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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 expansion of the blockchain interoperability market is propelled by the need for seamless communication and asset transfer between different blockchain networks, the growing adoption of dApps, and the emergence of diverse blockchain ecosystems, creating a necessity for interoperability to enable collaboration and access to a broader range of resources. Additionally, regulatory compliance requirements and the need for standardized frameworks contribute to the market’s growth as organizations seek interoperability solutions that ensure compatibility and seamless integration across blockchains.

Blockchain Interoperability Market Definition

As per MarketsandMarkets, blockchain interoperability refers to establishing a communication network between blockchains to facilitate the sharing or trading digital data, assets such as NFTs, and messages. This interoperability plays a crucial role in unlocking the potential of blockchain technology and expanding its application across various industries. Cross-chain bridging, enabled by smart contracts and tokens, is essential in creating this network and facilitating seamless communication between different blockchains.

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Competitive overview:

The blockchain interoperability market is led by some of the globally established players, namely Oracle (US), R3 (US), GAVS Technologies (US), LeewayHertz (US), Ontology (Singapore), and Inery (Singapore). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players adopt to increase their market presence.

GAVS Technologies (US) is a global IT services provider specializing in AI-led Managed Services and Digital Transformation. They have developed the Zero Incident Framework (ZIF), an advanced proactive incident detection and remediation platform. GAVS Technologies serves healthcare, banking, manufacturing, and telecom industries and operates offices in North America, the Middle East, and Asia Pacific. They are recognized as an emerging player in Healthcare Provider IT Outsourcing and Remote Infrastructure Management. GAVS Technologies recently collaborated with GS Lab | GAVS to establish a Global Capability Centre (GCC) in Chennai, India, to expand technical talent and enhance operational agility.

The firm has grown its portfolio and presence in the blockchain interoperability market through collaborations and acquisitions with companies such as Seceon (US).

Oracle (US) is a global company that develops, manufactures, and markets hardware systems, software solutions, and applications. The company is firmly committed to innovation and has expanded its offerings to include cutting-edge solutions in the blockchain interoperability market. With a comprehensive suite of cloud and on-premises software, Oracle provides Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS) options. Oracle has dedicated resources to enhance its blockchain interoperability solutions within this portfolio. Oracle’s Blockchain Cloud Services enable enterprises to build trust and transparency in Peer-to-Peer (P2P) transactions, improving operational efficiency and cost savings. The company serves various industries globally and has a workforce of 143,000 employees, trusted by over 400,000 customers, including Siemens, Toyota, FedEx, and Experian.

Apart from prominent vendors, other players include Fusion Foundation, Quant Network, Band Protocol, LiquidApps, and LI.FI, Biconomy, Datachain, RioDeFi, Polyhedra Networks, SupraOracles, Orb Labs, and ChainPort are also evolving in the blockchain interoperability market.

Fusion Foundation (Singapore) is a pioneering company focused on driving the future of blockchain interoperability. They aim to revolutionize value transfer and create a more connected and inclusive ecosystem of economies. Fusion Foundation seeks to bring the concept of the Internet of Values into reality by bridging the gap between centralized and decentralized organizations. They aim to build a new ecosystem that transcends industries, currencies, and platforms, enabling seamless value transfer and interoperability. Fusion Foundation connects diverse communities and tokens, fosters collaboration, and enables frictionless transactions across blockchain networks. They have strategic partnerships with various organizations and platforms, strengthening their position as a leader in blockchain interoperability. The company emphasizes innovation and invests in research and development to drive the adoption of blockchain technology. With its expertise and technological advancements, Fusion Foundation is at the forefront of transforming the financial landscape and bringing the Internet of Values to the world.

MnM says most businesses use inorganic growth strategies to hold their market share. In 2021–2022, the number of agreements rose significantly. MnM is expecting that the rate of agreements will further increase in the blockchain interoperability market in the coming years as startups are evolving in this market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the blockchain interoperability market.

Related Reports:

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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