Web 3.0, also known as the Semantic Web, is the third iteration of the internet where online activities and data would be represented by crypto wallets and websites hosted through decentralized applications (dApps) to leverage open-source, trustless, and permissionless blockchain networks.
Multiple approaches from leaders in terms of open banking for their digital payments, edge computing coupled with web 3.0, AR-enabled devices, and others employ new decentralized projects in companies across industries. By utilizing distributed, peer-to-peer platforms, and adopting high-speed communication technologies, business leaders will explore the widespread significance of web 3.0 in their areas of expertise.
The Web 3.0 Market Research Report offered by GlobalData Plc highlights the current state of play and the future potential of web 3.0 networks in driving decentralized and user-controlled internet access across various domains, which is anticipated to unlock new possibilities for enterprises across industries such as financial services, gaming & sports, media & entertainment, retail, and technology, among others.
Key Findings
The development of web 3.0 will be fueled by the need for a stable and secure decentralized network and superior advancements in AI to name a few.
Patent filings and grants soared in web 3.0 between 2016-2021 backed by corporations such as IBM and Microsoft.
Web 3.0 is witnessing the branching out of the crypto VC funding to support startups focused on web 3.0 applications such as cloud-based payment solutions, NFTs for gaming, internet privacy, enterprise crypto staking, DAOs, and the decentralization of social networks, data storage, live video streaming, and learning platforms.