As the blockchain and cryptocurrency sector continues to expand rapidly, new research has projected that the worldwide market size of messaging apps based on this technology would grow as well, with a potential to surpass half a billion USD by 2030.
Specifically, the global blockchain messaging apps’ market size is expected to reach $536.5 million, with a projected compound annual growth rate (CAGR) set at 43.6%, in the period between 2022 and 2030, as per a Grand View Research report published on February 1.
As demonstrated on the chart provided with the report summary, the expansion of the blockchain messaging apps market in the United States alone is predicted to record a CAGR of 42.3% during the observed period.
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It is also worth noting that the total global market size value of these apps in 2022 amounted to $29.7 million, which means that, if the study’s projections prove correct, it would represent an increase of a whopping 1,706.39% over the period of just eight years.
What will drive growth?
According to the report, the anticipated market growth for these apps would likely be influenced by the soaring popularity of crypto, the rising demand for data privacy from both businesses and individuals, as well as the advancements in Web3 and 5G/6G technologies around the world.
Indeed, the study cites “the inadequate security offered by traditional messaging” as the driver for a higher demand for the high-security features of blockchain messaging apps, as well as the addition of crypto wallets and payments made in crypto assets like Bitcoin (BTC).
As an example of the advancements in decentralized messaging applications, the report refers to the blockchain-based decentralized computer network technology designed by Telegram and known as Open Network (TON), which announced the addition of a bot in April 2022.
More recently, in November 2022, the messaging platform’s founder announced that Telegram was planning to introduce cryptocurrency projects, including a crypto exchange and non-custodial wallets, with an aim to rectify the existing centralization of crypto entities.
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