DUBLIN, Aug. 30, 2023 /PRNewswire/ — The “Blockchain Interoperability Market by Solution (Cross-chain Bridging, Cross-chain APIs, Federated or Consortium Interoperability), Application (dApps, Digital Assets/NFTs, Cross-chain Trading & Exchange), Vertical and Region – Global Forecast to 2028″ report has been added to ResearchAndMarkets.com’s offering.
The global blockchain interoperability market size is projected to grow from USD 0.3 billion in 2023 to USD 1.0 billion by 2028 at a CAGR of 27.2%.
The market growth in blockchain interoperability is fueled by various factors, including the increasing demand for IBC to optimize the development and effectiveness of blockchain technology, the advancements in dApps, the growing need for seamless cross-chain asset transfers, and the emphasis on regulatory compliance and standardized practices.
The competitive assessment of the report provides an in-depth assessment of market shares, growth strategies, and service offerings of leading players like Oracle (US), R3 (US), GAVS Technologies (US), LeewayHertz (US), Ontology (Singapore), Inery (Singapore), among others in the blockchain interoperability market strategies.
By vertical, the BFSI segment will grow at the largest market size during the forecast period
The BFSI (Banking, Financial Services, and Insurance) sector holds the largest market size in the blockchain interoperability market. This is due to the sector’s need for secure data exchange and efficient transactions. Additionally, blockchain technology provides transparency and enhanced security, making it an ideal solution for the BFSI industry.
Moreover, interoperability enables seamless communication between multiple parties operating on different blockchain networks, facilitating cross-border transactions, interbank settlements, and insurance claims processing.
Furthermore, the BFSI sector’s heavy regulation and compliance requirements drive the adoption of blockchain interoperability solutions. Thus, the BFSI segment holds the largest market size during the forecasted period.
North America is expected to account for the largest market size during the forecasted period
Due to several key factors, North America is poised to have the largest market size. The region’s growth in this market is driven by the increasing adoption of blockchain technology across industries like healthcare, supply chain management, and finance. The need for secure and efficient data exchange between different blockchain networks also contributes to the market’s expansion.
Moreover, established vendors from North America, including Oracle, R3, LeewayHertz, and GAVS Technologies, offer advanced blockchain interoperability products and services.
The US and Canadian governments also invest a reasonable sum of money in blockchain research and development. Also, the US National Institute of Standards and Technology (NIST) is actively involved in research and standardization efforts for blockchain interoperability.
Furthermore, government agencies in the region are collaborating with blockchain companies to explore interoperable solutions for digital identity, voting systems, and intellectual property rights management. Thus, these factors account for North America having the largest market size during the forecast period.
Asia Pacific is anticipated to account for the highest CAGR during the forecasted period
The Asia Pacific region is witnessing significant advancements in blockchain interoperability. Major developments include the Interledger Protocol (ILP), which connects various blockchain platforms and payment systems. The Asia Pacific Blockchain Alliance also promotes blockchain technology adoption and is actively working on projects emphasizing interoperability. Moreover, the Association of Southeast Asian Nations Blockchain Initiative facilitates seamless interactions among member states.
Furthermore, the governments in the region, such as Australia, Singapore, and Japan, support blockchain interoperability through dedicated programs and strategies. These efforts recognize the importance of interoperability in unlocking the full potential of blockchain technology across industries and borders. Thus, the Asia Pacific region has the highest CAGR during the forecasted period.
Premium Insights
- Increasing Adoption of Blockchain Networks for Communication to Drive Market
- Cross-Chain Bridges Solution Segment to Hold Largest Market Size During Forecast Period
- Dapps Segment to Hold Largest Market Size During Forecast Period
- Banking, Financial Services, and Insurance Vertical to Hold Largest Market Size During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Overview and Industry Trends
Drivers
- Demand for Ibc to Enhance Growth and Efficiency of Blockchain Technology
- Development in Dapps
- Growing Demand for Cross-Chain Asset Transfers
- Regulatory Compliance and Standards
Restraints
- Technical Challenges
- Scalability Issues
Opportunities
- Enhanced Collaboration and Ecosystem Development
- Interconnected Iot
- New Market Exploration and Cross-Border Transactions
Challenges
- Interoperability Trilemma
- Lack of Awareness and Understanding
Case Study Analysis
- Blockchain Transformed Supply Chains Through Interoperability and Collaboration
- Router Chain Facilitated Cross-Chain Governance and Interoperability in Blockchain Networks
- Interchain Protocol’s Cross-Chain Interoperability Enabled Seamless Trading Across Different Blockchain Networks
- Cross-Border Supply Chain Transparency Enhanced Visibility and Traceability by Leveraging Blockchain Technology
- Interoperable Healthcare Data Exchange Enabled Efficient and Secure Data Flow
Value Chain Analysis
- Research and Development
- Interoperability Solution Providers
- Blockchain Network Operators
- Application Services
- Education and Consultation
- Infrastructure Providers
- Regulatory Bodies
- End-Users and Stakeholders
Technology Analysis
- Artificial Intelligence/Machine Learning
- Internet of Things
- Analytics Technologies
- Crypto Trading and Blockchain Interoperability
- Interoperability Protocols
- Blockchain Interoperability Mechanism
Blockchain Interoperability Approaches/Methods
- Sidechains
- Notary Schemes
- Oracles
- Blockchain Routers
- Protocols
- Hashed Timelocks
- Patent Analysis
Company Profiles
Key Players
- Oracle
- R3
- Gavs Technologies
- Leewayhertz
- Ontology
- Inery
Other Players
- Fusion Foundation
- Quant Network
- Band Protocol
- Liquid Apps
- Li.Fi
- Biconomy
- Datachain
- Riodefi
- Polyhedra Network
- Supraoracles
- Orb Labs
- Chainport
For more information about this report visit https://www.researchandmarkets.com/r/16ke45
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