Web3 market value expected to reach US$6 trillion in 2023: report

The market of Web3 blockchain technology sector will be worth US$6.18 trillion in 2023, and will continue to enjoy a compounded annual growth rate (CAGR) of 44.6% from 2023 to 2030, according to international research firm Market Research Future (MRF).

The projected growth will be partly a result of more companies and industries adopting Web3 tech and tokenizing their applications. According to MRF’s report, the adoption of Web3 tech will soon reach its tipping point.

While the COVID-19 pandemic has devastated many industries such as hospitality, automobile, aviation and retail, the IT sector has seen a steady increase in revenue, the report said.

New technologies including 5G, VR, AR, blockchain, AI and machine learning also opened up new market opportunities as these are the pillars on which Web3 is being built.

“Blockchain has been a proven technology that ensured the security of the crypto and NFTs to the next level — now, it is ready to ultimately transform the next generation of web technologies,” Aarti Dhapte, senior research analyst at Market Research Future was quoted as saying by IT news website TechRepublic. 

“Web3 blockchain will completely transform the existing conventional processes of the different sectors.”

Banking, financial services and insurance are regarded as the most important drivers of the Web3 market, as the new technology is expected to revolutionalize the traditional financial systems. In particular, decentralized finance is expected to play a more significant role, according to Dhapte.

Other sectors including retail and e-commerce, media, entertainment, healthcare, government and energy, will also adopt Web3 tech gradually.