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Blockchain Interoperability Market Trends

Report ID: GMI6430
Published Date: Aug 2023
Report Format: PDF

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Blockchain interoperability Market Trends

Rising adoption of blockchain technology will carve a healthy growth trajectory for the blockchain interoperability industry. As enterprises explore the use of blockchain technology, they may need to connect their private or consortium blockchains with public blockchains or other industry-specific networks. Interoperability is crucial for creating comprehensive and efficient business solutions.

Citing an instance, in January 2023, Maersk announced that it would be using blockchain technology to track its shipping containers. The company is partnering with IBM to create a blockchain-based system that will track the containers from the time they are loaded onto a ship to the time they are delivered to their destination. This will help Maersk improve the efficiency of its shipping operations and reduce the risk of fraud.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of blockchain interoperability reached USD 275.5 million in revenue in 2022 and is set to observe over 26.8% CAGR from 2023 to 2032, driven by the increasing cross-chain asset transfer requirements across enterprises worldwide.

The dApps type segment held over 36% of market share in 2022, attributed to rising popularity due to their ability to transcend the limitations of single-chain ecosystems.

North America recorded over 36% of the market share in 2022, due to the increasing emphasis on diverse blockchain networks in the region.

Some of the top blockchain interoperability companies are Biconomy, Chainport, Datachain, Fusion Foundation, GAVS Technologies, INERY, LEEWAYHERTZ, LI.FI, Liquid Apps, ONTOLOGY, Oracle Corporation, ORB Labs, Polyhedra Network, Quant Network, R3, and Riodefi.