According to a new Grand View Research report from February 1, the current rate of growth in the blockchain communications sector shall result in a seventeen-fold increase in its overall market value by the year 2030.
With the ever-growing potential of blockchain technology, the size of the messaging market based on a decentralized environment is expected to reach a staggering number of $536.5 million by the end of the decade, which represents a compound annual growth rate (CAGR) of 43.6%.
U.S. blockchain messaging apps market size. Source: Grand View Research
In the previous year, the overall global number of this sector’s market value was $29.7 million. This could lead to a potential massive increase of 1,706.39% for the messaging Dapp industry, if the numbers from the research prove correct.
The article further describes how the main propeller of this staggering price increase shall dwell in the ever-growing interest in blockchain technology as a whole. The primary impulse to seek decentralized peer-to-peer applications comes from privacy concerns, mainly “the inadequate security offered by traditional messaging.”
It seems that the general demand for more secure communication keeps finding its home in blockchain-based technologies, and despite the somewhat wobbly performance of the digital assets from last year, it is clear that the technology is not going anywhere, quite the opposite, it is expected to grow even more rapidly.