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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

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    Report

  • 254 Pages
  • July 2023
  • Region: Global
  • Markets and Markets
  • ID: 5849336
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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% during the forecast period. 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.

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.

Breakdown of primaries 

The study contains various industry experts’ insights, from suppliers/software developers to OEMs and Tier 1 vendors. 

The break-up of the primaries is as follows:

  • By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
  • By Designation: C-level - 45%, Directors - 35%, and Managers- 25%
  • By Region: North America - 35%, Asia Pacific - 30%, Europe - 25%, Middle East & Africa - 5%, Latin America - 5% 

The key vendors in the global blockchain interoperability market include Oracle (US), R3 (US), GAVS Technologies (US), LeewayHertz (US), Ontology (Singapore), Inery (Singapore), Fusion Foundation (Singapore), Quant Network (UK), Band Protocol (Thailand), LiquidApps (Israel), LI.FI (Germany), Biconomy (Singapore), Datachain (Japan), RioDeFi (China), Polyhedra Networks (Italy), SupraOracles (US), Orb Labs (US), and ChainPort (Israel).     

The study includes in-depth competitive intelligence covering company profiles, recent developments, and key market strategies. 

Research Coverage

The report segments the blockchain interoperability market and forecasts its size by solutions (cross-chain bridging, cross-chain APIs, federated or consortium interoperability, and other solutions), applications (dApps, digital assets/NFTs, cross-chain trading & exchange, and cross-chain messaging & data sharing), verticals (BFSI, healthcare, gaming & entertainment, IT & ITeS, telecommunications, food & agriculture, and other verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall blockchain interoperability market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (Demand for IBC to enhance growth and efficiency of blockchain technology, development in dApps), restraints (Technical challenges hindering blockchain interoperability, Scalability issues), opportunities (Enhanced collaboration and ecosystem development, Interconnected IoT), and challenges (Interoperability trilemma,  Lack of awareness and understanding).
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the blockchain interoperability market.
  • Market Development: Comprehensive information about lucrative markets - the report analyses the blockchain interoperability market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the blockchain interoperability market.
  • Competitive Assessment: 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.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.3.3 Years Considered
1.4 Currency Considered
Table 1 USD Exchange Rates, 2018-2022
1.5 Stakeholders

2 Research Methodology
2.1 Research Data
Figure 1 Blockchain Interoperability Market: Research Design
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primary Profiles
Figure 2 Breakdown of Primary Interviews: by Company Type, Designation, and Region
2.1.2.2 Key Insights from Industry Experts
2.2 Data Triangulation and Market Breakup
Figure 3 Market: Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
Figure 4 Approach 1 (Supply-Side): Revenue from Software/Services of Blockchain Interoperability Vendors
Figure 5 Approach 1 (Supply-Side) Analysis
Figure 6 Blockchain Interoperability Market Estimation: Research Flow
Figure 7 Market Size Estimation Methodology - Top-Down Approach (Demand Side): Share of Blockchain Interoperability in Overall Information Technology Market
2.4 Market Forecast
Table 2 Factor Analysis
2.5 Company Evaluation Matrix Methodology: Startups/Smes
Figure 8 Company Evaluation Quadrant (Startups/Smes): Criteria Weightage
2.6 Assumptions
Table 3 Assumptions
2.7 Limitations
Table 4 Limitations

3 Executive Summary
Figure 9 Global Blockchain Interoperability Market to Witness Significant Growth During Forecast Period
Figure 10 Market: Fastest-Growing Segments
Figure 11 Market: Regional Snapshot

4 Premium Insights
4.1 Attractive Opportunities for Players in Blockchain Interoperability Market
Figure 12 Increasing Adoption of Blockchain Networks for Communication to Drive Market
4.2 Market, by Solution, 2023 Vs. 2028
Figure 13 Cross-Chain Bridges Solution Segment to Hold Largest Market Size During Forecast Period
4.3 Market, by Application, 2023 Vs. 2028
Figure 14 Dapps Segment to Hold Largest Market Size During Forecast Period
4.4 Market, by Vertical, 2023 Vs. 2028
Figure 15 Banking, Financial Services, and Insurance Vertical to Hold Largest Market Size During Forecast Period
4.5 Market Investment Scenario
Figure 16 Asia-Pacific to Emerge as Best Market for Investments in Next Five Years

