The world of blockchain and cryptocurrencies is expanding with every passing day. Recent research suggests that the market size of messaging systems and applications based on blockchain technology will grow rapidly.
According to a report published by Grand View Research, a multinational company in search of specific market insights spanning different sectors and platforms, the figures of the worldwide market cap of these blockchain-based messaging applications is projected to have a potential to surpass half a billion USD by the end of this decade.
Talking of figures, the market size of the global blockchain messaging applications is expected to reach $536.5 million, with an expected compound annual growth rate (CAGR) set at 43.6% between 2022 and 2030.
The chart below shows the expected growth of blockchain-based messaging applications in the United States.
As the chart from the report demonstrates, the expansion of blockchain messaging applications in the US market is predicted to record a CAGR of 42.3% during the specified period.
Notably, last year, the total global market size value of these applications amounted to $29.7 million. Hence, if the study projections turn out to be accurate, the market would increase by a whopping 1,706.39% over the coming eight years.
According to the report, the projected market expansion for these applications would probably be influenced by several factors, like the increasing popularity of crypto, the rising demand for data privacy from both businesses and individuals, and the advancements in Web3 and 5G/6G technologies around the world.
The study specifically highlights “the inadequate security offered by traditional messaging” as the driver for a higher demand for the high-security features of blockchain messaging apps and the addition of crypto wallets and payments made in crypto assets like Bitcoin.
Several advancements in the direction of decentralized messaging applications have already been made. The reports cite 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.
In November, Pavel Durov, CEO and founder of Telegram, announced that the entity was planning to introduce cryptocurrency projects, including a crypto exchange and non-custodial wallets. The founder said that with these initiatives, the firm wants to correct the wrongs caused by excessive centralization.
The growing advocacy for blockchain technology has spread to all industries. A few days back, KPMG, one of the Big Four accounting organizations, said that blockchain is an important part of the ‘new infrastructure,’ and its core value lies in realizing distributed trust. The firm counted on this to effectively solve the problem of information asymmetry between the two sides of transactions in the financial system, and its application prospect is very broad.
Brynly Llyr, head of the blockchain and digital assets at the World Economic Forum (WEF), said we should focus on the positive sides of a decentralized system and highlight its diversification. She counts it as one of the goals to strive for, which is possible only when the wider population is entirely aware of the utilities of blockchain.
Todayq News reported a survey conducted by over 600 business enterprises “decision makers” in the United States, the United Kingdom, and China. The extended figures revealed that nearly 90% of the businesses surveyed reported deploying blockchain technology in some capacity, whereas 87% opined that they plan to invest in the coming year.