Blockchain Interoperability Market Size & Share, by Solution (Cross-Chain Bridges, Cross-Chain APIs, Federated or Consortium Interoperability, Others); Vertical (BFSI, Healthcare, Gaming & Entertainment, IT & ITeS, Telecommunication, Food & Agriculture, Others); Application (DApps, Digital Assets/NFTs, Cross-Chain Trading & Exchange, Cross-Chain Messaging & Data Sharing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5868
  • Published Date: Mar 11, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Blockchain Interoperability Market size is expected to reach USD 6 billion by the end of 2036, growing at a CAGR of 26% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of blockchain interoperability was over USD 1 billion. This growth of the market is poised to be dominated by growing demand for DApps. In 2022, the number of users utilizing DApps rose to over 2 million in the globe.  Therefore, the market demand for blockchain interoperability is also estimated to grow. Blockchain interoperability is thought to be useful for developing cross-chain decentralized apps (DApps), which enable a single dApp to function across many smart contracts on distinct blockchains.

Moreover, another main factor driving the market for blockchain interoperability is the expansion of blockchain alliances and consortiums. These collaborative projects bring together companies, startups, and technology providers to develop interoperability standards, protocols, and solutions. Additionally, they encourage information exchange and best practices, which progress the development and use of blockchain interoperability technology.


Blockchain Interoperability Market
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Blockchain Interoperability Market: Growth Drivers and Challenges

Growth Drivers

  • Surge in IoT Connected Devices - The loT ecosystem may profit greatly from blockchain interoperability since it makes it possible for safe and transparent data exchange, authentication, and automation across several lot networks. It dismantles data silos and promotes a single ecosystem by enabling seamless data sharing and communication between loT devices from various manufacturers and platforms. Interoperability allows distributed ledger technology on blockchain to be utilized by loT devices to safely record and validate sensor data and transaction data, improving data integrity and trust. Hence, with the growing IoT connected devices the market is estimated to surge. Globally, there are approximately 13 billion IoT devices that are connected. In loT installations, blockchain interoperability improves security, privacy, and decentralized identity management. These developments promote automation, cost savings, and efficiency, opening the door to creative uses of the Internet of Things in energy management, smart city development, supply chain management, and healthcare. In the long run, blockchain interoperability strengthens the Internet of Things by building a stable and reliable ecosystem for smooth data transfers and cooperative activities.
  • Growing Use of Blockchain Interoperability in Hospitals- The growing need for more efficient data sharing between various stakeholders is driving the healthcare sector. Hospitals, insurance companies, clinics, and individuals in need of a safe and uniform communication system fall under this category. The robust security characteristics of blockchain technology, which guarantee data protection and regulatory compliance, are a noteworthy advantage in the healthcare industry. Furthermore, the adoption of blockchain-enabled technologies in fields such as clinical trials, fraud prevention, supply chain transparency, and patient consent management expedites the development of blockchain interoperability in the health care industry.
  • Rise in Utilization of Decentralized Finance - DeFi's ability to revolutionize the financial system by bringing forth far greater accessibility, transparency, and security has led to its growth. Hence, further, Decentralized Finance (DeFi) eliminates the need for traditional intermediaries to operate as the transactional center by using blockchain technology to offer lending, investing, and swapping services for digital assets.

Challenges

  • Issue of Scalability
  • Absence of Understanding & Awareness - A major barrier to blockchain interoperability is the lack of knowledge and comprehension of the technology, particularly among small and medium-sized enterprises. Many businesses are ignorant of blockchain technology and its possible uses. This problem is made worse by the predominance of technical expertise and a technology-centric mindset, which discourage investment and stifle innovation. A more business-focused strategy is required to get over this obstacle and enhance the non-technical user experience. Prioritizing educational programmes will help organizations better grasp blockchain technology at all levels and make it more approachable and comprehensible for a wider range of people. This will help to gradually remove the obstacles preventing blockchain interoperability, allowing for broader adoption and the realization of its full potential.
  • Uncertainties in Regulatory

Blockchain Interoperability Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~26%

Base Year Market Size (2023)

~ USD 1 Billion

Forecast Year Market Size (2036)

~ USD 6 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Blockchain Interoperability Segmentation

Solution (Cross-Chain Bridges, Cross-Chain APIs, Federated or Consortium Interoperability)

The cross-chain bridges segment is predicted to account for 50% share of the global blockchain interoperability market during the forecast period. Cross-chain bridges are protocols that facilitate data and asset transfers between several blockchain networks. They make it possible to communicate and work together across blockchains with various topologies, consensus techniques, and smart contract languages. Furthermore, cross-chain bridges improve blockchain performance and scalability in several ways. For instance, they improve liquidity and value by giving consumers access to additional assets and marketplaces across many blockchains. Users may additionally relocate their assets and data to less populated, less expensive blockchains, which will lower costs and network congestion. Additionally, users can take advantage of cross-chain bridges' finest features, which include scalability, privacy, security, and programmability, from several blockchains. Moreover, growing adoption of bitcoin is also projected to dominate the segment growth. Approximately 49 million individuals owned Bitcoin as of February 2024. That is about 19 million more users than there were a year ago.