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
Figure 17 Drivers, Restraints, Opportunities, and Challenges: Blockchain Interoperability Market
5.2.1 Drivers
5.2.1.1 Demand for Ibc to Enhance Growth and Efficiency of Blockchain Technology
5.2.1.2 Development in Dapps
5.2.1.3 Growing Demand for Cross-Chain Asset Transfers
5.2.1.4 Regulatory Compliance and Standards
5.2.2 Restraints
5.2.2.1 Technical Challenges
5.2.2.2 Scalability Issues
5.2.3 Opportunities
5.2.3.1 Enhanced Collaboration and Ecosystem Development
5.2.3.2 Interconnected Iot
5.2.3.3 New Market Exploration and Cross-Border Transactions
5.2.4 Challenges
5.2.4.1 Interoperability Trilemma
5.2.4.2 Lack of Awareness and Understanding
5.3 Case Study Analysis
5.3.1 Blockchain Transformed Supply Chains Through Interoperability and Collaboration
Figure 18 Addressing Supply Chain Challenges with Blockchain Technology
5.3.2 Router Chain Facilitated Cross-Chain Governance and Interoperability in Blockchain Networks
5.3.3 Interchain Protocol's Cross-Chain Interoperability Enabled Seamless Trading Across Different Blockchain Networks
5.3.4 Cross-Border Supply Chain Transparency Enhanced Visibility and Traceability by Leveraging Blockchain Technology
5.3.5 Interoperable Healthcare Data Exchange Enabled Efficient and Secure Data Flow
5.4 Value Chain Analysis
Figure 19 Blockchain Interoperability Market: Value Chain Analysis
5.4.1 Research and Development
5.4.2 Interoperability Solution Providers
5.4.3 Blockchain Network Operators
5.4.4 Application Services
5.4.5 Education and Consultation
5.4.6 Infrastructure Providers
5.4.7 Regulatory Bodies
5.4.8 End-Users and Stakeholders
5.5 Ecosystem/Market Map
Figure 20 Market: Market Map
5.5.1 Ecosystem
Table 5 Market: Ecosystem
5.6 Porter's Five Forces Analysis
Figure 21 Market: Porter's Five Forces Analysis
Table 6 Blockchain Interoperability Market: Porter's Five Forces Analysis
5.6.1 Threat from New Entrants
5.6.2 Bargaining Power of Suppliers
5.6.3 Bargaining Power of Buyers
5.6.4 Threat of Substitutes
5.6.5 Intensity of Competitive Rivalry
5.7 Pricing Analysis
Table 7 Pricing Analysis
5.8 Technology Analysis
5.8.1 Artificial Intelligence/Machine Learning
5.8.2 Internet of Things
5.8.3 Analytics Technologies
5.8.4 Crypto Trading and Blockchain Interoperability
5.8.5 Interoperability Protocols
5.9 Blockchain Interoperability Mechanism
Figure 22 Blockchain Interoperability Market: Mechanisms and Operations
5.10 Blockchain Interoperability Approaches/Methods
5.10.1 Sidechains
Figure 23 Multi-Blockchain Integration Via Sidechains
5.10.2 Notary Schemes
5.10.3 Oracles
5.10.4 Blockchain Routers
5.10.5 Protocols
5.10.6 Hashed Timelocks
5.11 Patent Analysis
Figure 24 Market: Patent Analysis
5.12 Trends and Disruptions Impacting Customer Business
Figure 25 Blockchain Interoperability Market: Trends and Disruptions Impacting Customer Business
5.13 Tariff and Regulatory Landscape
5.13.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 8 List of Regulatory Bodies, Government Agencies, and Other Organizations
5.14 Key Stakeholders and Buying Criteria
5.14.1 Key Stakeholders in Buying Process
Figure 26 Influence of Stakeholders on Buying Process (%)
Table 9 Influence of Stakeholders on Buying Process (%)
5.15 Key Conferences & Events, 2023-2024
Table 10 Market: Key Conferences & Events, 2023-2024

