As the blockchain and cryptocurrency sector continues to rapidly expand, so will the global market size of messaging apps based on this technology.
According to a research report by Grand View Research published on February 1, the market size of the global blockchain messaging app is expected to reach $536.5 million, with an expected compound annual growth rate (CAGR). is set at 43.6%, for the period from 2022 to 2030.
In the US alone, the expansion of the blockchain messaging app market is predicted to record a CAGR of 42.3% over the same time period. It should be noted that the total global market size of these applications in 2022 amounts to 29.7 million USD. That means if the study’s predictions are correct, it would represent a whopping 1,706.39% increase in just eight years.
What will drive growth?
According to the report, the blockchain messaging app market growth will likely be influenced by the growing popularity of cryptocurrencies, and the growing demand for data privacy from both the enterprise and the enterprise. and personal, as well as advances in Web3 and 5G/6G technologies worldwide.
The report cites “insufficient security from traditional messaging” as the driving force behind higher demand for the highly secure features offered by blockchain messaging apps, as well as the added crypto wallets and payments made with crypto assets like Bitcoin.
The most prominent example of advancement in decentralized messaging applications is a blockchain-based decentralized computer network technology designed by Telegram, known as the Open Network (TON), which announced its addition in April 2022. More recently, in November 2022, the founder of the messaging platform announced that Telegram is planning to introduce crypto projects of, including a cryptocurrency exchange and non-custodial wallet, with the aim overcome the existing centralization of cryptocurrency entities.