Blockchain Interoperability Global Market Report 2024

The blockchain interoperability market size has grown exponentially in recent years. It will grow from $0.54 billion in 2023 to $0.7 billion in 2024 at a compound annual growth rate (CAGR) of 29%. The historical growth can be attributed to various factors. Advancements in decentralized applications, improved efficiency of blockchain technology, compliance with regulatory standards, the widespread adoption of IoT devices, and an increasing need for efficient data exchange processes have all played significant roles.

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%. Anticipated growth in the forecast period is fueled by several factors. These include a growing demand for cross-chain asset transfers, the expanding realm of decentralized finance (DeFi), a notable increase in cross-border transactions, and the rising adoption of multi-blockchain solutions. Key trends expected in this period include advancements in blockchain interoperability technology, heightened investments in blockchain infrastructure, the integration of innovative blockchain-enabled solutions, a growing dependence on blockchain-based payment systems, and continued progress in decentralized applications.

The increasing demand for cross-chain asset transfers is expected to drive growth in the blockchain interoperability market. These transfers involve the movement of digital assets between different blockchain networks, catering to the need for wider access to diverse assets and enhanced liquidity in decentralized finance (DeFi) and other blockchain applications. Blockchain interoperability enables seamless asset movement between networks, promoting decentralized exchange and enhancing the usability of cryptocurrencies. Notably, in February 2024, Wormhole, a cross-chain protocol, exceeded 1 billion messages and transferred over $39 billion through its token bridge since its 2021 launch. Similarly, Axelar witnessed significant growth in interchain transactions and active addresses over the past year, indicating a rising demand for cross-chain asset transfers.

Key companies are innovating bridgeless technology solutions such as HyperNova to facilitate secure blockchain interoperability. For instance, HyperNova, developed by Supra in August 2023, enables direct cross-chain communication via L1 consensus, eliminating the reliance on centralized bridges. This approach enhances security, scalability, and cross-chain capabilities in DeFi, gaming, and oracles. Leveraging Moonshot Consensus, a low-latency consensus algorithm, HyperNova ensures reliable cross-chain communication, catering to the evolving needs of the blockchain ecosystem.

In October 2021, R3, a leading enterprise blockchain software company, acquired Ivno to bolster its capabilities in digital assets, blockchain interoperability, and currencies. Ivno, a UK-based digital currency technology firm, brings expertise in dynamic intelligent contracts and tokenization platforms tailored for regulated financial services firms. This strategic acquisition strengthens R3's position in providing comprehensive solutions for enterprises navigating the evolving landscape of blockchain technology.

Major companies operating in the blockchain interoperability market are Microsoft Corporation, Sony Corporation, Accenture 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.

North America was the largest region in the blockchain interoperability market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain interoperability market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the blockchain interoperability market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Blockchain interoperability refers to the capability of various blockchain networks to communicate, exchange data, and conduct transactions seamlessly with each other. It enables disparate blockchain platforms to interact and share information assets or execute smart contracts across different networks. This interoperability facilitates the integration and collaboration of multiple blockchain systems, enabling more efficient and interconnected decentralized applications and ecosystems.

The several types of solutions encompass cross-chain bridges, cross-chain APIs, federated or consortium blockchains, and other methodologies. Cross-chain bridges serve as conduits for transferring assets or data across disparate blockchain networks, facilitating seamless interoperability. Their applications span various sectors such as digital assets, NFTs, DApps, cross-chain trading, and data sharing in BFSI, healthcare, gaming, IT, telecommunications, agriculture, and other industries.

The blockchain interoperability market research report is one of a series of new reports that provides blockchain interoperability market statistics, including blockchain interoperability industry global market size, regional shares, competitors with a blockchain interoperability market share, detailed blockchain interoperability market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain interoperability industry. This blockchain interoperability market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The blockchain interoperability market consists of revenues earned by entities by providing services such as cross-chain token swaps, cross-chain data oracles, blockchain interoperability platforms and cross-chain asset transfer services. The market value includes the value of related goods sold by the service provider or included within the service offering. The blockchain interoperability market also includes sales of nodes, gateways and interoperability bridges. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.