6 Blockchain Interoperability Market, by Protocol
6.1 Introduction
6.1.1 Protocol: Market Drivers
6.2 Polkadot
6.2.1 Need to Enable Seamless Communication Between Diverse Blockchain Networks to Drive Market
6.3 Cosmos
6.3.1 Demand for Frictionless Cross-Chain Asset Transfer to Drive Market
6.4 Aion
6.4.1 Need for Comprehensive Multi-Blockchain Framework and Ability to Overcome Existing Barriers to Propel Market
6.5 Wanchain
6.5.1 Rising Use of Wcc to Build Interoperable Applications to Drive Market
6.6 Ark
6.6.1 Smartbridges and Dpos Mechanisms to Make Ark Protocol Fast, Secure, and Easy-To-Use
6.7 Icon
6.7.1 Need for Easier Data Transfer and Connect Blockchains to Boost Demand for Icon Protocol
6.8 Chainlink
6.8.1 Need for Decentralized Oracle Network for Blockchain Interoperability to Drive Market
6.9 Ren
6.9.1 Ren Protocol to Bridge Blockchains to Transfer Assets Seamlessly
6.10 Fusion
6.10.1 Hierarchical Hybrid Consensus Mechanism to Enable Data and Asset Exchange and Catalyze Blockchain Interoperability
6.11 Blocknet
6.11.1 Cross-Chain Atomic Swaps, Xbridge Technology, and Decentralized Governance Mechanisms to Boost Demand for Blocknet Protocol
6.12 Harmony
6.12.1 Need to Access Dapps, Build Smart Contracts, and Help Players Trade Assets to Boost Market
6.13 Interledger (Ripple)
6.13.1 Need for Scalable and Secure Protocol to Send Payments Across Different Ledgers to Drive Market
6.14 Algorand
6.14.1 Pure Proof-Of-Stake Mechanism to Help Achieve Consensus
6.15 Near Protocol
6.15.1 Well-Operated and Maintained Near Protocol to Ensure Decentralization, Resilience, and Security
6.16 Qredo
6.16.1 Need to Incorporate Trustless Atomic Swaps and Decentralized Custody Solutions to Propel Market
6.17 Kyve
6.17.1 Demand for Efficient and Decentralized Data Storage and Indexing to Drive Market
6.18 Multichain
6.18.1 Need to Establish Standardized Framework for Cross-Chain Communication to Drive Demand for Multichain Protocol
6.19 Naoris Protocol
6.19.1 Need to Facilitate Secure Data Exchange to Drive Market

7 Blockchain Interoperability Market, by Solution
7.1 Introduction
7.1.1 Solution: Market Drivers
Figure 27 Blockchain Interoperability Apis Solution Segment to Grow at Highest CAGR During Forecast Period
Table 11 Market, by Region, 2018-2022 (USD Million)
Table 12 Market, by Region, 2023-2028 (USD Million)
Table 13 Market, by Solution, 2018-2022 (USD Million)
Table 14 Market, by Solution, 2023-2028 (USD Million)
7.2 Cross-Chain Bridges
7.2.1 Cross-Chain Bridges Solution to Facilitate Secure Data Transfer Through Various Mechanisms
Table 15 Cross-Chain Bridges: Market, by Region, 2018-2022 (USD Million)
Table 16 Cross-Chain Bridges: Market, by Region, 2023-2028 (USD Million)
7.3 Cross-Chain Apis
7.3.1 Need for Seamless Transfer of Digital Assets, Data Exchange, and Tracking and Verification of Supply Chain Data to Boost Market
Table 17 Cross-Chain Apis: Market, by Region, 2018-2022 (USD Million)
Table 18 Cross-Chain Apis: Market, by Region, 2023-2028 (USD Million)
7.4 Federated or Consortium Blockchain
7.4.1 Seamless Transfer of Assets and Information to Drive Demand for Federated or Consortium Blockchain Solution
Table 19 Federated or Consortium Blockchain: Market, by Region, 2018-2022 (USD Million)
Table 20 Federated or Consortium Blockchain: Market, by Region, 2023-2028 (USD Million)
7.5 Other Solutions
7.5.1 Atomic Swaps
7.5.2 Blockchain Oracles
7.5.2.1 Types of Blockchain Oracle

