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

Abstract
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 market growth in blockchain interoperability is fueled by various factors, including the increasing demand for IBC to optimize the development and effectiveness of blockchain technology, the advancements in dApps, the growing need for seamless cross-chain asset transfers, and the emphasis on regulatory compliance and standardized practices.

“By vertical, the BFSI segment will grow at the largest market size during the forecast period.”

The BFSI (Banking, Financial Services, and Insurance) sector holds the largest market size in the blockchain interoperability market. This is due to the sector’s need for secure data exchange and efficient transactions. Additionally, blockchain technology provides transparency and enhanced security, making it an ideal solution for the BFSI industry. Moreover, interoperability enables seamless communication between multiple parties operating on different blockchain networks, facilitating cross-border transactions, interbank settlements, and insurance claims processing. Furthermore, the BFSI sector’s heavy regulation and compliance requirements drive the adoption of blockchain interoperability solutions. Thus, the BFSI segment holds the largest market size during the forecasted period.

“North America is expected to account for the largest market size during the forecasted period.”

Due to several key factors, North America is poised to have the largest market size. The region’s growth in this market is driven by the increasing adoption of blockchain technology across industries like healthcare, supply chain management, and finance. The need for secure and efficient data exchange between different blockchain networks also contributes to the market’s expansion. Moreover, established vendors from North America, including Oracle, R3, LeewayHertz, and GAVS Technologies, offer advanced blockchain interoperability products and services.

The US and Canadian governments also invest a reasonable sum of money in blockchain research and development. Also, the US National Institute of Standards and Technology (NIST) is actively involved in research and standardization efforts for blockchain interoperability. Furthermore, government agencies in the region are collaborating with blockchain companies to explore interoperable solutions for digital identity, voting systems, and intellectual property rights management. Thus, these factors account for North America having the largest market size during the forecast period.

“Asia Pacific is anticipated to account for the highest CAGR during the forecasted period.”

The Asia Pacific region is witnessing significant advancements in blockchain interoperability. Major developments include the Interledger Protocol (ILP), which connects various blockchain platforms and payment systems. The Asia Pacific Blockchain Alliance also promotes blockchain technology adoption and is actively working on projects emphasizing interoperability. Moreover, the Association of Southeast Asian Nations Blockchain Initiative facilitates seamless interactions among member states.

Furthermore, the governments in the region, such as Australia, Singapore, and Japan, support blockchain interoperability through dedicated programs and strategies. These efforts recognize the importance of interoperability in unlocking the full potential of blockchain technology across industries and borders. Thus, the Asia Pacific region has the highest CAGR during the forecasted period.

Breakdown of primaries
The study contains various industry experts’ insights, from suppliers/software developers to OEMs and Tier 1 vendors.

The break-up of the primaries is as follows:
•By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
•By Designation: C-level – 45%, Directors – 35%, and Managers– 25%
•By Region: North America – 35%, Asia Pacific – 30%, Europe – 25%, Middle East & Africa – 5%, Latin America – 5%

The key vendors in the global blockchain interoperability market include Oracle (US), R3 (US), GAVS Technologies (US), LeewayHertz (US), Ontology (Singapore), Inery (Singapore), Fusion Foundation (Singapore), Quant Network (UK), Band Protocol (Thailand), LiquidApps (Israel), LI.FI (Germany), Biconomy (Singapore), Datachain (Japan), RioDeFi (China), Polyhedra Networks (Italy), SupraOracles (US), Orb Labs (US), and ChainPort (Israel).

The study includes in-depth competitive intelligence covering company profiles, recent developments, and key market strategies.

Research Coverage
The report segments the blockchain interoperability market and forecasts its size by solutions (cross-chain bridging, cross-chain APIs, federated or consortium interoperability, and other solutions), applications (dApps, digital assets/NFTs, cross-chain trading & exchange, and cross-chain messaging & data sharing), verticals (BFSI, healthcare, gaming & entertainment, IT & ITeS, telecommunications, food & agriculture, and other verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
 
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall blockchain interoperability market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:
•Analysis of key drivers (Demand for IBC to enhance growth and efficiency of blockchain technology, development in dApps), restraints (Technical challenges hindering blockchain interoperability, Scalability issues), opportunities (Enhanced collaboration and ecosystem development, Interconnected IoT), and challenges (Interoperability trilemma, Lack of awareness and understanding).
•Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the blockchain interoperability market.
•Market Development: Comprehensive information about lucrative markets – the report analyses the blockchain interoperability market across varied regions.
•Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the blockchain interoperability market.
•Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Oracle (US), R3 (US), GAVS Technologies (US), LeewayHertz (US), Ontology (Singapore), Inery (Singapore), among others in the blockchain interoperability market strategies.

Content
Table of Contents

1INTRODUCTION25
1.1STUDY OBJECTIVES25
1.2MARKET DEFINITION25
1.2.1INCLUSIONS AND EXCLUSIONS26
1.3MARKET SCOPE27
1.3.1MARKET SEGMENTATION27
1.3.2REGIONS COVERED27
1.3.3YEARS CONSIDERED28
1.4CURRENCY CONSIDERED28
TABLE 1USD EXCHANGE RATES, 2018–202228
1.5STAKEHOLDERS29
2RESEARCH METHODOLOGY30
2.1RESEARCH DATA30
FIGURE 1BLOCKCHAIN INTEROPERABILITY MARKET: RESEARCH DESIGN30
2.1.1SECONDARY DATA31
2.1.2PRIMARY DATA31
2.1.2.1Breakdown of primary profiles32
FIGURE 2BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION32
2.1.2.2Key insights from industry experts32
2.2DATA TRIANGULATION AND MARKET BREAKUP33
FIGURE 3BLOCKCHAIN INTEROPERABILITY MARKET: DATA TRIANGULATION33
2.3MARKET SIZE ESTIMATION33
2.3.1TOP-DOWN APPROACH34
2.3.2BOTTOM-UP APPROACH34
FIGURE 4APPROACH 1 (SUPPLY-SIDE): REVENUE FROM SOFTWARE/SERVICES OF BLOCKCHAIN INTEROPERABILITY VENDORS35
FIGURE 5APPROACH 1 (SUPPLY-SIDE) ANALYSIS35
FIGURE 6BLOCKCHAIN INTEROPERABILITY MARKET ESTIMATION: RESEARCH FLOW36
FIGURE 7MARKET SIZE ESTIMATION METHODOLOGY—TOP-DOWN APPROACH (DEMAND SIDE): SHARE OF BLOCKCHAIN INTEROPERABILITY IN OVERALL INFORMATION TECHNOLOGY MARKET37
2.4MARKET FORECAST38
TABLE 2FACTOR ANALYSIS38
2.5COMPANY EVALUATION MATRIX METHODOLOGY: STARTUPS/SMES39
FIGURE 8COMPANY EVALUATION QUADRANT (STARTUPS/SMES): CRITERIA WEIGHTAGE39
2.6ASSUMPTIONS40
TABLE 3ASSUMPTIONS40
2.7LIMITATIONS41
TABLE 4LIMITATIONS41
3EXECUTIVE SUMMARY42
FIGURE 9GLOBAL BLOCKCHAIN INTEROPERABILITY MARKET TO WITNESS SIGNIFICANT GROWTH DURING FORECAST PERIOD43
FIGURE 10BLOCKCHAIN INTEROPERABILITY MARKET: FASTEST-GROWING SEGMENTS44
FIGURE 11BLOCKCHAIN INTEROPERABILITY MARKET: REGIONAL SNAPSHOT45
4PREMIUM INSIGHTS46
4.1ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BLOCKCHAIN INTEROPERABILITY MARKET46
FIGURE 12INCREASING ADOPTION OF BLOCKCHAIN NETWORKS FOR COMMUNICATION TO DRIVE BLOCKCHAIN INTEROPERABILITY MARKET46
4.2BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023 VS. 202846
FIGURE 13CROSS-CHAIN BRIDGES SOLUTION SEGMENT TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD46
4.3BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023 VS. 202847
FIGURE 14DAPPS SEGMENT TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD47
4.4BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023 VS. 202847
FIGURE 15BANKING, FINANCIAL SERVICES, AND INSURANCE VERTICAL TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD47
4.5MARKET INVESTMENT SCENARIO48
FIGURE 16ASIA PACIFIC TO EMERGE AS BEST MARKET FOR INVESTMENTS IN NEXT FIVE YEARS48
5MARKET OVERVIEW AND INDUSTRY TRENDS49
5.1INTRODUCTION49
5.2MARKET DYNAMICS49
FIGURE 17DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: BLOCKCHAIN INTEROPERABILITY MARKET50
5.2.1DRIVERS50
5.2.1.1Demand for IBC to enhance growth and efficiency of blockchain technology50
5.2.1.2Development in dApps51
5.2.1.3Growing demand for cross-chain asset transfers51
5.2.1.4Regulatory compliance and standards52
5.2.2RESTRAINTS52
5.2.2.1Technical challenges52
5.2.2.2Scalability issues53
5.2.3OPPORTUNITIES53
5.2.3.1Enhanced collaboration and ecosystem development53
5.2.3.2Interconnected IoT54
5.2.3.3New market exploration and cross-border transactions54
5.2.4CHALLENGES55
5.2.4.1Interoperability trilemma55
5.2.4.2Lack of awareness and understanding55
5.3CASE STUDY ANALYSIS55
5.3.1BLOCKCHAIN TRANSFORMED SUPPLY CHAINS THROUGH INTEROPERABILITY AND COLLABORATION55
FIGURE 18ADDRESSING SUPPLY CHAIN CHALLENGES WITH BLOCKCHAIN TECHNOLOGY56
5.3.2ROUTER CHAIN FACILITATED CROSS-CHAIN GOVERNANCE AND INTEROPERABILITY IN BLOCKCHAIN NETWORKS56
5.3.3INTERCHAIN PROTOCOL’S CROSS-CHAIN INTEROPERABILITY ENABLED SEAMLESS TRADING ACROSS DIFFERENT BLOCKCHAIN NETWORKS57
5.3.4CROSS-BORDER SUPPLY CHAIN TRANSPARENCY ENHANCED VISIBILITY AND TRACEABILITY BY LEVERAGING BLOCKCHAIN TECHNOLOGY58
5.3.5INTEROPERABLE HEALTHCARE DATA EXCHANGE ENABLED EFFICIENT AND SECURE DATA FLOW59
5.4VALUE CHAIN ANALYSIS60
FIGURE 19BLOCKCHAIN INTEROPERABILITY MARKET: VALUE CHAIN ANALYSIS60
5.4.1RESEARCH AND DEVELOPMENT61
5.4.2INTEROPERABILITY SOLUTION PROVIDERS61
5.4.3BLOCKCHAIN NETWORK OPERATORS61
5.4.4APPLICATION SERVICES61
5.4.5EDUCATION AND CONSULTATION61
5.4.6INFRASTRUCTURE PROVIDERS61
5.4.7REGULATORY BODIES61
5.4.8END USERS AND STAKEHOLDERS61
5.5ECOSYSTEM/MARKET MAP62
FIGURE 20BLOCKCHAIN INTEROPERABILITY MARKET: MARKET MAP62
5.5.1ECOSYSTEM62
TABLE 5BLOCKCHAIN INTEROPERABILITY MARKET: ECOSYSTEM62
5.6PORTER'S FIVE FORCES ANALYSIS63
FIGURE 21BLOCKCHAIN INTEROPERABILITY MARKET: PORTER'S FIVE FORCES ANALYSIS63
