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Blockchain Interoperability Market Size, Share
Blockchain Interoperability Market Size
As per the report, the blockchain interoperability market size has grown exponentially in recent years. It will grow from $0.54 billion in 2023 to $0.70 billion in 2024 at a compound annual growth rate (CAGR) of 29.0%. The blockchain interoperability market size is expected to see exponential growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%.
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Driving Forces Behind The Growth Of The Blockchain Interoperability Market
The growing demand for cross-chain asset transfers is expected to propel the growth of the blockchain interoperability market going forward. Cross-chain asset transfers transfer digital assets between blockchain networks, such as cryptocurrencies or tokens. The demand for cross-chain asset transfers is increasing due to the necessity for broader access to diverse assets and improved liquidity across multiple blockchain networks, fostering greater flexibility and efficiency in decentralized finance (DeFi) and other blockchain-based applications. Cross-chain asset transfers use blockchain interoperability to enable seamless movement of digital assets between different blockchain networks, ensuring decentralized exchange and enhancing the overall usability and utility of the cryptocurrency ecosystem. For instance, in February 2024, according to Blockworks Inc., a US-based technology information company, Wormhole, a cross-chain protocol that facilitates secure transfers of data or tokens across various blockchains, has surpassed 1 billion messages since its launch in 2021, transferring over $39 billion through its token bridge. Further, Axelar, another cross-chain protocol that facilitates secure transfers of data or tokens across various blockchains, has seen a 478% increase in interchain transactions and a 430% increase in active addresses over the past year. Therefore, the growing demand for cross-chain asset transfers is driving the growth of the blockchain interoperability market.
Innovative Products Driving Secure Blockchain Interoperability
Major companies operating in the blockchain interoperability market are developing bridgeless technology solutions, such as HyperNova, to enable secure blockchain interoperability. HyperNova is a cross-chain bridge solution that enables blockchain interoperability by facilitating cross-chain communication directly via L1 consensus, eliminating the need for centralized bridges that can be a single point of failure and a significant vulnerability in Web3. For instance, in August 2023, Supra, a Switzerland-based blockchain technology company, launched HyperNova using bridgeless technology. HyperNova facilitates cross-chain communication directly via L1 consensus, eliminating the need for centralized bridges. HyperNova's benefits include increased security, improved scalability, and enhanced cross-chain DeFi, gaming, and oracles capabilities. Supra's HyperNova leverages Moonshot Consensus, a low-latency consensus algorithm, to ensure secure and reliable cross-chain communication.
The blockchain interoperability market covered in this report is segmented -
1) By Solution: Cross-Chain Bridges, Cross-Chain Application Programming Interface (APIs), Federated Or Consortium Blockchain, Other Solutions
2) By Application: Digital Asset Or Non-Fungible Token (NFTs), Decentralized Applications (dApps), Cross-Chain Trading And Exchange, Cross-Chain Messaging And Data Sharing
3) By Vertical: Banking, Financial Services, And Insurance (BFSI), Healthcare, Gaming And Entertainment, Information Technology And IT-Enabled Services (IT and ITES), Telecommunication, Food And Agriculture, Other Verticals
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Major companies operating in the blockchain interoperability market are Microsoft Corporation, Sony Corporation, Oracle Corporation, Fujitsu Limited, SAP SE, Nvidia Corporation, WPP plc, Autodesk Inc., Unity Software Inc., GAVS Technologies, Kellton Tech Solutions Ltd., R3, LeewayHertz Inc., Ontology, Inery Pte. Ltd., Aetsoft Inc., Biconomy, Fusion Foundation Inc., Hiro Systems PBC, LI.FI, ORB Labs, SmartMedia Technologies Inc., Chainport, Datachain Inc., Liquid Apps, Polyhedra Network, Quant Network Limited, RioDeFi
Contents of the report:
1. Executive Summary
2. Blockchain Interoperability Market Report Structure
3. Blockchain Interoperability Market Trends And Strategies
4. Blockchain Interoperability Market - Macro Economic Scenario
5. Blockchain Interoperability Market Size And Growth
…..
27. Blockchain Interoperability Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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