Press "Enter" to skip to content

Web3.0 Blockchain Market Size Expected To Cross 33 Billion USD By 2030

According to a new report by Grand View Research, Inc., the global Web 3.0 blockchain market size is projected to reach USD 33.53 billion by 2030, expanding at a CAGR of 44.9% from 2022 to 2030. Web 3.0’s ability to legitimize users’ adoption of blockchain technology for accessing distributed applications is a key factor propelling the market forward. With Web 3.0, users can take charge of their online data and form an opinion based on the results of their searches.

Many people mistakenly believe that Web3.0 will always be tied to the unstable cryptocurrency market because of its heavy reliance on the blockchain. To be sure, cryptocurrencies are a part of the new economy, but they are far from its only facet.

The research and the consulting firm predicts that industries as diverse as aircraft maintenance and food safety will soon tokenize their applications as Web3.0 reaches the adoption tipping point.

The Evolution of the Internet — from Web 1.0 to Web 3.0

The past three decades have seen tremendous growth in the Internet. The web had come a long way since its inception in the early 1990s, when it was primarily used for exchanging text-based information, to the present day, when we can share and interact with rich media content (such as audio, video, and still images).

However, Web 3.0’s rollout is still in its infancy, making it tricky to predict when it will be adopted. Timeframes for upgrading from 2.0 to 3.0 have been put at several years.

As a business-to-business software marketer, you can capitalize on this shift and become an early adopter of Web 3.0 features. To begin comprehending Web 3.0, familiarise yourself with the fundamentals of blockchain technology.

From Version 1.0 to Version 3.0

Web 1.0 (read-only web): The first web version was developed in the early 1990s and only allowed static HTML web pages that could be viewed in a browser. During this period, efforts were made to publish and disseminate data to the widest possible audience.

The era of Web 2.0 (a read-write web): The second web phase began in the late 1990s, emphasizing user participation and collaboration. Now that they have tools like blogs, wikis, and social media sites, internet users aren’t just consuming content and producing and disseminating it.

Web 3.0 (a read-write-interact web): The third ongoing phase of the web is currently underway, and it is dedicated to fostering communication and cooperation between machines and humans. Semantic web, natural language processing, and machine learning are just some new technologies making the web smarter and more flexible. For this reason, Web 3.0 is often cited as the Internet’s ultimate future.

What is Web 3.0?

If you’re wondering what Web 3.0 is, the answer is that it’s a network where users can freely share and receive information without worrying about their personal information being compromised. The web version will bring the power of AI and Big Data together, making the web intelligent and semantic in the process.

In Web 3.0, Blockchain technology will enable the web to serve human needs better.

Data collection and management on the Internet will be blockchain-driven. With the help of AI and the Internet of Things, the technology will collect all the consolidated data and transform it into incorruptible, unique knowledge.

Importance of Web 3.0: What Features to Expect

By analyzing the vast amounts of user data already available online, Web 3.0 aims to make the web more useful and user-friendly.

Information on the Internet will be more readily available and user-friendly. As a bonus, digital marketers will always be one step ahead of the competition thanks to their ability to adapt to and capitalize on emerging trends in B2B marketing.

Some of Web 3.0’s most distinguishing characteristics are discussed below.

Decentralization: Web 3.0 is distinguished by its decentralized nature, one of its central features. This means that any central body does not govern the Internet. Instead, the Internet is decentralized, meaning users must take personal responsibility for their information and media.

Blockchain Technology: Besides being a central component of Web 3.0, blockchain is also an important concept. Blockchain technology is a distributed ledger that ensures all transactions are unalterable and transparent. Blockchain is a technology that can greatly improve the safety and efficiency of online transactions.

Enhanced Confidentiality and Safety: Web 3.0 focuses primarily on user privacy and security. Decentralization improves safety by eliminating a single target for attacks. Moreover, with Web 3.0, each internet user has more control over who can view their data and how it is used.

Why Does Web 3.0 Matter to Your Business?

Internet 3.0 will have an open, customer-focused, and user-friendly impact on business. There will be a dramatic improvement in how businesses handle their customers’ personal information.

To answer how businesses will use web 3.0 technologies? Organizations, both established and start-up, will welcome blockchain and the possibilities it offers. Eventually, your apps will be updated with Blockchain technology, making all data public and easily accessible.

Blockchain Market Development’s Future Trends

For example, in the first half of 2022, Web 3.0 and crypto start-ups raised over USD 1 billion in funding across 43 deals, as the financial analysis firm Venture Intelligence reported.

As part of its mission to foster new blockchain technologies and applications, KiwiTech, an innovation ecosystem company, launched its Web 3.0 Center of Excellence service in July 2022. Introducing these services is anticipated to generate significant growth opportunities for the market in the years ahead.

Due to the increased popularity of online shopping, there has been an uptick in Web 3.0 blockchain technology for online payments. Smart contracts and cryptocurrency implementations built on blockchain technology are also expected to boost the market.

What Factors Contribute to Web3.0’s Rapid Development?

Web3.0 blockchain is predicted to be adopted by nearly every industry, including but not limited to finance, retail, e-commerce, media, entertainment, healthcare, information technology, government, and the energy sector.

The blockchain seems like it could have some interesting applications. It’s accessible to anyone, boosts customer adoption, and is much faster than conventional centralized operations. The cybersecurity industry also praises decentralized networks for their increased security, as it takes multiple coordinated attacks to compromise a blockchain’s functionality. Initiatives such as logistics, supply chains, and manufacturing line operations show interest in blockchain’s integration with IoT.

What’s Next for Web 3.0?

Web 3.0 will alter not only our personal but also our collective digital interactions. Web3 marketplace development will tremendously impact both incumbent and upstart industries.

However, the shift from Web 2.0 to Web 3.0 will not happen instantly. That is to say, companies will be able to reflect on their procedures and determine where they stand on the decentralization and transparency spectrum. Although Web 3.0 is still a way off, businesses need to prepare for it now.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *