• By 2030, the global blockchain messaging application market is projected to hit a valuation of $536.5 million.
• The projected compound annual growth rate is 43.6% over the next seven years.
• The Asia Pacific region is expected to register rapid growth in the blockchain messaging application market.
Blockchain technology has been rapidly evolving and becoming more accessible, leading to the emergence of new use cases such as blockchain-backed digital messaging applications. According to a new report from Grand View Research, the global blockchain messaging application market is forecasted to hit a valuation of $536.5 million by 2030, with a projected 43.6% compound annual growth rate.
At the start of 2021, the market valuation for blockchain messaging applications was around $22.2 million, with North America dominating the market and accounting for the largest share, with over 29% of the global revenue. However, during the forecast period, the Asia Pacific region is projected to experience the fastest growth in the blockchain messaging application market.
The main reason users are increasingly turning to blockchain-based messaging apps is due to the increased concerns over privacy and security that traditional messaging platforms have failed to address. Blockchain messaging is typically encrypted end-to-end, with no service provider necessary to deliver a message, giving users much more control over their data. This increased security and privacy has become even more important as the pandemic has forced more people to rely on digital communication, giving people a greater incentive to find secure alternatives.
On Feb. 1, the new decentralized version of Twitter, called Damus, went live on Apple’s App Store. This app has already been labeled a “Twitter killer” and is hoping to revolutionize how we use social media by allowing users full control over their data. So far, the app has been met with positive reviews and is expected to be a major player in the blockchain messaging application market.
Overall, the blockchain messaging application market is expected to experience substantial growth in the coming years. With users becoming increasingly concerned about their privacy and security, blockchain messaging apps are set to become the preferred choice for many digital communicators.