Technavio’s The “Web 3.0 Blockchain Market by End-user and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027” report has been published.
Technavio’s The “Web 3.0 Blockchain Market by End-user (BFSI, Government, Healthcare, and Others) and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027” report has been published.
The potential growth difference for the Web 3.0 blockchain market between 2022 and 2027 is USD 27.42 billion. Blockchain technology in Web 3.0 is receiving more funding. For instance, the Web 3.0 payment application and protocol HI received a USD 30 million investment from Animoca Brands, a well-known metaverse gaming and venture capital firm, in July 2023. This protocol operates on layer 2 Ethereum side chain HI Protocol and is essentially a Web 3.0 financial application. Additionally, the Blockchain Founders Fund raised USD 75 million in February 2023. This fund is heavily used to encourage the use of blockchain and Web 3.0 technology. Due to these investments in Web 3.0 blockchain technology, the market is benefiting. As a result, it is expected to drive market growth during the forecast period.
Market Challenge – System configuration concerns are one of the key challenges hindering the Web 3.0 blockchain market growth.
End-user Segment – The BFSI segment is estimated to witness significant growth during the forecast period. Web 3.0 blockchain is being widely used in the BFSI sector for financial credit services including lending and borrowing and securely confirming credit histories. Tokens are widely used by several investment institutions for securities, bonds, and other assets. For instance, NFTs are used to tokenize expensive physical commodities like diamonds or fine art, which can then be traded. The Reserve Bank of India (RBI) also introduced the Digital Rupee-Retail segment in December 2022, which is treated on a par with traditional currency. Numerous businesses in the BFSI sector are increasingly implementing blockchain in trade settlement, payments, reference data, and trade finance. For instance, in July 2023, Animoca Brands teamed with Hi, a Web 3.0 neo-banking software that offers conventional digital banking as well as cryptocurrency trading services. Several banks are also increasingly using metaverse to train their staff members and engage with one another, fostering strong bonds and improving understanding of customer service. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Geography Analysis- North America is estimated to contribute 40% to the growth of the global market during the forecast period.
