Web3 market size expected to grow at a CAGR of 45% by 2030
Web3 market size will grow at a CAGR of nearly 45% between 2022 and 2030, according to research firm Straits Research.
Web3 is the new iteration of the internet and will benefit from further developments in blockchain technology, artificial intelligence and machine learning.
Growth opportunities are there in areas such as browsing, social media and data storage.
Despite the 2022 crypto winter’s impact, the Web3 market is forecast 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 Web3 market saw significant growth in 2021, with the blockchain industry overall in bullish territory as cryptocurrency prices skyrocketed.
According to Straits Research, the Web3 market size stood at $1.8 billion in 2021. However, with the 2022 bear market wreaking havoc on the entire industry, interest and activity slowed down considerably. The next few years will see the Web3 blockchain market grow at a compound annual growth rate (CAGR) of 44.8%
Per the latest report on Web3 growth, the period 2022-2030 will see the next evolution phase of the third-generation of the internet.
Straits Research says the industry will get fresh impetus from developments across three key pillars: artificial intelligence (AI), machine learning (ML) and blockchain technology.
As CoinJournal previously highlighted, blockchain remains central to crypto growth, and as Straits Reseach notes, its a key pillar to Web3. In particular, adoption of decentralised protocols across Web3 businesses is going to be big as the technology comes out of the R&D phase over the next year or so.
Overall, the main growth opportunities are across sectors such as browsing, social media and data storage, according to Straits Research. Web3 has indeed already seen significant growth in NFT payments and digital collectibles and will continue to play a huge role in other sectors, including spatial web design and 3D graphics.