The Web3 blockchain market is expected to see massive growth over the next eight years as investments and adoption increase, according to a new report from consulting firm Grand View Research.
The report predicts the web3 blockchain market value will skyrocket to $33.53 billion by 2030, from $1.36 billion in 2021. Grand View says the growing number of investments expanding the technology's applications will be a significant factor for driving growth.
Is Bitcoin Finally Bottoming? Here's What ARK Investment Says
Even as cryptocurrency prices plummeted, web3 and crypto startups raised more than $1 billion in funding across 43 deals in the first six months of 2022, data from statistics firm Venture Intelligence shows. Increasing adoption of cryptocurrencies will fuel the blockchain industry's rise, Grand Views says.
The retail & e-commerce segment could see the fastest growth during the period. Grand View sees demand in the space rising as retailers seek the benefits of reduced costs, faster payments and improved security.
Grand View forecasts the Asia Pacific region will see the largest market developments. Advancements in 5G, artificial intelligence, machine learning and growing investments in research and development should drive the growth.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
