target audience: TECH SUPPLIER  Publication date: Feb 2023 - Document type: Market Presentation - Doc  Document number: # US49241722

IDC Market Glance: Web3, 4Q22

By:  Phillip Silitschanu


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This IDC Market Glance examines Web3.

The following is IDC's definition of Web3:

  • Web3 is a collection of open technologies and protocols to support the natively trusted use and storage of decentralized data, knowledge, and value.
  • Web3 is the next iteration of WWW, based on blockchain, and decentralizes storage, computation, and ownership.
  • For larger enterprises, blockchain automates business processes with embedded governance and compliance, enabling new business models.
  • End users and smaller enterprises experience greater privacy and have control of their own data.
  • Keep in view that Web3 is unlikely to overtake Web 2.0 for at least the next three to five years. Blockchain opportunities are more immediate as larger players look to establish industry protocols and platforms.
  • It will potentially have a huge impact in the long term, and the first movers in blockchain will define the platforms and protocols that followers will have to adapt to.
  • The blockchain solutions market is estimated at $6.6 billion. IDC expects a 48% CAGR for the 2019-2024 period. Web3 adoption is very limited at present.


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