Web 3.0 blockchain market expected to reach $104.04 billion by 2032
From GlobeNewswire: 2025-01-06 09:00:00
The Web 3.0 blockchain market is booming, with a value of USD 3.59 billion in 2023 set to grow to USD 104.04 billion by 2032, driven by demand for decentralized technologies. Decentralized finance apps and NFTs are major contributors, with smart contracts playing a key role in sectors like supply chain and healthcare. Government support and increased investments are fueling further growth.
Cryptocurrency dominated the market in 2023, with platforms like Coinbase and Binance facilitating secure transactions. Smart contracts are expected to see rapid growth, automating agreements and enhancing security. The market is segmented by blockchain type, application (including smart contracts), and end-users like BFSI and retail. North America leads the market, while Asia-Pacific is poised for rapid growth due to digitalization and tech-savvy populations. Institutional scaling of Ethereum is advancing in India with companies like Polygon, while WazirX has led to a saturation of crypto exchanges in the country. Recent developments include Ethereum’s upgrade to a more energy-efficient proof-of-stake model in January 2024 and Polkadot’s new cross-chain interoperability feature in March 2024. SNS Insider offers consulting services and market analysis reports on Web 3.0 blockchain technology. Visit their website for more information and purchasing options. SNS Insider is a leading market research and consulting agency, providing evidence-based strategies for clients worldwide to navigate changing market conditions.
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