Vertical (BFSI, Healthcare, Gaming & Entertainment, IT & ITeS, Telecommunication, Food & Agriculture)

The BFSI segment is predicted to account for 30% share of the global blockchain interoperability market during the forecast period. This is since the industry requires effective transactions and safe data interchange. Furthermore, blockchain technology offers improved safety and openness, which makes it a perfect fit for the BFSI sector. Interoperability also makes it possible for parties operating on various blockchain networks to communicate with one another without difficulty, which facilitates cross-border transactions, interbank payments, and the processing of insurance claims. The adoption of blockchain interoperability solutions is further propelled by the strict regulations and compliance requirements that are specific to the BFSI sector. As a result, throughout the projected period, the BFSI category has the greatest market size.

Our in-depth analysis of the global blockchain interoperability market includes the following segments:

          Solution

  • Cross-Chain Bridges
  • Cross-Chain APIs
  • Federated or Consortium Interoperability
  • Others

          Vertical

  • BFSI
  • Healthcare
  • Gaming & Entertainment
  • IT & ITeS, Telecommunication
  • Food & Agriculture
  • Others

         Application

  • DApps
  • Digital Assets/NFTs
  • Cross-Chain Trading & Exchange
  • Cross-Chain Messaging & Data Sharing

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Blockchain Interoperability Industry - Regional Synopsis

North American Market Forecast

Blockchain interoperability market in North America region is poised to gather the highest revenue share of over 30% over the coming years. This growth of the market is set to be dominated by growing number of key vendors in the field of blockchain interoperability. Furthermore, the number of COVID-19 patients has significantly increased in the US, Canada, and Mexico and is still increasing. By April 26, 2023, there were over 103 million confirmed and presumed positive cases of COVID-19 in the United States, and over 2 million of these instances resulted in fatalities. Owing to COVID-19 pandemic, blockchain is expected to offer a number of security capabilities, such as decentralization, encryption, and cryptography, to protect patient privacy in the healthcare sector. Demand for e-commerce has increased as a result of the pandemic. Fintech and blockchain technologies are being used by businesses to modernize and streamline their processes.  

APAC Market Analysis

Blockchain interoperability market in Asia Pacific region is also estimated to have notable growth over the forecast period. APAC is renowned for having a diversified blockchain environment, with China, Japan, Singapore, and South Korea being hubs for blockchain innovation. Additionally, the investment in smart cities innovation is also growing which is further estimated to dominate the market expansion in this region. Moreover, the blockchain interoperability industry is anticipated to increase substantially as long as the Asia-Pacific region keeps funding research and development. Additionally, this sector in this region is also expected to increase significantly due to rising investments and the number of blockchain businesses.  

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Blockchain Interoperability Market Size
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Companies Dominating the Blockchain Interoperability Landscape

top-features-companies
    • Accenture
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • LeewayHertz
    • Oracle Corporation
    • R3
    • Ontology
    • INERY PTE, LTD.
    • Datachain
    • Quant Network Limited
    • Band protocol
    • LiquiDApps

In-the-news

In The News

  • Accenture has created and evaluated two technological solutions that facilitate the integration of two or more blockchain-enabled ecosystems, resolving a significant obstacle to the widespread use of blockchain technology.
  • In order to provide scalable and sustainable enterprise-grade blockchain solutions for international trade and finance, LeewayHertz, a US-based blockchain development business, and XDC Foundation, an organisation that supports the open-source blockchain platform, XDC Network, have teamed. The XDC Foundation and LeewayHertz work together with the aim of growing the XDC Network ecosystem. To close the scalability and sustainability gaps in the blockchain arena, they are collaborating to create and introduce a number of blockchain products.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5868
  • Published Date: Mar 11, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are surge in IoT connected devices, growing use of blockchain interoperability in hospitals, and rise in use of decentralized finance.

The market size of blockchain interoperability is anticipated to attain a CAGR of 26% over the forecast period, i.e., 2024-2036.

The major players in the market are Accenturr, LeewayHertz, Oracle Corporation, R3, and others.

The cross-chain bridges segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Blockchain Interoperability Market Report Scope
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