Why Web3 Blockchain Technology Is Driving A Six-Trillion Dollar Market?

According to Market Research Future, the value of the Web3 blockchain technology sector will exceed $6 trillion in 2023, and from 2023 to 2030, Web3 will expand at a CAGR of 44.6%.

Many people mistakenly think that Web3.0's fate is inextricably linked to the volatile cryptocurrency market because of how heavily it depends on blockchain. Cryptocurrencies are only one aspect of the new sector, though. According to Gartner, even though the value of cryptocurrencies fell in the first half of 2022, decision-makers shouldn't assume that the same is true for Web3.0 technology. The research and consulting firm predicts that the adoption of Web3.0 technology will soon reach a tipping point, and sectors like food safety and aircraft maintenance will tokenize their applications.

What propels Web3.0's expansion?

The Web3.0 Blockchain Market Research Report reveals the technological, commercial, and security factors that are promoting Web3.0 growth. The IT sector saw steady revenue growth despite the COVID-19 pandemic's devastating effects on sectors like hospitality, transportation, aviation, and retail. Users' demands for 5G technology, virtual and augmented reality, blockchain applications, AI, and machine learning opened up new market opportunities for IT. These technologies serve as the foundation for Web3.0.

The blockchain's advantages are alluring. It increases customer adoption because it is simple to use, extremely inexpensive, and much faster than conventional centralized operations. Decentralized networks are praised for being safer by the cybersecurity industry because it takes multiple coordinated attacks to compromise a blockchain operation. The industrial sector is being drawn in by the integration of the blockchain with IoT for logistics, supply chains, and production line operations.

What leaders should watch out for with Web 3.0 innovations?

The demand for Web3 developers is at an all-time high, and 2021 will see Web3 development grow historically. Industry insiders predict that the need for Web3 developers will increase over time as a result of the Web3 ecosystem's maturation.

Bounty programs—often run by ethical hackers affiliated with groups like HackerOne—have made significant advancements in cybersecurity and app development.

Rapid Web3.0 innovations are occurring everywhere, from the widespread adoption of NFTs and cryptocurrencies to the growth of decentralized autonomous organizations and blockchain-based infrastructure and storage.

The metaverse, the decentralized apps market, artificial intelligence, video games, and machine learning are all topics that leaders, decision-makers, and IT executives should be considering, the report claims. The development of Web3.0 will be hastened by these technologies.