8 Blockchain Interoperability Market, by Application
8.1 Introduction
8.1.1 Application: Market Drivers
Figure 28 Digital Assets/Nfts Segment to Grow at Highest CAGR During Forecast Period
Table 21 Market, by Application, 2018-2022 (USD Million)
Table 22 Market, by Application, 2023-2028 (USD Million)
8.2 Digital Assets/Nfts
8.2.1 Blockchain Interoperability to Help Nft Users Seamlessly Transfer Assets Across Blockchain Networks
Table 23 Digital Assets/Nfts: Market, by Region, 2018-2022 (USD Million)
Table 24 Digital Assets/Nfts: Market, by Region, 2023-2028 (USD Million)
8.3 Decentralized Applications
8.3.1 Blockchain Interoperability to Enable Dapps to Facilitate Cross-Chain Communication and Asset Transfer
Table 25 Decentralized Applications: Market, by Region, 2018-2022 (USD Million)
Table 26 Decentralized Applications: Market, by Region, 2023-2028 (USD Million)
8.4 Cross-Chain Trading & Exchange
8.4.1 Cross-Chain Trading & Exchange to Help Improve Experience and Reduce Fees
Table 27 Cross-Chain Trading & Exchange: Market, by Region, 2018-2022 (USD Million)
Table 28 Cross-Chain Trading & Exchange: Market, by Region, 2023-2028 (USD Million)
8.5 Cross-Chain Messaging & Data Sharing
8.5.1 Cross-Chain Messaging & Data Sharing to Facilitate Tokens and Digital Assets Transfer
Table 29 Cross-Chain Messaging & Data Sharing: Market, by Region, 2018-2022 (USD Million)
Table 30 Cross-Chain Messaging & Data Sharing: Market, by Region, 2023-2028 (USD Million)

9 Blockchain Interoperability Market, by Vertical
9.1 Introduction
Figure 29 Healthcare Vertical to Grow at Highest CAGR During Forecast Period
Table 31 Market, by Vertical, 2018-2022 (USD Million)
Table 32 Market, by Vertical, 2023-2028 (USD Million)
9.2 Banking, Financial Services, and Insurance
9.2.1 Demand for Cross-Border Payments, Asset Tokenization, and Kyc Processes to Drive Market
Table 33 Banking, Financial Services, and Insurance: Market, by Region, 2018-2022 (USD Million)
Table 34 Banking, Financial Services, and Insurance: Market, by Region, 2023-2028 (USD Million)
9.3 Healthcare
9.3.1 Need for Seamless Data Exchange and Streamlined Approach to Drive Demand for Blockchain Interoperability
Table 35 Healthcare: Market, by Region, 2018-2022 (USD Million)
Table 36 Healthcare: Market, by Region, 2023-2028 (USD Million)
9.4 Gaming & Entertainment
9.4.1 Need to Transcend Digital Assets, Foster Innovation, and Enhance Experiences to Boost Market
Table 37 Gaming & Entertainment: Blockchain Interoperability Market, by Region, 2018-2022 (USD Million)
Table 38 Gaming & Entertainment: Market, by Region, 2023-2028 (USD Million)
9.5 It & Ites
9.5.1 Streamlining Data Sharing and Enhancing Supply Chain Management to Drive Demand for Blockchain Interoperability
Table 39 It & Ites: Market, by Region, 2018-2022 (USD Million)
Table 40 It & Ites: Market, by Region, 2023-2028 (USD Million)
9.6 Telecommunications
9.6.1 Seamless Data Exchange, Increased Efficiency, and Enhanced Security to Boost Market
Table 41 Telecommunications: Market, by Region, 2018-2022 (USD Million)
Table 42 Telecommunications: Market, by Region, 2023-2028 (USD Million)
9.7 Food & Agriculture
9.7.1 Need to Achieve Transparency and Traceability, as Well as Ensure Authenticity and Quality to Propel Market
Table 43 Food & Agriculture: Market, by Region, 2018-2022 (USD Million)
Table 44 Food & Agriculture: Market, by Region, 2023-2028 (USD Million)
9.8 Other Verticals
9.8.1 Real Estate
9.8.2 Manufacturing
9.8.3 Retail & Ecommerce
9.8.4 Government

