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Thursday, February 29, 2024

Web 3.0 and the rise of ‘Blockchain Market’ globally


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As Goa plays host to hundreds of Web 3.0 young aficionados from around the world at the Web 3.0 Conference it is important to know the potential of this global phenomenon Web 3.0 and its high potency to revolutionise worldwide technology.

The global Web 3.0 Blockchain market is expected to reach a value of USD 23.3 billion in the Year 2028.

A recent study report by Vantage Market Research the Global Web 3.0 Blockchain Market finds that the rapid technology innovation is expediting the Web 3.0 Blockchain Market growth. It is primarily driven by growing transparency.

According to the report, the Web 3.0 Blockchain market is predicted to grow at a CAGR of roughly 41.6 percentage during 2022 to 2028.

The Web 3.0 Blockchain market was estimated to be worth roughly USD 2.9 Billion in 2021 and is expected to reach USD 23.3 Billion by 2028.

The report further indicated that on the basis of region, Asia Pacific is projected to dominate the worldwide Web 3.0 Blockchain market. Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during 2022 to 2028.

China accounted for the considerable large share in Asia Pacific (APAC) in 2021. This share is attributable to the growing adoption of technologies such as blockchain and machine learning in the region’s emerging economies like India and China. Furthermore, the increasing number of emerging start-ups based on advanced technologies in the area, along with the expanding adoption of automation, is also anticipated to support the regional growth of the market.

The global Web 3.0 market size reached USD 3.2 Billion in 2021 and is expected to register a CAGR of 43.7% during the forecast period, according to latest analysis by Emergen Research.

Rising demand for more user-oriented, interactive, advanced, and secured technologies, and increasing initiatives by governments of various countries for development of newer technologies such as Web 3.0 to enable better transparency to users are some major factors expected to drive global Web 3.0 market revenue growth to a significant extent during the forecast period.

For the uninitiated, the decentralized web, also known as Web 3.0, is the third generation of the internet that uses decentralized ledger technology (DLT), machine learning (ML), and Big Data.

The Web 3.0 Blockchain Market provides a better surfing experience for users and more efficient data analysis. In comparison to previous versions, Web 3.0 is more dynamic and user-friendly.

Leading government agencies are initiating digitalization programs to create a regulatory environment that will let Web 3.0 Blockchain Market gain traction. Rising data security concerns and rising firm investments to expand Web 3.0 Blockchain Market applications are expected to drive the market forward.

With Web 3.0 consumers can employ new technologies and live a more fulfilling life due to rapid urbanization, globalization, and digitalization. Blockchain technology provides computers with human-like intelligence while also improving data exchange. As a result, businesses are using Web 3.0 Blockchain Market to enhance data security and privacy, propelling the Global Web 3.0 Blockchain Market forward.

The report further indicated that the increasing technological advancements are expected to fuel the growth of the Web 3.0 Blockchain Market in the future. Blockchain in Web 3.0 is a rapidly evolving technology. It offers significant advantages to the end-user, such as lower operational costs, increased speed, reduced cyber-attack risks, and personal data management.

Blockchain and IoT integration and the use of blockchain technology in logistics and operations have witnessed significant advancements in recent years.

Primary research and development are being done to improve the scalability of this technology so that it can be used effectively in businesses, including currency exchange, social networking, chat platforms, data storage, and browsing.

In addition, web 3.0 technology has aided the emergence of NFT payment systems and digital collectibles in recent years. Other technology uses include spatial web design, 3D graphics, and more. In the anticipated timeframe, the continued rise of web 3.0 will generate enormous growth potential and be involved in numerous industrial sectors.

Increasing preference and use of Non-Fungible Tokens (NFTs) as well as digital collectibles, digital currencies, and other blockchain entities is expected to continue to support revenue growth of the market going ahead.

For example, Reddit is making Web 3.0 inroads by developing a mechanism that enables use of cryptocurrency tokens, which will allow users to control pieces of the on-site communities in which they participate. This will result in rewards to users in the form of community points, which they can earn by posting on a specific subreddit. These points can be used as voting shares, which will allow users with significant contributions to have a greater say in community decisions. These points are stored on the blockchain and cannot be taken away easily, and their owners will have more control over them. However, a corporate version of a Web 3.0 concept known as Decentralized Autonomous Organizations (DAOs), which uses tokens, enables more evenly distributed ownership and decision-making authority.

Web 3.0 does have its restraints. Some key factors that could restrain shift towards Web 3.0 include challenges related to older technologies, software, and hardware. Web 3.0 will only be accessible by more advanced devices, Web 1.0 sites will be older than the current successor, regulations will be more complex, and decentralization could make it challenging to oversee and regulate Web 3.0. In addition, cybercrime, online abuse, and potential fraud could increase significantly.

In addition, less tech-savvy individuals may find the application difficult to use and privacy concerns will rise owing to easy access to user information and details about public and private life and activities etc. Furthermore, newer more precise privacy policies will be required to be considered and implemented. Deployment of Web 3.0 will also require faster-operating systems in Central Processing Unit (CPUs).

Service providers supporting traffic on existing websites will be required to modernize, and as apps and websites that use Web 3.0 gain traction among users, incumbent firms will be prompted to enhance their digital services to avoid losing user bases and revenues.

Web 3.0 is here to stay. The cryptocurrency application segment is projected to grow at a Significant Compound Annual Growth Rate (CAGR) during the forecast period. The increasing adoption of cryptocurrencies, along with the rising trend of digitalization, is anticipated to augment the market’s growth. However, the danger reportedly lies in cryptocurrency. It is till now unregulated.

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