Blockchain Interoperability Market Overview
Global Blockchain Interoperability Market Size was valued at USD 0.4 Billion in 2022. The Blockchain Interoperability market industry is projected to grow from USD 0.51 Billion in 2023 to USD 3.77 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 28.30% during the forecast period (2023 - 2032). Increasing cross-chain asset transfer requirements across enterprises, growing adoption of blockchain and regulatory support of government are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The potential of blockchain technology has been shown in a number of sectors, including finance, supply chains, healthcare, and government. Although each of these parties may be using a different blockchain network, many of these use cases frequently call for cooperation across many parties. These networks' interconnectivity thanks to interoperability makes it easier to create and implement intricate, multi-network use cases.
The ability to conduct cross-chain transactions is one of the main advantages of blockchain interoperability. It might be difficult for different blockchains to communicate with one another and exchange value or data since they frequently use different protocols and standards. By bridging these gaps, interoperability solutions enable users to transact easily across various blockchains. Think about a situation when a user wants to exchange a digital asset from one blockchain for another without using a centralized exchange, for instance. By making it simpler for consumers to access and use various blockchain networks, interoperability facilitates the secure and trustless exchange of assets between multiple blockchains, increasing the utility of blockchain technology.
Blockchain technology has shown promise in a number of industries, including identity management, supply chain management, and banking. However, for many use cases to be successful, it is necessary to combine different blockchain networks. Blockchain applications can be used in a wider range of complicated, multi-network use cases because to interoperability. For instance, the supply chain sector may use numerous blockchains for monitoring, authentication, and payment along a product's journey. These dissimilar blockchains may connect with one other thanks to interoperability, resulting in a comprehensive and impenetrable supply chain solution that improves transparency and traceability. Thus, driving the weight loss products market revenue.
The global Blockchain Interoperability market segmentation, based on Vertical, includes BFSI, Healthcare, Gaming & Entertainment, IT & ITes, Telecommunication, Food & Agriculture, and other. The BFIS segment accounted for 25% of the blockchain interoperability market share in 2022. The requirement for safe, transparent, and effective data exchange will, nevertheless, drive the healthcare category to have the largest CAGR growth during the projection period. These solutions improve patient data management, streamline interoperability between dissimilar systems, and strengthen the accuracy of medical records. Interoperability solutions address major industrial concerns by potentially ensuring accurate medical histories, facilitating research collaboration, and maintaining patient privacy. They also make it possible for smart contracts and IoT devices to be integrated seamlessly, opening the door to better administrative and patient care.
The global Blockchain Interoperability market segmentation, based on Application includes dApps, Digital Assets/NETs, Cross-chain Trading & Exchange, Cross-chain Messageing & Data Sharing. The dApps segment held over 36% of the blockchain interoperability market share in 2022. Due to their capacity to go beyond the constraints of single-chain ecosystems, solutions for blockchain interoperability are becoming more and more popular in decentralized applications. Through seamless connectivity between several blockchain networks, these solutions promote cross-chain asset transactions and improve functionality and scalability. Interoperability allows access to a larger user base as decentralized applications grow, utilizing the advantages of different blockchains. This encourages innovation and makes it possible for developers to produce more robust and diverse applications that provide a comprehensive and integrated user experience.
Figure 1: Global Blockchain Interoperability Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Blockchain Interoperability Market dominated this market in 2022 (45.80%). The North American region has the largest market size for blockchain interoperability due to a number of important considerations. These include the region's growing use of blockchain technology across a range of sectors, including finance, healthcare, and supply chain management. Further, the U.S. Blockchain Interoperability market held the largest market share, and the Canada Blockchain Interoperability market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL BLOCKCHAIN INTEROPERABILITY MARKET SHARE BY REGION 2022 (USD Billion)Â 
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Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Blockchain Interoperability market accounts for the second-largest market share. With multiple nations adopting blockchain technology for a range of uses, Europe has been a prominent player in the area. Blockchain technology has drawn increasing interest from European nations, including the UK, Germany, Switzerland, and Estonia. The popularity of interoperability solutions to link various blockchain networks has surged as a result of this interest. Blockchain development in the region has been affected by European Union (EU) legislation, such as the General Data Protection Regulation (GDPR). In order to guarantee data privacy and compliance, interoperability solutions had to be in line with these regulations.
