The demand for blockchain messaging apps in the UK is increasing
It is predicted that the blockchain messaging apps market share is expected to increase from $45.92 billion in 2023 to $1,700.31 billion in 2033.
This is likely to drive market share and register a CAGR of 43.5% between 2023 and 2033.
Users benefit from blockchain messaging apps due to the high level of security they provide. Since no central server is required to store messages or serve as a relay between the sender and receiver, their messages cannot be intercepted or recorded.
The popularity of blockchain messaging apps can be attributed to decentralised end-to-end encryption technology. For example, Telegram, a messaging app that uses blockchain technology, has over 500 million users.
Increasing privacy concerns have resulted in security concerns for traditional messaging apps. Service providers control the delivery of messages end-to-end or via encryption in transit technology, 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 an analyst at Future Market Insights.
- 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.
Throughout the projection period, the demand for blockchain messaging applications is anticipated to increase in the UK at a rate of roughly 35.2% CAGR. Due to many circumstances, the market for blockchain messaging applications in the nation is rapidly developing. The growth of the area is attributed to the presence of important market enterprises.
Also, the legalisation of cryptocurrencies and the broad application of blockchain technology are positive signs for the industry's future. Market participants are anticipated to launch new apps and work with tech companies over the forecast period, which grows geographically.
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, startups and companies participate in fundraising activities to expand their capabilities.
- It was announced in April 2021 that Social Technologies LLC was launching a decentralised social networking protocol.
- The protocol was intended to allow users to own and control global social networks.
- In November 2022, Notify, a communication infrastructure platform for web3, raised $10 million from Race Capital and Hashed.
These insights are based on a report on Blockchain Messaging Apps Market by Future Market Insights