According to research from Grand View Research published on February 1, the market size of the global blockchain messaging apps 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 apps market is predicted to record a CAGR of 42.3% over the same time period. Notably, the total global market size of these applications in 2022 amounts to $29.7 million. That means if the study’s predictions are correct, there will be a whopping 1,706.39% increase in just eight years.
According to the report, the blockchain messaging apps market growth will likely be influenced by the growing popularity of cryptocurrencies, the growing demand for data privacy from both the enterprise and individuals, as well as advances in Web3 and 5G/6G technologies worldwide.
The report cited “the inadequate security offered by traditional messaging” as the driving force behind higher demand for the highly secure features offered by blockchain messaging apps, as well as the add 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 stated that Telegram is planning to introduce crypto projects, including a cryptocurrency exchange and non-custodial wallet to overcome the existing centralization of cryptocurrency entities.