Pune, January 6, 2025 (GLOBE NEWSWIRE) — Web 3.0 Blockchain Market Size Analysis:
“The SNS Insider report states that the Web 3.0 Blockchain Market size was valued at USD 3.59 billion in 2023 and is expected to reach USD 104.04 billion by 2032, growing at a CAGR of 45.47% over the forecast period 2024-2032.»
The Web 3.0 blockchain market is experiencing remarkable growth, driven by increasing demand for decentralized technologies that improve security, privacy and user control. In 2023, blockchain adoption has seen significant progress across various industries.
The growing popularity of decentralized applications and blockchain-based platforms remains a key growth driver
By 2023, there were over 3,000 active dApps, with decentralized finance applications contributing a substantial portion of the market value. The total value locked in DeFi reached approximately $60 billion in 2023, reflecting the growing demand for decentralized financial services. Additionally, the non-fungible token industry, which has transformed sectors like art and gaming, saw its sales exceed in 2023, a notable increase from previous years. Smart contracts have also played a critical role in accelerating Web 3.0 adoption. By 2023, Ethereum, the leading blockchain for smart contracts, was processing over 1.5 million smart contract executions daily, demonstrating the widespread use of blockchain-based automation in industries such as asset management. supply chain, insurance and healthcare.
Governments and regulatory bodies are increasingly supporting blockchain technology. In 2023, countries like the United States, the European Union, and China have begun to put in place concrete regulations to drive blockchain adoption, with more than 50 countries exploring or implementing blockchain-based solutions. blockchain for digital identity, payments and supply chain transparency.
The growing demand for Web 3.0 blockchain solutions is also reflected in increasing investments.. In 2023, venture capital investments in blockchain startups reached $30 billion, highlighting the growing interest in Web 3.0 technologies. These investments are expected to drive further innovation and the development of more advanced blockchain solutions in the years to come.
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Analysis of key players listed in this report:
- Ethereum (ETH, Solidity)
- Cardano (ADA, Plutus)
- Polkadot (DOT, Substrate)
- Chain Link (LINK, VRF Chain Link)
- Filecoin (FIL, Filecoin network)
- Tezos (XTZ, Michelson)
- Solana (SOL, Solana Program Library)
- Ripple (XRP, RippleNet)
- Polygon Technology (MATIC, Polygon SDK)
- Hedera (HBAR, Hedera Consensus Service)
- Avalanche (AVAX, Avalanche subnets)
- Cosmos (ATOM, Cosmos SDK)
- Algorand (ALGO, Algorand Standard Assets)
- Arweave (AR, Arweave Permaweb)
- EOS (EOS, EOSIO)
- Near protocol (NEAR, NEAR SDK)
- Kusama (KSM, Parachains)
- Waves (WAVES, DEX Waves)
- Stellar (XLM, Stellar network)
- Zilliqa (ZIL, Zilliqa Smart Contracts)
Web 3.0 Blockchain Market Scope of the report:
| Report attributes | Details |
| Market size in 2023 | $3.59 billion |
| Market size by 2032 | 104.04 billion USD |
| CAGR | CAGR of 45.47% from 2024 to 2032 |
| Reference year | 2023 |
| Forecast period | 2024-2032 |
| Historical data | 2020-2022 |
| Key regional coverage | North America (United States, Canada, Mexico), Europe (Eastern Europe (Poland, Romania, Hungary, Turkey, rest of Eastern Europe) Western Europe (Germany, France, Kingdom -United Kingdom, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe (Europe)). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East (UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East), Africa (Nigeria, South Africa, Rest of Africa), Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Main growth drivers | • Web 3.0 allows users to control their data through decentralized applications (dApps) and blockchain protocols.
• Internet users are increasingly concerned about privacy and security due to increasing cyber threats and data privacy regulations. |
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Segmentation analysis
By application
In 2023, the cryptocurrency segment dominated the market with over 37% revenue share, which means that cryptocurrencies have captured a significant share of the total market value. This privileged position arises from the growing success of digital currencies, including Bitcoin, Ethereum and other digital currencies, which are revolutionizing the financial sector by offering decentralized transactions without intermediaries. Image Source: Design by Freepik Some major players such as Coinbase and Binance have emerged, providing a platform to buy, sell and trade cryptocurrencies. Blockchain technology is used by these platforms to provide secure, transparent and efficient transactions.
The smart contracts segment is expected to register the fastest CAGR from 2024 to 2032. Smart contracts are automated agreements that execute automatically once specific conditions or requirements are met. This technology improves security, reduces the need for intermediaries and streamlines operations in sectors such as finance, real estate and the supply chain. Ethereum and Chain-link are at the forefront, with Ethereum offering a powerful platform for creating and deploying smart contracts, while Chain-link specializes in providing smart contracts with access to real-world data.
Web 3.0 Blockchain Market Segmentation:
By blockchain type
- Public
- Private
- Consortium
- Hybrid
By application
- Cryptocurrency
- Conversational AI
- Data and transaction storage
- Payments
- Smart contracts
- Others
By end user
- BFSI
- Retail and e-commerce
- Media and entertainment
- Drugs
- IT & Telecom
- Others
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Regional landscape
North America dominated the market and accounted for a market share of 38% in 2023. The leading innovators in decentralized applications and smart contracts, mainly the United States, including Ethereum and ConsenSys, and new regulations will contribute to propel the sale of blockchain technology in a secure environment. for businesses to operate. Companies like Coinbase and BlockFi are at the forefront of integrating blockchain into financial services and improving consumer value through the convenience and speed of decentralized finance solutions.
The Asia-Pacific region is expected to register the fastest CAGR between 2024 and 2032. Due to increasing digitalization, rapid urbanization and a young, tech-savvy population, Blockchain technology in China, India and Singapore is used in several sectors such as finance. , supply chain and healthcare. China is a key player with its Blockchain Service Network, which aims to facilitate the development and deployment of blockchain applications. Institutional scaling of Ethereum is progressing thanks to companies like Polygon in India and thanks to WazirX, we have reached a saturation point for crypto exchanges in India.
Recent developments
January 2024: Ethereum introduced an upgrade to its consensus mechanism, moving towards a more energy-efficient proof-of-stake model. This development is expected to significantly reduce energy consumption associated with blockchain transactions and improve scalability.
March 2024: Polkadot launched a new cross-chain interoperability feature, allowing different blockchain networks to communicate with each other. The move is expected to improve the functionality of decentralized applications and increase the adoption of Web 3.0 technologies.
Table of Contents – Main Key Points
1. Introduction
2. Summary
3. Research methodology
4. Market Dynamics Impact Analysis
5. Reporting on statistical information and trends
6. Competitive landscape
7. Web 3.0 Blockchain Market Segmentation, By Blockchain Type
8. Web 3.0 Blockchain Market Segmentation, By Application
9. Web 3.0 Blockchain Market Segmentation, By End-User
10. Regional analysis
11. Company Profiles
12. Use cases and best practices
13. Conclusion
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