The Transformational aspect of Web 3.0 in reshaping the global Tech Industry
Rising internet penetration, coupled with the emergence of unprecedented digital technologies is creating a transformative effect in the global tech industry. New-age technologies like Blockchain have been particularly influential in this aspect, establishing an alternative financial ecosystem that is not regulated by a central entity. This financial ecosystem, crypto, has shifted how finance has been historically perceived across the world - with a newfound motivation that extends the scope of work and opportunities beyond what was previously believed.
Not only Crypto, but this comprehensive transformation has directly resulted in the emergence of the next generation of the internet. Web3, a more profound and suitable classification, the new generation of the internet is directly attributed to the emergence of decentralization, Artificial Intelligence (AI), Semantic Web and Natural Language Processing (NLP) - creating a chain reaction globally, diversifying the scope of work for the tech space completely.
This narrative is further supported by statistics, as industry stakeholders estimate that the global Web3 market capitalization in 2023 was around $2.25 billion. This valuation is estimated to grow at an unprecedented 49.3% between 2024 - 2030, driven by multidimensional factors ranging from data privacy, DeFi (Decentralized Finance), emerging telecom spectrums like 5G and 6G, along with developments in digital technologies. The crypto ecosystem will also have a key part in this transformation, and the holistic impact will translate into generating millions of employment opportunities and economic growth. The global tech industry has been prompt to align with this shift, while the education sector’s active participation in establishing a supply chain for talents has also been noteworthy.
Understanding Web3
The evolution of the web has been multidimensional over the years. During Web1, the internet itself was at its initial stage with stationary pages to create a data bank. Web2 addressed the dynamics of the web with interactive designs, social media and user-generated content. With the current advancements in digital technologies, Web 3.0 is uniquely positioned to take the next step in this gradual transformation - creating an intelligent web that offers decentralization and offers a more immersive user experience. The highlight of these features is the underlying objective, which focuses on making data and information understandable and accessible, irrespective of human beings or machines.
These are far from being mere transformative aspects, as they also offer a robust evolution from how the web has been perceived over the years. Web 3.0 indicates a paradigm shift in the digital technology space itself, catering to which has been a massive task for all stakeholders. To understand it better, creating new benchmarks by deploying new technologies — software or algorithms, requires highly skilled employees. This aspect highlights the requirement for relevant education and subsequent upskilling. As Web 3.0 creates a brand new ecosystem, it is impacting the global tech industry in both the long-term and short-term - leading to establishing a new status quo for all stakeholders.
Aligning with the shift
As Web 3.0 transforms the global tech industry outlook through the integration of new technologies, job creation and passive shift in education & upskilling, it is important to understand that change remains constant. The industry constituents have identified it promptly, and have been working in tandem with the emergence of new technologies. To begin with, large tech corporations have actively been investing capital and time with the objective of upskilling their significant workforce. Blockchain, semantic web tech, Distributed Ledger Technologies (DLTs), Artificial Intelligence (AI), Machine Learning, Automation, Cloud and many others - these organizations are leading the charge in aligning with Web 3 in a considerable capacity.
However, aligning with this paradigm shift requires a multidimensional approach to achieve success. This is why global governments, educationists, private sector — especially EdTech platforms, are prioritizing relevant strategies to align with this change. Governments are actively introducing new educational bills that focus on modernizing the state of curriculums to provide a boost to students’ tech careers, like the National Education Policy (NEP) in India. Educationists are designing new methodologies for better comprehension, primarily catering to the specific learning capabilities of individual students. The private sector, irrespective of industries, is pushing for digital transformation of the entire ecosystem - leading to the creation of new-age jobs that require skilled professionals in Web 3 technologies. This united front of efforts is enhancing the scope of Web 3.0 - driven education and upskilling to unprecedented growth, a factor that is being highlighted and scrutinized for a streamlined adoption and tech-savvy future.
Future Outlook
While many consider this the peak of technology, this paradigm shift is actually at its very nascent stage. As significant research & development efforts are undertaken across the world, the scope of work regarding Web 3 is extending every day, leading to the creation of numerous startups — all of which are making significant strides in developing Web 3 to touch the pinnacle of success. As this holistic effort continues, the tech industry will further transform, at an unprecedented rate. However, this transformation will certainly have a comprehensive impact, touching everyone around the world at a large scale, and leading to a developed future.