10 Blockchain Interoperability Market, by Region
10.1 Introduction
Figure 30 Asia-Pacific to Grow at Highest CAGR During Forecast Period
Table 45 Market, by Region, 2018-2022 (USD Million)
Table 46 Market, by Region, 2023-2028 (USD Million)
10.2 North America
10.2.1 North America: Market Drivers
10.2.2 North America: Recession Impact
10.2.3 North America: Regulatory Landscape
Figure 31 North America: Market Snapshot
Table 47 North America: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 48 North America: Market, by Solution, 2023-2028 (USD Million)
Table 49 North America: Market, by Application, 2018-2022 (USD Million)
Table 50 North America: Market, by Application, 2023-2028 (USD Million)
Table 51 North America: Market, by Vertical, 2018-2022 (USD Million)
Table 52 North America: Market, by Vertical, 2023-2028 (USD Million)
Table 53 North America: Market, by Country, 2018-2022 (USD Million)
Table 54 North America: Market, by Country, 2023-2028 (USD Million)
10.2.4 US
10.2.4.1 Government Initiatives to Promote Blockchain Interoperability Solutions to Drive Demand
Table 55 US: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 56 US: Market, by Solution, 2023-2028 (USD Million)
Table 57 US: Market, by Application, 2018-2022 (USD Million)
Table 58 US: Market, by Application, 2023-2028 (USD Million)
Table 59 US: Market, by Vertical, 2018-2022 (USD Million)
Table 60 US: Market, by Vertical, 2023-2028 (USD Million)
10.2.5 Canada
10.2.5.1 Ipfs Initiative and Investment by Government to Propel Demand for Blockchain Interoperability Solutions
Table 61 Canada: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 62 Canada: Market, by Solution, 2023-2028 (USD Million)
Table 63 Canada: Market, by Application, 2018-2022 (USD Million)
Table 64 Canada: Market, by Application, 2023-2028 (USD Million)
Table 65 Canada: Market, by Vertical, 2018-2022 (USD Million)
Table 66 Canada: Market, by Vertical, 2023-2028 (USD Million)
10.3 Europe
10.3.1 Europe: Market Drivers
10.3.2 Europe: Recession Impact
10.3.3 Europe: Regulatory Landscape
Table 67 Europe: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 68 Europe: Market, by Solution, 2023-2028 (USD Million)
Table 69 Europe: Market, by Application, 2018-2022 (USD Million)
Table 70 Europe: Market, by Application, 2023-2028 (USD Million)
Table 71 Europe: Market, by Vertical, 2018-2022 (USD Million)
Table 72 Europe: Market, by Vertical, 2023-2028 (USD Million)
Table 73 Europe: Market, by Country, 2018-2022 (USD Million)
Table 74 Europe: Market, by Country, 2023-2028 (USD Million)
10.3.4 UK
10.3.4.1 Partnership Between National Archives and Open Data Institute to Leverage Adoption of Blockchain Interoperability Solutions
Table 75 UK: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 76 UK: Market, by Solution, 2023-2028 (USD Million)
Table 77 UK: Market, by Application, 2018-2022 (USD Million)
Table 78 UK: Market, by Application, 2023-2028 (USD Million)
Table 79 UK: Market, by Vertical, 2018-2022 (USD Million)
Table 80 UK: Market, by Vertical, 2023-2028 (USD Million)
10.3.5 Germany
10.3.5.1 Government Initiatives and Strategies to Deploy Blockchain Interoperability to Drive Market
Table 81 Germany: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 82 Germany: Market, by Solution, 2023-2028 (USD Million)
Table 83 Germany: Market, by Application, 2018-2022 (USD Million)
Table 84 Germany: Market, by Application, 2023-2028 (USD Million)
Table 85 Germany: Market, by Vertical, 2018-2022 (USD Million)
Table 86 Germany: Market, by Vertical, 2023-2028 (USD Million)
10.3.6 Switzerland
10.3.6.1 Favorable Regulatory Environment and Robust Financial Infrastructure to Propel Market
Table 87 Switzerland: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 88 Switzerland: Market, by Solution, 2023-2028 (USD Million)
Table 89 Switzerland: Market, by Application, 2018-2022 (USD Million)
Table 90 Switzerland: Market, by Application, 2023-2028 (USD Million)
Table 91 Switzerland: Market, by Vertical, 2018-2022 (USD Million)
Table 92 Switzerland: Market, by Vertical, 2023-2028 (USD Million)
10.3.7 Rest of Europe
Table 93 Rest of Europe: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 94 Rest of Europe: Market, by Solution, 2023-2028 (USD Million)
Table 95 Rest of Europe: Market, by Application, 2018-2022 (USD Million)
Table 96 Rest of Europe: Market, by Application, 2023-2028 (USD Million)
Table 97 Rest of Europe: Market, by Vertical, 2018-2022 (USD Million)
Table 98 Rest of Europe: Market, by Vertical, 2023-2028 (USD Million)
10.4 Asia-Pacific
10.4.1 Asia-Pacific: Market Drivers
10.4.2 Asia-Pacific: Recession Impact
10.4.3 Asia-Pacific: Regulatory Landscape
Figure 32 Asia-Pacific: Market Snapshot
Table 99 Asia-Pacific: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 100 Asia-Pacific: Market, by Solution, 2023-2028 (USD Million)
Table 101 Asia-Pacific: Market, by Application, 2018-2022 (USD Million)
Table 102 Asia-Pacific: Market, by Application, 2023-2028 (USD Million)
Table 103 Asia-Pacific: Market, by Vertical, 2018-2022 (USD Million)
Table 104 Asia-Pacific: Market, by Vertical, 2023-2028 (USD Million)
Table 105 Asia-Pacific: Market, by Country, 2018-2022 (USD Million)
Table 106 Asia-Pacific: Market, by Country, 2023-2028 (USD Million)
10.4.4 China
10.4.4.1 Initiatives by People's Bank of China and Creation of Blockchain-Based Trade Finance Platform to Drive Market