TABLE 6BLOCKCHAIN INTEROPERABILITY MARKET: PORTER'S FIVE FORCES ANALYSIS64
5.6.1THREAT FROM NEW ENTRANTS64
5.6.2BARGAINING POWER OF SUPPLIERS64
5.6.3BARGAINING POWER OF BUYERS64
5.6.4THREAT OF SUBSTITUTES65
5.6.5INTENSITY OF COMPETITIVE RIVALRY65
5.7PRICING ANALYSIS65
TABLE 7PRICING ANALYSIS66
5.8TECHNOLOGY ANALYSIS67
5.8.1ARTIFICIAL INTELLIGENCE/MACHINE LEARNING67
5.8.2INTERNET OF THINGS67
5.8.3ANALYTICS TECHNOLOGIES68
5.8.4CRYPTO TRADING AND BLOCKCHAIN INTEROPERABILITY68
5.8.5INTEROPERABILITY PROTOCOLS68
5.9BLOCKCHAIN INTEROPERABILITY MECHANISM69
FIGURE 22BLOCKCHAIN INTEROPERABILITY MARKET: MECHANISMS AND OPERATIONS69
5.10BLOCKCHAIN INTEROPERABILITY APPROACHES/METHODS69
5.10.1SIDECHAINS69
FIGURE 23MULTI-BLOCKCHAIN INTEGRATION VIA SIDECHAINS70
5.10.2NOTARY SCHEMES70
5.10.3ORACLES70
5.10.4BLOCKCHAIN ROUTERS70
5.10.5PROTOCOLS70
5.10.6HASHED TIMELOCKS71
5.11PATENT ANALYSIS71
FIGURE 24BLOCKCHAIN INTEROPERABILITY MARKET: PATENT ANALYSIS72
5.12TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS73
FIGURE 25BLOCKCHAIN INTEROPERABILITY MARKET: TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS73
5.13TARIFF AND REGULATORY LANDSCAPE73
5.13.1REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS73
TABLE 8LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS73
5.14KEY STAKEHOLDERS AND BUYING CRITERIA77
5.14.1KEY STAKEHOLDERS IN BUYING PROCESS77
FIGURE 26INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS (%)77
TABLE 9INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS (%)77
5.15KEY CONFERENCES & EVENTS, 2023–202478
TABLE 10BLOCKCHAIN INTEROPERABILITY MARKET: KEY CONFERENCES & EVENTS, 2023–202478
6BLOCKCHAIN INTEROPERABILITY MARKET, BY PROTOCOL79
6.1INTRODUCTION79
6.1.1PROTOCOL: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS79
6.2POLKADOT80
6.2.1NEED TO ENABLE SEAMLESS COMMUNICATION BETWEEN DIVERSE BLOCKCHAIN NETWORKS TO DRIVE MARKET80
6.3COSMOS80
6.3.1DEMAND FOR FRICTIONLESS CROSS-CHAIN ASSET TRANSFER TO DRIVE MARKET80
6.4AION81
6.4.1NEED FOR COMPREHENSIVE MULTI-BLOCKCHAIN FRAMEWORK AND ABILITY TO OVERCOME EXISTING BARRIERS TO PROPEL MARKET81
6.5WANCHAIN82
6.5.1RISING USE OF WCC TO BUILD INTEROPERABLE APPLICATIONS TO DRIVE MARKET82
6.6ARK83
6.6.1SMARTBRIDGES AND DPOS MECHANISMS TO MAKE ARK PROTOCOL FAST, SECURE, AND EASY-TO-USE83
6.7ICON84
6.7.1NEED FOR EASIER DATA TRANSFER AND CONNECT BLOCKCHAINS TO BOOST DEMAND FOR ICON PROTOCOL84
6.8CHAINLINK84
6.8.1NEED FOR DECENTRALIZED ORACLE NETWORK FOR BLOCKCHAIN INTEROPERABILITY TO DRIVE MARKET84
6.9REN85
6.9.1REN PROTOCOL TO BRIDGE BLOCKCHAINS TO TRANSFER ASSETS SEAMLESSLY85
6.10FUSION86
6.10.1HIERARCHICAL HYBRID CONSENSUS MECHANISM TO ENABLE DATA AND ASSET EXCHANGE AND CATALYZE BLOCKCHAIN INTEROPERABILITY86
6.11BLOCKNET87
6.11.1CROSS-CHAIN ATOMIC SWAPS, XBRIDGE TECHNOLOGY, AND DECENTRALIZED GOVERNANCE MECHANISMS TO BOOST DEMAND FOR BLOCKNET PROTOCOL87
6.12HARMONY88
6.12.1NEED TO ACCESS DAPPS, BUILD SMART CONTRACTS, AND HELP PLAYERS TRADE ASSETS TO BOOST MARKET88
6.13INTERLEDGER (RIPPLE)89
