research, payment holds a prominent market share as blockchain technology delivers quick, safe, and inexpensive options for processing international payments. These transactions operate encrypted distributed ledgers, allowing trusted real-time transaction verification without the requirement for intermediaries like clearinghouses and correspondent banks.

Cryptocurrency is the fastest-growing category as these technologies enhance security, transparency, and transaction efficiency, attracting widespread adoption. As decentralized applications (DApps) proliferate, interoperability and scalability become key drivers, fostering innovation in the evolving landscape. Blockchain's potential to revolutionize industries and redefine digital ownership propels its market growth, shaping the future of decentralized and trustless ecosystems.

• Conversational AI
• Data & Transaction Storage
• Cryptocurrency
• Payments
• Smart Contracts
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Web 3.0 End-use Segment Analysis

According to Cognitive Market Research, the BFSI segment held a prominent share of the web 3.0 blockchain market over the projected period. The BFSI industry is using web 3.0 blockchain technology in several ways to improve how people exchange values. Transactions are recorded in blocks using blockchain technology, which are chained together to construct comprehensive transaction records. With the help of this technology, transaction records in the BFSI sector cannot be altered or amended after they are added to the ledger.

The retail and e-commerce industry is evolving with web 3.0 blockchain technology integration. This transformative combination enhances security, transparency, and transaction traceability, fostering consumer trust. Blockchain's decentralized nature reduces fraud risks and enables seamless cross-border transactions. As a driving force, it empowers businesses to create innovative, decentralized applications, ultimately revolutionizing the retail and e-commerce landscape by prioritizing efficiency, trust, and user empowerment in a decentralized digital economy.

• BFSI
• Retail & E-commerce
• Media & Entertainment
• Pharmaceuticals
• IT & Telecom
• Others

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modeling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.

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