Table 107 China: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 108 China: Market, by Solution, 2023-2028 (USD Million)
Table 109 China: Market, by Application, 2018-2022 (USD Million)
Table 110 China: Market, by Application, 2023-2028 (USD Million)
Table 111 China: Market, by Vertical, 2018-2022 (USD Million)
Table 112 China: Market, by Vertical, 2023-2028 (USD Million)
10.4.5 Japan
10.4.5.1 Need to Explore Ways to Break Down Data Silos and Enhance Collaboration Between Blockchain Networks to Drive Market
Table 113 Japan: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 114 Japan: Market, by Solution, 2023-2028 (USD Million)
Table 115 Japan: Market, by Application, 2018-2022 (USD Million)
Table 116 Japan: Market, by Application, 2023-2028 (USD Million)
Table 117 Japan: Market, by Vertical, 2018-2022 (USD Million)
Table 118 Japan: Market, by Vertical, 2023-2028 (USD Million)
10.4.6 Singapore
10.4.6.1 Need to Enhance Air Travel Operations to Fuel Demand for Blockchain Interoperability Solutions
Table 119 Singapore: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 120 Singapore: Market, by Solution, 2023-2028 (USD Million)
Table 121 Singapore: Market, by Application, 2018-2022 (USD Million)
Table 122 Singapore: Market, by Application, 2023-2028 (USD Million)
Table 123 Singapore: Market, by Vertical, 2018-2022 (USD Million)
Table 124 Singapore: Market, by Vertical, 2023-2028 (USD Million)
10.4.7 India
10.4.7.1 Government Initiatives and Demand from Healthcare Sector to Boost Market
Table 125 India: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 126 India: Market, by Solution, 2023-2028 (USD Million)
Table 127 India: Market, by Application, 2018-2022 (USD Million)
Table 128 India: Market, by Application, 2023-2028 (USD Million)
Table 129 India: Market, by Vertical, 2018-2022 (USD Million)
Table 130 India: Market, by Vertical, 2023-2028 (USD Million)
10.4.8 Thailand
10.4.8.1 Thailand Blockchain Association to Promote and Provide Training for Blockchain Interoperability
Table 131 Thailand: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 132 Thailand: Market, by Solution, 2023-2028 (USD Million)
Table 133 Thailand: Market, by Application, 2018-2022 (USD Million)
Table 134 Thailand: Market, by Application, 2023-2028 (USD Million)
Table 135 Thailand: Market, by Vertical, 2018-2022 (USD Million)
Table 136 Thailand: Market, by Vertical, 2023-2028 (USD Million)
10.4.9 Rest of Asia-Pacific
Table 137 Rest of Asia-Pacific: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 138 Rest of Asia-Pacific: Market, by Solution, 2023-2028 (USD Million)
Table 139 Rest of Asia-Pacific: Market, by Application, 2018-2022 (USD Million)
Table 140 Rest of Asia-Pacific: Market, by Application, 2023-2028 (USD Million)
Table 141 Rest of Asia-Pacific: Market, by Vertical, 2018-2022 (USD Million)
Table 142 Rest of Asia-Pacific: Market, by Vertical, 2023-2028 (USD Million)
10.5 Middle East & Africa
10.5.1 Middle East & Africa: Market Drivers
10.5.2 Middle East & Africa: Recession Impact
10.5.3 Middle East & Africa: Regulatory Landscape
Table 143 Middle East & Africa: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 144 Middle East & Africa: Market, by Solution, 2023-2028 (USD Million)
Table 145 Middle East & Africa: Market, by Application, 2018-2022 (USD Million)
Table 146 Middle East & Africa: Market, by Application, 2023-2028 (USD Million)
Table 147 Middle East & Africa: Market, by Vertical, 2018-2022 (USD Million)
Table 148 Middle East & Africa: Market, by Vertical, 2023-2028 (USD Million)
Table 149 Middle East & Africa: Market, by Country, 2018-2022 (USD Million)
Table 150 Middle East & Africa: Market, by Country, 2023-2028 (USD Million)
10.5.4 Middle East
10.5.4.1 UAE
10.5.4.1.1 Dubai Blockchain Strategy to Leverage Blockchain Interoperability
10.5.4.2 Israel
10.5.4.2.1 National Blockchain Plan and Other Government Initiatives to Drive Demand for Blockchain Interoperability Solutions
10.5.4.3 Rest of Middle East
10.5.5 Africa
10.5.5.1 Collaboration Among Organizations and Researchers to Enable Seamless Communication and Data Sharing to Boost Market
10.6 Latin America
10.6.1 Latin America: Market Drivers
10.6.2 Latin America: Recession Impact
10.6.3 Latin America: Regulatory Landscape
Table 151 Latin America: Blockchain Interoperability Market, by Solution, 2018-2022 (USD Million)
Table 152 Latin America: Market, by Solution, 2023-2028 (USD Million)
Table 153 Latin America: Market, by Application, 2018-2022 (USD Million)
Table 154 Latin America: Market, by Application, 2023-2028 (USD Million)
Table 155 Latin America: Market, by Vertical, 2018-2022 (USD Million)
Table 156 Latin America: Market, by Vertical, 2023-2028 (USD Million)
Table 157 Latin America: Market, by Country, 2018-2022 (USD Million)
Table 158 Latin America: Market, by Country, 2023-2028 (USD Million)
10.6.4 Brazil
10.6.4.1 Need for Secure and Transparent Transactions and Demand for Open-Source Blockchain Platforms to Drive Market
10.6.5 Mexico
10.6.5.1 Government Initiatives and Rising Demand for Secure and Transparent Transactions to Propel Market
10.6.6 Argentina
10.6.6.1 Research and Development and Collaboration with International Organizations to Drive Demand for Blockchain Interoperability
10.6.7 Rest of Latin America

