• The Web3 market size will grow at a CAGR of nearly 45% between 2022 and 2030, according to research firm Straits Research.
• Web3 is the new iteration of the Internet and will benefit from new developments in blockchain technology, artificial intelligence, and machine learning.
• There are growth opportunities in areas like browsing, social networking, and data storage.

Despite the impact of the crypto winter of 2022, the Web3 market is projected to grow at a CAGR of 44.8% over the next eight years. While North America remains the largest market for Web3, Asia Pacific is the fastest growing.

Web 3 Market Growth Forecast 2022-2030

The Web3 market saw significant growth in 2021, with the broader blockchain industry in bullish territory as cryptocurrency prices skyrocketed.

According to Straits Research, the size of the Web3 market stood at $1.8 billion in 2021. However, with the 2022 bear market wreaking havoc across the industry, interest and activity dropped considerably. In the coming years, the Web3 blockchain market will grow at a compound annual growth rate (CAGR) of 44.8%.

According to the latest report on the growth of Web3, the period 2022-2030 will see the next phase of evolution of the third generation of the Internet.

Straits Research says the industry will get fresh impetus from developments in three key pillars: artificial intelligence (AI), machine learning (ML) and blockchain technology.

What CoinJournal Highlighted above, blockchain remains central to the growth of cryptocurrencies and, as Straits Research points out, it is a key pillar for Web3. In particular, enterprise adoption of decentralized protocols from Web3 will be large as the technology emerges from the R&D phase over the next year or so.

In general, the main growth opportunities are in sectors such as navigation, social networks and data storage, according to Straits Research. In fact, Web3 has already seen significant growth in NFT payments and digital collectibles and will continue to play an important role in other sectors, including spatial web design and 3D graphics.