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Blockchain Interoperability Market 2024- By Size, Growth, Trends And Global Forecast To 2033
Blockchain Interoperability Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to rising developments in decentralized application, efficiency of blockchain technology, regulatory compliance and standards, surge in IoT connected devices, the rising demand for streamlined data exchange.
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%. The growth in the forecast period can be attributed to growing demand for cross-chain asset transfers, rise in decentralized finance (DeFi), increasing cross-border transactions, rising multi-blockchain use cases. Major trends in the forecast period include development of blockchain interoperability technology, investments in blockchain technology, implementing blockchain-enabled innovations, increasing use of blockchain-based payment, increasing advancements in decentralized application.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Microsoft Corporation, Sony Corporation, Acce*nture plc, 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
Blockchain Interoperability Market 2024 Key Insights:
• 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%.
• Driving Forces Behind The Growth Of The Blockchain Interoperability Market
• Innovative Products Driving Secure Blockchain Interoperability
• North America was the largest region in the blockchain interoperability market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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