DUBLIN, Feb. 24, 2023 /PRNewswire/ — The “Southeast Asia Web 3.0 Market, By Archituecture, By Technology, By Application, By Industry, Estimation & Forecast, 2017-2030” report has been added to ResearchAndMarkets.com’s offering.
The Southeast Asia web 3.0 market held a market value of USD 193 million in 2021 and is estimated to reach USD 6,475.8 million by the year 2030. The market is projected to list a CAGR of 50.2% during the forecast period.
Southeast Asia is a breeding ground for decentralised finance, but it is the access points into DeFi that make the region so appealing. Cryptocurrency acceptance, as well as the massive number of players of the play-to-earn game Axie Infinity, are two examples of Southeast Asia’s Web3 boom.
Singapore alone has over 400 blockchain-related firms, and P2E (Play to Earn) games like Axie Infinity are gaining popularity. Western investments in Asian firms, like as US billionaire Mark Cuban’s substantial investment in Indian blockchain business Polygon, are also garnering headlines.
Southeast Asia’s adoption of Web3 is projected to grow substantially due to the region’s tech-savvy populace, government support for digitisation, and the region’s continuous use of blockchain. Web3 trends in Southeast Asia will most likely favour tech businesses receiving funding to develop Web 3.0-based solutions for the region.
In 2021, the Indian market for Web 3.0 had the most market share. Mergers, collaborations, alliances, product releases, and joint ventures are all examples of strategic initiatives in which massive market actors are actively participating. Market segments include architecture, technology, application, and industry.
Despite the possible benefits of Web 3.0, detractors feel the proposed technology and its claimed benefits are based on hype and may fail to deliver the expected results. Furthermore, the expense of introducing new technology and supporting infrastructure may be prohibitively expensive, particularly for developing countries such as those in Southeast Asia. Due to insufficient investment and assistance from regional governments, startups may also struggle to adapt and integrate emerging technologies.
Rapid Digital Transformation in the BFSI Industry
Some of the Web3 trends in Southeast Asia will most likely focus around decentralised finance (DeFi). It combines peer-to-peer financial networks and developing technologies to provide financial services that were previously only available to large banks and other monetary organisations.
To fulfil the demand for digital payment solutions, new DeFi financial technology (fintech) businesses are anticipated to emerge. Regular people utilising Web 3.0 should be able to send money to each other without the need for an intermediary. The underlying blockchain technology ensures that all transactions are documented on a publicly accessible distributed ledger, which is critical for security and easy verification. Users will no longer have to pay payment processing costs as a result of these developments.
Data ownership shifting towards the user
The Internet of Things (IoT) already demonstrates the potential for smart connectivity, which Web 3.0 has improved on. By improving communication rates and decreasing latency, 5G technology is improving interconnectivity. Furthermore, as technology progresses, blockchain will improve connectivity, and AI will learn our personal tastes, improving the quality and speed of internet searches. This means that web browsing will be speedier and more personalised.
The top players operating in the Southeast Asia web 3.0 market include Helium Systems Inc., Polkadot (Web3 Foundation), Ocean Protocol Foundation Ltd., Decentraland, Polygon, Tearra, ConsenSys, Biconomy, Bitpay, Brave, Huddle01, and others. the company, ConsenSys builds Ethereum blockchain infrastructure and applications ranging from developer tools to enterprise solutions.
ConsenSys is an Ethereum software web3 company. ConsenSys enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web.
Moreover, WIR Group in Indonesia expanded its online and offline presence, as well as creaed its metaverse, in April 2022. WIR Group went public on the Indonesian stock exchange, and one of its subsidiaries, AR&Co, focuses on implementing augmented reality projects in over 20 countries.
- The Ethereum blockchain segment is likely to hold the highest growth rate of 51.1% over the forecast period.
- The big data segment held more than 45% of the market share in 2021.
- The NFTs segment is likely to cross the mark of USD 3,600 million by 2030, in terms of revenue.
- The BFSI segment is projected to hold the revenue of more than USD 3,600 million from 2022 to 2030.
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Southeast Asia Web 3.0 Market
Chapter 4. Southeast Asia Web 3.0 Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Technology Provider
4.1.3. End User
4.2. Industry Outlook
4.2.1. The Future of Web 3.0 and The Metaverse
4.3. Porter’s Five Forces Analysis
4.4. Market Dynamics and Trends
4.4.1. Growth Drivers
4.4.4. Key Trends
4.5. Covid-19 Impact Assessment on Market Growth Trend
4.6. Market Growth and Outlook
4.6.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 – 2030
4.6.2. Pricing Analysis
4.7. Competition Dashboard
4.7.1. Market Concentration Rate
4.7.2. Company Market Share Analysis (Value %), 2021
4.7.3. Competitor Mapping
Chapter 5. Southeast Asia Web 3.0 Market, By Architecture
5.1. Key Insights
5.2. Market Size and Forecast, 2017 – 2030 (US$ Mn)
5.2.1. Ethereum Blockchain
5.2.2. Smart Contracts
5.2.3. Ethereum Virtual Machine (EVM)
5.2.4. Front End
22.214.171.124. Crypto Custody
Chapter 6. Southeast Asia Web 3.0 Market, By Technology
6.1. Key Insights
6.2. Market Size and Forecast, 2017 – 2030 (US$ Mn)
6.2.1. Machine learning (ML)
6.2.2. Big Data
6.2.3. Artificial Intelligence
6.2.4. Edge Computing
6.2.5. Decentralized Ledger Technology (DLT)
Chapter 7. Southeast Asia Web 3.0 Market, By Application
7.1. Key Insights
7.2. Market Size and Forecast, 2017 – 2030 (US$ Mn)
7.2.1. DeFi (Decentralised Finance)
7.2.2. Non-fungible tokens (“NFTs”)
Chapter 8. Southeast Asia Web 3.0 Market, By Industry
8.1. Key Insights
8.2. Market Size and Forecast, 2017 – 2030 (US$ Mn)
8.2.1. IT & Telecom
8.2.2. Media and Entertainment
8.2.3. Banking, Financial Services, and Insurance (BFSI)
8.2.4. Healthcare and Pharmaceuticals
8.2.5. Retail and Consumer Goods
Chapter 9. Southeast Asia Web 3.0 Market, By Region/Country
9.1. Key Insights
9.2. Market Size and Forecast, 2017 – 2030 (US$ Mn)
For more information about this report visit https://www.researchandmarkets.com/r/ge9iu5-asia?w=5
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