- According to research firm Straits Research, the Web3 market size will grow at a CAGR of approximately 45% between 2022 and 2030.
- Web3 is the new version of the Internet and will benefit from further developments in blockchain technology, artificial intelligence and machine learning.
- There are opportunities for growth in areas such as browsing, social media and data storage.
Despite the effects of the 2022 crypto winter, web3 The market is estimated to grow at a CAGR of 44.8% over the next eight years. While North America remains the largest market for Web3, Asia Pacific is the fastest growing.
Web 3 Market Growth Forecast 2022-2030
The Web 3 market saw significant growth in 2021, with the blockchain industry overall in a bullish zone as cryptocurrency prices skyrocketed.
According to Straits Research, the Web3 market size in 2021 was $1.8 billion. However, as the 2022 bear market wreaked havoc on the entire industry, interest and activity slowed down significantly. The Web3 blockchain market will grow at a compound annual growth rate (CAGR) of 44.8% over the next few years
per latest report good On Web3 development, the period 2022-2030 will see the next phase of development of the third generation of the Internet.
Straits Research says the industry will be driven by the development of three key pillars: artificial intelligence (AI), machine learning (ML) and blockchain technology.
As coinjournal first highlighted, blockchain remains central to crypto development, and as noted by Straits Reach, it is a key pillar of Web3. In particular, the adoption of decentralized protocols in Web 3 businesses is going to be huge as the technology moves out of the R&D phase in the next year or so.
Overall, the main growth opportunities are in areas such as browsing, social media and data storage, according to Straits Research. Web3 has actually already seen significant growth in NFT payments and digital collections and will continue to play a big role in other areas including spatial web design and 3D graphics.