The Asia-Pacific Blockchain Interoperability Market is expected to grow at the fastest CAGR from 2023 to 2032. APAC is renowned for having a diversified blockchain ecosystem, with hotspots for blockchain innovation including China, Japan, Singapore, and South Korea. Different networks and ecosystems are connected via interoperability solutions. Cross-border trade and logistics are highly prioritized in APAC countries. Blockchain technology can streamline and secure global commerce processes, but only if it is interoperable. Moreover, China’s Blockchain Interoperability market held the largest market share, and the Indian Blockchain Interoperability market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Blockchain Interoperability market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Blockchain Interoperability industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Blockchain Interoperability industry to benefit clients and increase the market sector. In recent years, the Blockchain Interoperability industry has offered some of the most significant advantages to medicine. Major players in the Blockchain Interoperability market, including Oracle Corporation, R3, LeewayHertz, Ontology, INERY PTE. LTD., Datachain, Inc., Quant Network Limited, Band protocol, LiquidApps and Orb Labs. are attempting to increase market demand by investing in research and development operations.
A global technology business, Oracle Corporation is based in Redwood City, California, in the United States. Oracle, which was established in 1977 by Larry Ellison, Bob Miner, and Ed Oates, has developed into one of the biggest and most significant technological businesses in the world. This category consists of traditional software licensing and support in addition to Oracle's cloud-based applications, platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS) products. Enterprise resource planning (ERP), customer relationship management (CRM), human capital management (HCM), and other cloud-based software products are all available from Oracle.
Ontology is a blockchain platform and distributed ledger technology (DLT) project that aims to facilitate trust across a number of industries, including finance, supply chain management, identity verification, and more. Its objective is to build a solid platform for producing decentralized applications (dApps). Ontology has rapidly gained recognition in the blockchain industry since its creation in 2017 as a result of its distinctive strategy and wide range of products and services. Ontology places a high importance on interoperability and cross-chain capability. It aims to enable data transmission and communication between various blockchain networks by bridging them. The fact that there are so many segregated networks in the blockchain sector is one of the primary difficulties that this emphasis on interoperability helps to resolve.
July 2023: A partnership between Quant and Hedera Hashgraph was announced. Through this collaboration, Quant's Overledger technology will be usable on the Hedera Hashgraph, enabling programmers to create applications that are interoperable.
January 2023: With the addition of additional capabilities to facilitate interoperability and enhance blockchain solution development, Oracle (US) improved its Oracle Blockchain Platform. OAuth 2.0 support for safe callback delivery, increased web3 API support, Ethereum compatibility for atomic transactions, extended tokenization SDKs for cutting-edge tokenization solutions, and TTF-based tokenization support for exchange across various fungible tokens are some of its important features.
February 2022: With the goal of advancing blockchain solutions for international trade and banking, LeewayHertz teamed up with XDC Network (US). By working together, they hope to improve the XDC Network ecosystem and tackle issues with scalability and sustainability in the blockchain sector. While the partnership's main objective is to create scalable, decentralized solutions, such as SDKs and forthcoming projects like the XDC NFT dApp and XDC Explorer, their combined efforts also raise the possibility of blockchain interoperability.
BFSI
Healthcare
Gaming & Entertainment
IT & ITes
Telecommunication
Food & Agriculture
Other
dApps
Digital Assets/NETs
Cross-chain Trading & Exchange
Cross-chain Messageing & Data Sharing
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.4 Billion |
| Market Size 2023 | USD 0.51 Billion |
| Market Size 2032 | USD 3.77 Billion |
| Compound Annual Growth Rate (CAGR) | 28.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Oracle Corporation, R3, LeewayHertz, Ontology, INERY PTE. LTD., Datachain, Inc., Quant Network Limited, Band protocol, LiquidApps and Orb Labs. |
| Key Market Opportunities | Interconnected IoT |
| Key Market Dynamics | Growing developments in dApps |
Blockchain Interoperability Market Highlights:
Frequently Asked Questions (FAQ) :
The global Blockchain Interoperability market size was valued at USD 0.4 Billion in 2022.
The global market is projected to grow at a CAGR of 28.30% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Oracle Corporation, R3, LeewayHertz, Ontology, INERY PTE. LTD., Datachain, Inc., Quant Network Limited, Band protocol, LiquidApps and Orb Labs.
The BFSI category dominated the market in 2022.
The dApps had the largest share in the global market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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