Blockchain Interoperability Market Size - By Protocol (POLKADOT, COSMOS, AION, WANCHAIN, ARK, ICON, CHAINLINK, REN, FUSION), By Solution (Cross-Chain Bridges, Cross-Chain APIs, Federated or Consortium Blockchain), Application, End Use & Forecast, 2023 – 2032
Published Date: April - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationBlockchain Interoperability Market Size
Blockchain Interoperability Market size was USD 275.5 million in 2022 and is expected to achieve a CAGR of 26.8% during the forecast period of 2023 to 2032 due to growing cross-chain asset transfer needs among businesses.
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Individuals and companies frequently need to move assets and information from one blockchain network to another. Cross-chain asset transfer is made secure and easy by interoperability solutions, which increase the usefulness of other blockchain platforms. In January 2023, the decentralized exchange platform (DEX) Uniswap stated that it would be integrating with the layer-2 scaling solution Polygon to allow cross-chain trading between Ethereum and Polygon. Users can exchange tokens between the two networks without paying Ethereum gas fees through this integration.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Blockchain Interoperability Market Size in 2022 | USD 275.5 Million |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 26.8% |
| 2032 Value Projection | USD 2.88 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 334 |
| Segments covered | Protocol, Solution, Application, Vertical |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Similarly, in February of 2023, decentralized finance (DeFi) protocol Aave made it known that it would integrate its platform with Cosmos Hub in a bid to offer cross-chain borrowing and lending. This permits borrowers to lend and borrow funds deposited on Aave on the Cosmos Hub, whose gas prices are lower than on Ethereum. All these positive outcomes will propel blockchain interoperability solutions adoption, translating to good blockchain interoperability market growth.
Various blockchains possess different characteristics and capabilities. Interoperability allows applications to take advantage of the strengths of several platforms, merging functionalities to produce more capable and diverse decentralized applications. For example, in February 2022, Polygon, an Ethereum scaling solution, integrated with the Cosmos Hub to facilitate cross-chain communication between the two networks. This allowed developers to create dApps that would be able to leverage the liquidity and security of Ethereum as well as utilize the scalability and interoperability of Cosmos. Nevertheless, blockchain technology is regulated to some extent in various jurisdictions. Interoperability may make cross-border data sharing, legal compliance, and data privacy more complicated. It can be a major obstacle to the growth and adoption of interoperability solutions to overcome these regulatory hurdles.
COVID-19 Impact
The COVID-19 pandemic positively affected the blockchain interoperability market.
The crisis stressed the need for secure and open data sharing, and interest picked up in blockchain solutions. Episodes such as supply chain disruptions saw the demand for interoperability spike to improve transparency and traceability. The pandemic, however, also hindered collaborative efforts on account of the challenges of working remotely and reallocated resources away from blockchain solutions. Overall, even though the pandemic highlighted the potential of blockchain interoperability, it also posed challenges that affected its growth path. Blockchain Interoperability Market Trends
Increasing adoption of blockchain technology will etch a robust growth path for the blockchain interoperability market. As companies venture into the application of blockchain technology, they might need to integrate their private or consortium blockchains with public blockchains or other industry-specific networks. Interoperability is essential in developing holistic and effective business solutions.
Giving an example, in January 2023, Maersk declared that it will be utilizing blockchain technology to track its containers. The company is collaborating with IBM to develop a blockchain-based platform that will trace the containers from the moment they are loaded on a ship until the moment they are delivered at their destination. This will assist Maersk in making its shipping operations more efficient and cutting down the threat of fraud.
Blockchain Interoperability Market Analysis
Discover more about the major segments defining this market
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The dApps segment accounted for more than 36% of the blockchain interoperability market share in 2022. Blockchain interoperability solutions are becoming increasingly popular in decentralized applications because they can overcome the limitations of single-chain ecosystems.
These solutions allow smooth communication between different blockchain networks, enabling cross-chain asset transfers, improved functionality, and scalability. As decentralized apps grow, interoperability provides exposure to a wider user pool, leveraging the best of different blockchains. This promotes innovation as developers are able to build more flexible and efficient applications that provide an integrated and integrated user experience. See more about the dominant segments defining this market
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In 2022, the banking, financial services, and insurance (BFIS) sector controlled a quarter of the market for software enabling various blockchain networks to interoperate.
But the fastest growth of the next several years is anticipated in the healthcare sector. Why the growth spurt in healthcare? Because clinics and hospitals need a secure and trustworthy means to exchange patient data. Today's solutions are enhancing medical records security, allowing disparate systems to better communicate with one another, and aiding patient data more effectively. Such benefits hold the power to change healthcare forever. Physicians would instantly be able to see a patient's entire medical history, so their diagnoses would be more precise. Researchers could share data with one another with ease, spurring new breakthroughs. And patient privacy could be better maintained. But it doesn't stop there. These solutions also enable hospitals to seamlessly integrate Internet of Things (IoT) devices and smart contracts. That translates into better patient care, faster research, and streamlined administrative processes. Need region specific data?
North America blockchain interoperability market was more than 36% of revenue share in 2022, owing to their ability to solve intricate business issues.
As the area adopts multiple blockchain networks, efficient communication and exchange of data gain importance. Interoperability facilitates industries to leverage supply chains to their maximum efficiency, advance financial systems, and enhance regulatory environments. Focused on innovation and technology implementation, North American industries are attracted towards interoperability in terms of potential to unlock blockchain network potential and enable collaboration along with the generation of competitive value.
Blockchain Interoperability IMarket Share
Major companies operating in the blockchain interoperability market are
- Biconomy
- Chainport
- Datachain
- Fusion Foundation
- GAVS Technologies
- INERY
- LEEWAYHERTZ
- LI.F
- Liquid Apps
- ONTOLOGY
- Oracle Corporation
- ORB Labs
- Polyhedra Network
- Quant Network
- R3
- Riodefi.
These companies focus on collaborating with other blockchain projects, technology providers, and industry players to help expand the reach and capabilities of interoperability solutions.
Blockchain interoperability Industry News
- In July 2023, Quant announced a partnership with Hedera Hashgraph. This partnership will allow Quant's Overledger technology to be used on Hedera Hashgraph, enabling developers to build interoperable applications.
This blockchain interoperability market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments
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Market, By Protocol
- POLKADOT
- COSMOS
- AION
- WANCHAIN
- ARK
- ICON
- CHAINLINK
- REN
- FUSION
- Others
Market, By Solution
- Cross-Chain Bridges
- Cross-Chain APIs
- Federated or Consortium Blockchain
- Others
Market, By Application
- Digital Asset/NFTs
- Decentralized applications (dApps)
- Cross-Chain Trading & Exchange
- Cross-Chain Messaging & Data Sharing
Market, By Vertical
- BFSI
- Healthcare
- Gaming & Entertainment
- IT & ITES
- Telecommunication
- Food & agriculture
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
- UAE
- Saudi Arabia
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