Blockchain messaging apps market to be worth $536.5 mn by 2030
The global blockchain messaging apps market size is expected to reach USD 536.5 million by 2030, growing at a CAGR of 43.6% from 2022 to 2030, according to a new study conducted by Grand View Research.
Key Industry Insights & Findings from the report:
- The android segment dominated the market in 2021. Android is a cost-effective and high-functionality operating system preferred by individuals, contributing to the segment’s growth.
- The message segment dominated the market in 2021. The rising demand for secured and decentralized blockchain-based messaging apps from businesses and individuals is expected to drive the growth of the segment during the forecast period.
- The individual segment is expected to emerge as the fastest-growing segment during the forecast period. The growth of the segment is attributed to the growing popularity of cryptocurrency and features such as requesting money and transferring cryptocurrency through chat to other contacts.
- The Asia Pacific regional market is expected to register rapid growth during the forecast period. The increasing digitalization and adoption of new technologies across the region are expected to increase the adoption of blockchain messaging apps.
Blockchain Messaging Apps Market Growth & Trends
The rapid rise in access to the internet and frequent development in internet speed with the deployment of the 5G and 6G technologies are further expected to fuel the market’s growth. For instance, according to DataReportal 2022, around 5.07 billion people worldwide have access to and use the internet, equivalent to almost 63.5% of the total world’s population. Furthermore, the inadequate security offered by traditional messaging platforms is expected to create demand for blockchain messaging apps owing to their high-security feature.
Furthermore, the increasing advancements in decentralized messaging applications, such as the addition of features, including crypto wallet and payments, among others is expected to drive the market’s growth. For instance, in April 2022, a blockchain-based decentralized computer network technology designed by Telegram known as Open Network (TON) announced the addition of a bot. With this addition of bot, Telegram enabled its users to send cryptocurrency to other users through chat.
The global COVID-19 outbreak has been favorable to market growth. The growing use of social media and the internet during the COVID-19 pandemic created immense opportunities for the market to grow in future years. Moreover, the increasing awareness among users about the exploitation of privacy has resulted in a growing demand for alternative messaging platforms, such as blockchain chatting apps.
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