Global web 3.0 market size to reach USD 81.5 Billion
By Zion Rufus
Global web 3.0 market size, which hit USD 3.2 Billion in 2021, is projected to reach USD 81.5 Billion in 2030 and is expected to register a CAGR of 43.7 % over the forecast period.
According to the reports from Emergen Research, Increasing adoption of blockchain technologies and rising investment in research and development activities by governments of various countries and major market players are some factors contributing currently to market revenue growth.
Referred as one of the biggest industrial revolutions to ever hit the world, Web 3.0, which has been tagged “the next big trend”, comprises AI-driven services, decentralized data architectures and edge computing.
It has been described as the next stage of the web evolution that would make the internet more intelligent or process information with near-human-like intelligence through the power of AI systems that could run smart programs to assist users.
“We are moving past the internet into the future and the future is more exciting. It’s called web 3.0 where it is not only interactive communications, it is an immersive experience. The future is bright and there is a whole lot more it can do, though it may take a while,” marketing expert, Lanre Basamta shared in an interview with MARKETING EDGE.
However, some key factors that could restrain shift towards Web 3.0 include challenges related to older technologies, software, and hardware.
Emergen shared in its report: “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 the 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.
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