11 Competitive Landscape
11.1 Overview
11.2 Historical Revenue Analysis
Figure 33 Historical Revenue Analysis of Key Blockchain Interoperability Vendors, 2018-2022 (USD Million)
11.3 Market: Ranking of Key Players
Figure 34 Blockchain Interoperability Market: Ranking of Key Players
11.4 Market Share Analysis
Figure 35 Market Share, 2022
Table 159 Market: Degree of Competition
11.5 Evaluation Quadrant for Startups/Smes
11.5.1 Progressive Companies
11.5.2 Responsive Companies
11.5.3 Dynamic Companies
11.5.4 Starting Blocks
Figure 36 Market: Smes/Startups Evaluation Quadrant (2022)
11.6 Competitive Benchmarking for Startups/Smes
Table 160 List of Startups/Smes and Funding
Table 161 Regional Footprint of Startups/Smes
11.7 Global Snapshot of Key Market Participants
Figure 37 Blockchain Interoperability: Global Snapshot of Key Market Participants, 2022
11.8 Competitive Scenario
11.8.1 Product Launches & Enhancements
Table 162 Market: Product Launches & Enhancements, January 2021-May 2023
11.8.2 Deals
Table 163 Blockchain Interoperability Market: Deals, January 2021-May 2023

12 Company Profiles
12.1 Key Players
(Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View)*
12.1.1 Oracle
Table 164 Oracle: Business Overview
Figure 38 Oracle: Company Snapshot
Table 165 Oracle: Products/Solutions/Services Offered
Table 166 Oracle: Product Launches
Table 167 Oracle: Deals
12.1.2 R3
Table 168 R3: Business Overview
Table 169 R3: Products/Solutions/Services Offered
Table 170 R3: Deals
12.1.3 Gavs Technologies
Table 171 Gavs Technologies: Business Overview
Table 172 Gavs Technologies: Products/Solutions/Services Offered
Table 173 Gavs Technologies: Product Launches
Table 174 Gavs Technologies: Deals
12.1.4 Leewayhertz
Table 175 Leewayhertz: Business Overview
Table 176 Leewayhertz: Products/Solutions/Services Offered
Table 177 Leewayhertz: Deals
12.1.5 Ontology
Table 178 Ontology: Business Overview
Table 179 Ontology: Products/Solutions/Services Offered
Table 180 Ontology: Product Launches
Table 181 Ontology: Deals
12.1.6 Inery
Table 182 Inery: Business Overview
Table 183 Inery: Products/Solutions/Services Offered
Table 184 Inery: Product Launches
Table 185 Inery: Deals
12.2 Other Players
12.2.1 Fusion Foundation
12.2.2 Quant Network
12.2.3 Band Protocol
12.2.4 Liquid Apps
12.2.5 Li.Fi
12.2.6 Biconomy
12.2.7 Datachain
12.2.8 Riodefi
12.2.9 Polyhedra Network
12.2.10 Supraoracles
12.2.11 Orb Labs
12.2.12 Chainport
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View Might Not be Captured in Case of Unlisted Companies.

