Blockchain Interoperability Benefits across Industries Drive the Market Growth
The global Blockchain interoperability market size is likely grow significantly. The growing Web3 landscape that is becoming increasingly multi-chain and multi-layered would drive the market growth. Market Research Future (MRFR) states that the global Blockchain interoperability market is poised to escalate from USD 0.4 BN in 2022 to USD 3.77 BN by 2032, registering a 28.30% CAGR throughout the forecast period (2023-2032).
The market witnesses heavy R&D investments in developing innovative technologies. Increasing cross-chain asset transfer requirements across enterprises and the growing adoption of Blockchain are key market drivers. Besides, regulatory support and the increasing focus on decentralized data ledgers positively impact the market growth. Also, Blockchain interoperability benefits in cryptocurrency are two major growth propellers.
Top Key Players:
Leading Blockchain interoperability market players include,
- R3
- Oracle Corporation
- LeewayHertz
- INERY Pte. Ltd.
- Ontology
- Quant Network Limited
- Datachain, Inc.
- Band protocol
- Orb Labs
- LiquidApps
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Segments:
The Blockchain interoperability market report is segmented into applications, verticals, and regions. The application segment is sub-segmented into dApps, digital assets/NETs, cross-chain trading & exchange, and cross-chain messaging & data sharing. The vertical segment is sub-segmented into BFSI, healthcare, IT & ITes, gaming & entertainment, telecom, food & agriculture, and other verticals. By region, the Blockchain interoperability market is segmented into the Americas, Asia-Pacific, Europe, Middle East & Africa, and the rest of the world.
Blockchain is the most disruptive technology, poised to bring revolutionary changes to the digital world. With Blockchain becoming more human, communication between other Blockchain layers is important for data collection, transfer, and management processes. Blockchain interoperability enhances data transparency without having to collect data centrally.
The technology also makes digital asset transfer possible in a time and cost-efficient manner. Blockchain also enables data storage and management, offering a unique data collection or a universal state layer. Besides introducing machine learning and connecting machines through IoT, Blockchain runs on decentralized protocols.
One of the prominent examples of Blockchain with explicit functionalities is decentralized automation in organizations. Also, the groundbreaking decentralized social protocol of Follow intends for the Blockchain services that offer complete control of social identities and user data.
The development of Blockchain focuses on creating new social infrastructures required to fulfill the core internet precedents. Blockchain eliminates the need for trusted intermediaries, enabling the networks to remember user interactions or preceding events collectively. This signifies that Blockchain is an influential force in opening up the possibilities of the internet with better decentralization.
Industry Trends:
Blockchain Interoperability influences businesses colossally, where everything will be more transparent and open to all. Blockchain Interoperability transforms business operations in terms of users’ data. This technology ties all the concentrated data together and converts it into hack-proof and non-transferable information, leveraging AI and IoT.
Blockchain interoperability changes how businesses operate and internet users interact with the digital world. The implementation of Blockchain allows businesses to become transparent and highly user-centric. Businesses can leverage the Blockchain interoperability capabilities to upgrade their apps to make them transparent and open to all to access.
The benefits of Web 3.0, especially in cryptocurrencies, are attracting heavy R&D investments. Cryptocurrencies are poised to transform how people interact and enable gaming and non-fungible tokens (NFTs). Besides, the awareness of Web3 benefits in avoiding internet hacks and leaks boosts the market size, offering data security and privacy.
As Web3 penetrates more deeply, the market will garner significant traction in future years. Cryptocurrencies are poised to transform how people interact daily and gaming and non-fungible tokens (NFTs). Moreover, the prominence of Blockchain Interoperability applications in several domains, including BFSI, healthcare, and retail, escalates the market value.
On the other hand, the lack of integration capacity and the delaying adoption of blockchain technology would hamper market growth. Nevertheless, advances in analytical capabilities and expansion of existing 3G/4G and 5G technologies in communications would support the market increase throughout the analyzed period.
Regional Analysis:
North America dominates the global Blockchain interoperability market. The growing use of blockchain technology across industries, including finance, healthcare, and supply chain management, boosts the market size. The U.S. is the largest market, while Canada is the fastest-growing market for Blockchain interoperability.
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Competitive Analysis:
The Blockchain interoperability market appears highly competitive, with the presence of a number of well-established players. Mergers & acquisitions, brand reinforcement, and innovation remain the key trends for the leading players. They strive to develop low-cost, compact components, emphasizing improved hardware and offering after-sales services to the end-users.
Key manufacturers incorporate strategic alliances with local dealers and manufacturers to expand their business in rapidly developing countries. Strong players in the market raise the entry barriers for new entrants. Technology providers are focusing on developing advanced Blockchain interoperability solutions that can help them stay at the forefront of the competition.
For instance, on Aug. 31, 2023, SWIFT announced the completion of its blockchain interoperability trial conducted with several financial institutions, including Citi, BNP Paribas, and the DTCC. The company combined SWIFT messaging and Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to integrate legacy systems with a public Ethereum testnet and Avalanche.
Institutional investors are increasingly considering tokenized assets to invest, but they face a complex challenge. Tokenization promises significant efficiencies, allowing asset access to investors in smaller denominations or fractionalization. This, as a result, expands the potential pool of investors. With its functionality or liquidity profile, Blockchain interoperability creates significant overhead and friction in managing and trading the assets.
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