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Despite the impact of the 2022 crypto winter, the Web3 market is projected to grow at a CAGR of 44.8% over the next eight years. North America remains her Web3’s biggest market, but Asia Pacific is growing the fastest.
With the Web3 market experiencing significant growth in 2021 and the price of cryptocurrencies skyrocketing, the entire blockchain industry was in bullish territory.
According to Straits Research, the Web3 market will be worth $1.8 billion in 2021. However, interest and activity slowed significantly as the 2022 bear market wreaked havoc across the industry. Over the next few years, the Web3 blockchain market will grow at a compound annual growth rate (CAGR) of 44.8%.
per latest report In terms of Web3 growth, 2022-2030 will see the next evolutionary phase of the 3rd generation Internet.
According to Straits Research, the industry will receive new impetus from developments across three major pillars: artificial intelligence (AI), machine learning (ML) and blockchain technology.
As coin journal As previously emphasized, blockchain continues to be at the heart of cryptocurrency growth, and as noted by Straits Reseach, blockchain is a key pillar of Web3. In particular, adoption of decentralized protocols across the Web3 business will grow as the technology moves out of the R&D stage in the next year or so.
Overall, according to Straits Research, key growth opportunities lie across sectors such as browsing, social media, and data storage. In fact, Web3 has already seen significant growth in his NFT payments and digital collectibles, and will continue to play a big role in other areas such as spatial web design and 3D graphics.