13 Adjacent Markets
13.1 Introduction
Table 186 Adjacent Markets and Forecasts
13.2 Limitations
13.3 Blockchain Market
Table 187 Blockchain Market, by Component, 2018-2021 (USD Million)
Table 188 Blockchain Market, by Component, 2022-2027 (USD Million)
Table 189 Blockchain Market, by Service, 2018-2021 (USD Million)
Table 190 Blockchain Market, by Service, 2022-2027 (USD Million)
Table 191 Blockchain Market, by Provider, 2018-2021 (USD Million)
Table 192 Blockchain Market, by Provider, 2022-2027 (USD Million)
Table 193 Blockchain Market, by Type, 2018-2021 (USD Million)
Table 194 Blockchain Market, by Type, 2022-2027 (USD Million)
Table 195 Blockchain Market, by Organization Size, 2018-2021 (USD Million)
Table 196 Blockchain Market, by Organization Size, 2022-2027 (USD Million)
Table 197 Blockchain Market, by Application, 2018-2021 (USD Million)
Table 198 Blockchain Market, by Application, 2022-2027 (USD Million)
Table 199 Blockchain Market, by Region, 2018-2021 (USD Million)
Table 200 Blockchain Market, by Region, 2022-2027 (USD Million)
13.4 Decentralized Identity Market
Table 201 Decentralized Identity Market, by Identity Type, 2019-2027 (USD Million)
Table 202 Decentralized Identity Market, by End-User, 2019-2027 (USD Million)
Table 203 Decentralized Identity Market, by Organization Size, 2019-2027 (USD Million)
Table 204 Decentralized Identity Market, by Vertical, 2019-2027 (USD Million)
Table 205 Decentralized Identity Market, by Region, 2019-2027 (USD Million)

14 Appendix
14.1 Discussion Guide
14.2 Knowledgestore: The Subscription Portal
14.3 Available Customizations

Executive Summary

Companies Mentioned

  • Band Protocol
  • Biconomy
  • Chainport
  • Datachain
  • Fusion Foundation
  • Gavs Technologies
  • Inery
  • Leewayhertz
  • Liquid Apps
  • Li.Fi
  • Oracle
  • Ontology
  • Orb Labs
  • Polyhedra Network
  • Quant Network
  • R3
  • Riodefi
  • Supraoracles

Methodology

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Table Information

Report AttributeDetails
No. of Pages254
PublishedJuly 2023
Forecast Period2023 - 2028
Estimated Market Value ( USD ) in 2023 $ 0.3 Billion
Forecasted Market Value ( USD ) by 2028 $ 1 Billion
Compound Annual Growth Rate27.2%
Regions CoveredGlobal
No. of Companies Mentioned18

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About the Blockchain Interoperability Market

Blockchain Interoperability is the ability of different blockchain networks to communicate and exchange data with each other. This technology is essential for the development of the Bitcoin network, as it allows for the transfer of value and data between different blockchains. It also enables the development of new applications and services that can be used across multiple blockchains. The Blockchain Interoperability market is growing rapidly, as more companies are looking to leverage the technology to create new products and services. This is especially true in the financial sector, where companies are looking to use blockchain technology to facilitate cross-border payments and other financial services. Some of the companies in the Blockchain Interoperability market include Ripple, Chainlink, Polkadot, Cosmos, and Aion. These companies are working to develop solutions that will enable the seamless transfer of data and value between different blockchains. Show Less Read more

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