Nowadays, people can hardly imagine life without the internet. The World Wide Web (WWW) as the largest global information medium through which a user can share, read and write data through computers connected to the Internet. The WWW has made great progress since its inception. This paper gives a brief idea of the evolution of the web from web1.0 to web 3.0. Web 1.0 talked about connecting and getting information on the net. Web 2.0 is about connecting people and Web 3.0 as a web of knowledge. This paper also gives an overview of the web development that is characterized by rapid growth and the application of innovative technologies, resulting in a mix of spectacular successes and failures that undeniably creates the digital economy. Collective efforts to collectivize digital content management in a public-interest-oriented manner are increasingly taking on an official organizational form. This institutionalization of cyber networking opens up new potentials for knowledge dissemination, service delivery and democratic governance. Institutional regulations, social practices, economic interests, and technological advances co-evolve towards the innovative Web 3.0, where computer applications are increasingly able to connect data to meaningful knowledge. Web 3.0 promises to have a significant impact on users and businesses. It changes the way people work, how companies use information to act on the market, advertise and sell their products, as well as manage their businesses. The basic shift that is happening in Web 3.0 is the change from the information center to the knowledge center of computer operations. Web 3.0 enables people and machines to connect, develop, share and use knowledge at an unprecedented level and in new ways that enhance the Internet user experience. In addition, semantic technologies can lead to significant improvements in the capabilities and economics of the enterprise lifecycle through cost reductions, improved efficiency and new functionalities that were not previously possible or economically feasible.