It is anticipated that the market share of blockchain messaging applications would rise from US$ 45.92 billion in 2023 to US$ 1,700.31 billion in 2033. Between 2023 and 2033, this is probably going to drive market share and achieve a CAGR of 43.5%.
Because blockchain messaging applications offer a high degree of security, users profit from them. Their transmissions cannot be intercepted or recorded since no central server is needed to store messages or act as a relay between the sender and recipient.
Decentralised end-to-end encryption technology is responsible for the widespread use of blockchain messaging applications. For instance, the blockchain-based messaging service Telegram has a user base of more than 500 million.
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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.
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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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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