New York, United States , Jan. 22, 2024 (GLOBE NEWSWIRE) -- The Global Blockchain Interoperability Market Size is to Grow from USD 0.2 Billion in 2022 to USD 1.98 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 25.77% during the projected period.
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Blockchain interoperability refers to the concept of allowing different blockchain networks to interact and integrate, communicate seamlessly, and share data across chains. Blockchain technology has shown promise in a variety of industries, including identity management, supply chains, and banking. The ability to conduct cross-chain transactions is one of the most significant advantages of blockchain interoperability. Because different blockchains frequently use different protocols and standards, communicating with one another and exchanging value or data may be difficult. Interoperability solutions bridge these gaps, allowing users to communicate with one another. The demand for blockchain interoperability is being driven by improved collaboration and ecosystem development. As organisations seek to foster partnerships and create interconnected networks, the need for seamless communication and data exchange between blockchains becomes critical. The Internet of Things' growing interconnectedness fuels the demand for interoperability in the blockchain by enabling secure and efficient communication between IoT devices across various blockchain networks. However, public and unauthorised blockchains, such as Bitcoin and Ethereum, face significant scalability challenges due to block size limits and congestion issues. Scaling solutions such as the Lightning Network and Ethereum 2.0 have been introduced to address these limitations. While progress has been made, scalability remains a challenge for widespread adoption and seamless cross-chain asset and data exchange.
COVID 19 Impact
The COVID-19 pandemic has had an uneven impact on the market for blockchain interoperability. On the one hand, the pandemic has wreaked havoc on global economies, causing budget cuts and reduced investments in a variety of sectors, including technology. Furthermore, the pandemic has accelerated the adoption of blockchain technology in specific industries such as healthcare and supply chain management, where transparency, traceability, and secure data exchange are critical. Increased adoption may drive demand for blockchain technology interoperability solutions in these industries.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Blockchain Interoperability Market Size, Share, And Covid-19 Impact Analysis, By Solution (Cross-Chain Bridging, Cross-Chain APIs, Federated or Consortium Interoperability), By Application (dApps, Digital Assets/Nfts, Cross-Chain Trading & Exchange, Others), By End User (BFSI, Healthcare, Gaming & Entertainment, IT & Telecommunication, Food & Agriculture, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The cross-chain bridging segment dominates the market with the largest revenue share over the forecast period
Based on the solution, the global blockchain interoperability market is segmented into cross-chain bridging, cross-chain APIs, and federated or consortium interoperability. Among these, the cross-chain bridging, segment is dominating the market with the largest revenue share over the forecast period. Cross-chain bridging solutions promote collaboration, interoperability, and data exchange by connecting disparate networks, resulting in the adoption of blockchain technology across a wide range of industries. Furthermore, the demand for these solutions has been fuelled by the need for seamless asset transfers, decentralized finance (DeFi) applications, and cross-border transactions, making it the largest segment in the blockchain interoperability market.
The dApps segment is witnessing significant CAGR growth over the forecast period.
On the basis of application, the global blockchain interoperability market is segmented into dApps, digital assets/nfts, cross-chain trading & exchange, and others. Among these, the dApps segment is witnessing significant growth over the forecast period. Because of their ability to transcend the constraints of single-chain ecosystems, blockchain interoperability solutions are becoming increasingly popular in decentralized apps. By providing seamless connectivity between multiple blockchain networks, these solutions promote cross-chain asset transactions while also improving functionality and scalability. Interoperability enables decentralized applications to reach a wider audience by leveraging the benefits of various blockchains. This encourages creativity and enables developers to create more robust and diverse applications that provide a comprehensive and integrated user experience.
The BFSI segment is expected to hold the largest share of the global blockchain interoperability market during the forecast period.
Based on end-user, the global blockchain interoperability market is classified into BFSI, healthcare, gaming & entertainment, it & telecommunication, food & agriculture, and others. Among these, the BFSI segment is expected to hold the largest share of the Blockchain Interoperability market during the forecast period. These solutions have the potential to improve patient data management, streamline interoperability among disparate systems, and increase medical record accuracy. By ensuring accurate medical histories, facilitating research collaboration, and protecting patient privacy, interoperability solutions have the potential to address major industrial concerns. They also allow for the seamless integration of smart contracts and IoT devices, paving the way for better administrative and patient care.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. With a focus on innovation and technology adoption, North American businesses are drawn to interoperability's ability to unlock the full potential of blockchain networks, foster collaboration, and create competitive advantages. The region's increasing use of blockchain technology in a variety of industries, including healthcare, supply chain management, and finance, is a positive sign. Furthermore, established North American vendors, as well as government initiatives and investments, have contributed to the region's large market size. North America has established itself as a leading hub by proactively encouraging innovation and collaboration.
Asia Pacific is expected to grow the fastest during the forecast period. APAC is known for its diverse blockchain ecosystem, with hotspots for blockchain innovation including China, Japan, Singapore, and South Korea. Solutions for interoperability connect various networks and ecosystems. Cross-border trade and logistics are highly valued in APAC countries. Only interoperable blockchain technology will be able to streamline and secure global commerce processes. Furthermore, China dominated the blockchain interoperability market, while India was the fastest growing in the Asia-Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Blockchain Interoperability Market are Oracle, Quant Network, Band Protocol, Polyhedra Networks, SupraOracles, Orb Labs, ChainPort, LiquidApps, LI.FI, Biconomy, Datachain, R3, GAVS Technologies, Ontology, Inery, Fusion Foundation, RioDeFi, and Other Key Vendors.
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Recent Market Developments:
- In August 2023, Supra, a leading blockchain organisation that offers Oracle and Verifiable Random Function (VRF) services, announced the development of HyperNova, a new bridgeless technology that enables cross-chain communication directly via L1 consensus. This ground-breaking new methodology enables blockchains to communicate with one another without the use of a centralised bridge.
Market Segmentation:
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Blockchain Interoperability Market, Solution Analysis
- Cross-Chain Bridging
- Cross-Chain APIs
- Federated or Consortium Interoperability
Blockchain Interoperability Market, End- User Analysis
- BFSI
- Healthcare
- Gaming & Entertainment
- IT & Telecommunication
- Food & Agriculture
Blockchain Interoperability Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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