The market share of blockchain messaging apps is expected to increase from US$ 45.92 billion in 2023 to US$ 1,700.31 billion by 2033. Between 2023 and 2033, this is likely to increase market share and attain a CAGR of 43.5%.
Blockchain messaging applications benefit consumers because they provide a high level of security. Their communications cannot be intercepted or recorded since no central server is required to store messages or serve as a relay between sender and recipient.
The widespread popularity of blockchain messaging applications can be attributed to decentralized end-to-end encryption. For example, the blockchain-based messaging app Telegram has over 500 million users.
Increasing privacy concerns have resulted in security concerns for traditional messaging apps. The delivery of messages through end-to-end or via encryption in transit technology is controlled by service providers, while in terms of blockchain messaging, no service provider is involved.
“As smartphone penetration increases and internet use increases, the number of users of online messaging platforms is expected to increase, thereby driving blockchain messaging apps market growth.” – says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The blockchain messaging apps market is expected to grow at a CAGR of 5.5% over the forecast period.
- According to estimates, the blockchain messaging apps market in India remains strong throughout the forecast period.
- By 2033, the United States is expected to hold a 74.5% share of the North American market.
- The demand for blockchain messaging apps in the United Kingdom is expected to rise at nearly 35.2% CAGR.
Competitive Landscape:
In the blockchain messaging apps market, there are multiple international and regional players competing, making it highly competitive. Several prominent companies dominate this market, including CYBER DUST, Status, Crypviser, Sappchat.com, Signal, Solana Foundation, Crypto-Chat, Telegram, Beepo LLC, CryptoDATA, and others.
To gain a dominant market share, companies are focusing on price and promotions. This market is highly consolidated, with these players holding the leading share. To expand their presence and maintain their position in the market, these companies are investing more in research and development to develop consumer-driven blockchain messaging apps.
In spite of fierce competition in the blockchain messaging app market, manufacturers are constantly updating their products and coming up with novel features for differentiation. Furthermore, start-ups and companies participate in fundraising activities to expand their capabilities.
Recent Developments:
- It was announced in April 2021 that Social Technologies LLC was launching a decentralized social networking protocol. The protocol was intended to allow users to own and control global social networks
- In November 2022, Notifi, a communication infrastructure platform for web3, raised US$ 10 million from Race Capital and Hashed.
- Block.one, which runs the EOS blockchain, recently launched Voice, a blockchain-based messaging app.
Blockchain Messaging Apps Market Segmentation by Category
By Operating System:
- Android
- iOS
By Application:
- Message
- Payment
By End-user:
- Individual
- Business
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