As the blockchain and cryptocurrency industry continues to expand rapidly, new research predicts that the market size of worldwide messaging apps based on this technology will also grow, with the potential to exceed half a billion US dollars by 2030.
2030 market value forecast of blockchain messaging apps
Specifically, the market size of global blockchain messaging apps is expected to reach $536.5 million, with an estimated compound annual growth rate (CAGR) of 43.6% between 2022 and 2030, according to a Grand View Research report published in February.
As the chart provided with the report summary shows, the expansion of the blockchain messaging apps market in the United States alone is expected to register a 42.3% YBBO over the observed period.
US blockchain messaging apps market size. Source: Grand View Research
It is also worth noting that the total global market size value of these applications in 2022 is US$ 29.7 million; this means that if the study’s predictions come true, it would represent a massive 1,706.39% increase over just eight years.
What will drive growth?
According to the report, the expected market growth for these applications will likely be driven by the growing popularity of cryptocurrencies, the growing demand for data privacy of both businesses and individuals, as well as developments in Web3 and 5G/6G technologies worldwide.
Indeed, the study notes that the “inadequate security offered by traditional messaging” was the driver of the higher demand for the high security features of blockchain messaging apps, as well as the addition of crypto wallets and payments in crypto assets such as Bitcoin (BTC).
The report cites blockchain-based decentralized computer networking technology known as the Open Network (TON) designed by Telegram, which announced the addition of a bot in April 2022, as an example of developments in decentralized messaging applications.
More recently, in November 2022, the founder of the messaging platform announced that Telegram plans to launch cryptocurrency projects, including a crypto exchange and non-custodial wallets, in an effort to rectify the current centralization of crypto assets.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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