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(IT-NEWSWIRE.COM, October 27, 2023 ) The global Web 3.0 Market is projected to grow from USD 0.4 billion in 2023 to USD 5.5 billion by 2030, at a CAGR of 44.9% during the forecast period. Web 3.0 signifies a profound shift toward a more decentralized and democratic Internet ecosystem. It has emerged as a prominent buzzword, reflecting the growing interest in restructuring online interactions. Unlike the current internet, Web 3.0 envisions a landscape where power and control are distributed among users through technologies such as blockchain and decentralized autonomous organizations (DAOs). This concept fosters greater individual agency and ownership of digital assets, challenging traditional centralized models. As Web 3.0 continues to gain traction, it promises to reshape online interactions, enabling a more equitable and user-centric internet experience.
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Decentralized applications to account for the largest market during the forecast period.
Based on the application layer, the decentralized applications are anticipated to hold for largest market during the forecast period. Decentralized application (DApps) emphasize their foundation on decentralized networks and the role of blockchain, with Ethereum being a notable platform for DApp development. This technology allows for secure and transparent data processing and transaction execution.
Blockchain protocol to account for higher CAGR during the forecast period.
Based on the protocol layer, the blockchain protocol is anticipated to hold the highest CAGR during the forecast period. Blockchain protocols use cryptographic techniques to create decentralized, tamper-proof ledgers, with consensus mechanisms such as PoW or PoS for validation. This technology ensures data immutability and transparency, supporting applications such as cryptocurrencies and smart contracts. Blockchain's decentralized nature enhances trust and security, making it a key component of Web 3.0's technical infrastructure.
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Asia Pacific to exhibit the highest CAGR during the forecast period.
The CAGR of Asia Pacific is estimated to be highest during the forecast period. Web 3.0 holds transformative potential for the Asia-Pacific region. Its decentralized, AI-driven features offer financial inclusion through blockchain and DeFi. In the supply chain, it enhances transparency and safety. Additionally, user-generated content and advanced tech can personalize digital experiences. However, regulatory and cybersecurity challenges must be addressed. As the Asia-Pacific adapts to these innovations, Web 3.0 is set to drive economic growth and innovation across sectors.
Major vendors in the global Web 3.0 market are IBM (US), AWS (US), Oracle (US), Coinbase (US), Fujitsu (Japan), Huawei Cloud (China), NTT DOCOMO (Japan), Chainanlysis (US), Ripple Labs (US), Consensys (US), Gemini (US), Binance (Malta), Ocean Protocol Foundation (Singapore), Helium Foundation (US), KUSAMA (Switzerland), Crypto.com (Singapore), Biconomy (Singapore), MakerDAO (US), Chainlink (Cayman Island), Web3 Foundation (Switzerland), HighStreet (US), PARFIN (UK), Ava Labs (US), Pinata (US), Covalent (Canada), Polygon Technology (Cayman Islands), Alchemy Insights (US), Decentraland (China), DAOstack (Israel), Kadena LLC (US), Sapien (US), Storj (US), and Brave (US).
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