The blockchain interoperability global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Blockchain Interoperability Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The blockchain interoperability market size has grown exponentially in recent years. It will grow from $0.54 billion in 2023 to $0.70 billion in 2024 at a compound annual growth rate (CAGR) of 29.0%. The growth in the historic period can be attributed to rising developments in decentralized application, efficiency of blockchain technology, regulatory compliance and standards, surge in IoT connected devices, the rising demand for streamlined data exchange.
The blockchain interoperability market size is expected to see exponential growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. The growth in the forecast period can be attributed to growing demand for cross-chain asset transfers, rise in decentralized finance (DeFi), increasing cross-border transactions, rising multi-blockchain use cases. Major trends in the forecast period include development of blockchain interoperability technology, investments in blockchain technology, implementing blockchain-enabled innovations, increasing use of blockchain-based payment, increasing advancements in decentralized application.
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Scope Of Blockchain Interoperability Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Blockchain Interoperability Market Overview
Market Drivers –
The growing demand for cross-chain asset transfers is expected to propel the growth of the blockchain interoperability market going forward. Cross-chain asset transfers transfer digital assets between blockchain networks, such as cryptocurrencies or tokens. The demand for cross-chain asset transfers is increasing due to the necessity for broader access to diverse assets and improved liquidity across multiple blockchain networks, fostering greater flexibility and efficiency in decentralized finance (DeFi) and other blockchain-based applications. Cross-chain asset transfers use blockchain interoperability to enable seamless movement of digital assets between different blockchain networks, ensuring decentralized exchange and enhancing the overall usability and utility of the cryptocurrency ecosystem. For instance, in February 2024, according to Blockworks Inc., a US-based technology information company, Wormhole, a cross-chain protocol that facilitates secure transfers of data or tokens across various blockchains, has surpassed 1 billion messages since its launch in 2021, transferring over $39 billion through its token bridge. Further, Axelar, another cross-chain protocol that facilitates secure transfers of data or tokens across various blockchains, has seen a 478% increase in interchain transactions and a 430% increase in active addresses over the past year. Therefore, the growing demand for cross-chain asset transfers is driving the growth of the blockchain interoperability market.
Market Trends –
Major companies operating in the blockchain interoperability market are developing bridgeless technology solutions, such as HyperNova, to enable secure blockchain interoperability. HyperNova is a cross-chain bridge solution that enables blockchain interoperability by facilitating cross-chain communication directly via L1 consensus, eliminating the need for centralized bridges that can be a single point of failure and a significant vulnerability in Web3. For instance, in August 2023, Supra, a Switzerland-based blockchain technology company, launched HyperNova using bridgeless technology. HyperNova facilitates cross-chain communication directly via L1 consensus, eliminating the need for centralized bridges. HyperNova’s benefits include increased security, improved scalability, and enhanced cross-chain DeFi, gaming, and oracles capabilities. Supra’s HyperNova leverages Moonshot Consensus, a low-latency consensus algorithm, to ensure secure and reliable cross-chain communication.
The blockchain interoperability market covered in this report is segmented –
1) By Solution: Cross-Chain Bridges, Cross-Chain Application Programming Interface (APIs), Federated Or Consortium Blockchain, Other Solutions
2) By Application: Digital Asset Or Non-Fungible Token (NFTs), Decentralized Applications (dApps), Cross-Chain Trading And Exchange, Cross-Chain Messaging And Data Sharing
3) By Vertical: Banking, Financial Services, And Insurance (BFSI), Healthcare, Gaming And Entertainment, Information Technology And IT-Enabled Services (IT and ITES), Telecommunication, Food And Agriculture, Other Verticals
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Regional Insights -|
North America was the largest region in the blockchain interoperability market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain interoperability market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the blockchain interoperability market are Microsoft Corporation, Sony Corporation, Accenture plc, Oracle Corporation, Fujitsu Limited, SAP SE, Nvidia Corporation, WPP plc, Autodesk Inc., Unity Software Inc., GAVS Technologies, Kellton Tech Solutions Ltd., R3, LeewayHertz Inc., Ontology, Inery Pte. Ltd., Aetsoft Inc., Biconomy, Fusion Foundation Inc., Hiro Systems PBC, LI.FI, ORB Labs, SmartMedia Technologies Inc., Chainport, Datachain Inc., Liquid Apps, Polyhedra Network, Quant Network Limited, RioDeFi
Table of Contents
1. Executive Summary
2. Blockchain Interoperability Market Report Structure
3. Blockchain Interoperability Market Trends And Strategies
4. Blockchain Interoperability Market – Macro Economic Scenario
5. Blockchain Interoperability Market Size And Growth
…..
27. Blockchain Interoperability Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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