6.13.1NEED FOR SCALABLE AND SECURE PROTOCOL TO SEND PAYMENTS ACROSS DIFFERENT LEDGERS TO DRIVE MARKET89
6.14ALGORAND90
6.14.1PURE PROOF-OF-STAKE MECHANISM TO HELP ACHIEVE CONSENSUS90
6.15NEAR PROTOCOL91
6.15.1WELL-OPERATED AND MAINTAINED NEAR PROTOCOL TO ENSURE DECENTRALIZATION, RESILIENCE, AND SECURITY91
6.16QREDO92
6.16.1NEED TO INCORPORATE TRUSTLESS ATOMIC SWAPS AND DECENTRALIZED CUSTODY SOLUTIONS TO PROPEL MARKET92
6.17KYVE93
6.17.1DEMAND FOR EFFICIENT AND DECENTRALIZED DATA STORAGE AND INDEXING TO DRIVE MARKET93
6.18MULTICHAIN94
6.18.1NEED TO ESTABLISH STANDARDIZED FRAMEWORK FOR CROSS-CHAIN COMMUNICATION TO DRIVE DEMAND FOR MULTICHAIN PROTOCOL94
6.19NAORIS PROTOCOL95
6.19.1NEED TO FACILITATE SECURE DATA EXCHANGE TO DRIVE MARKET95
7BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION97
7.1INTRODUCTION98
7.1.1SOLUTION: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS98
FIGURE 27BLOCKCHAIN INTEROPERABILITY APIS SOLUTION SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD99
TABLE 11BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)99
TABLE 12BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)99
TABLE 13BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)100
TABLE 14BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)100
7.2CROSS-CHAIN BRIDGES100
7.2.1CROSS-CHAIN BRIDGES SOLUTION TO FACILITATE SECURE DATA TRANSFER THROUGH VARIOUS MECHANISMS100
TABLE 15CROSS-CHAIN BRIDGES: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)101
TABLE 16CROSS-CHAIN BRIDGES: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)101
7.3CROSS-CHAIN APIS102
7.3.1NEED FOR SEAMLESS TRANSFER OF DIGITAL ASSETS, DATA EXCHANGE, AND TRACKING AND VERIFICATION OF SUPPLY CHAIN DATA TO BOOST MARKET102
TABLE 17CROSS-CHAIN APIS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)103
TABLE 18CROSS-CHAIN APIS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)103
7.4FEDERATED OR CONSORTIUM BLOCKCHAIN103
7.4.1SEAMLESS TRANSFER OF ASSETS AND INFORMATION TO DRIVE DEMAND FOR FEDERATED OR CONSORTIUM BLOCKCHAIN SOLUTION103
TABLE 19FEDERATED OR CONSORTIUM BLOCKCHAIN: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)104
TABLE 20FEDERATED OR CONSORTIUM BLOCKCHAIN: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)105
7.5OTHER SOLUTIONS105
7.5.1ATOMIC SWAPS105
7.5.2BLOCKCHAIN ORACLES106
7.5.2.1Types of blockchain oracle106
8BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION108
8.1INTRODUCTION109
8.1.1APPLICATION: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS109
FIGURE 28DIGITAL ASSETS/NFTS SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD109
TABLE 21BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)110
TABLE 22BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)110
8.2DIGITAL ASSETS/NFTS110
8.2.1BLOCKCHAIN INTEROPERABILITY TO HELP NFT USERS SEAMLESSLY TRANSFER ASSETS ACROSS BLOCKCHAIN NETWORKS110
TABLE 23DIGITAL ASSETS/NFTS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)111
TABLE 24DIGITAL ASSETS/NFTS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)111
8.3DECENTRALIZED APPLICATIONS112
8.3.1BLOCKCHAIN INTEROPERABILITY TO ENABLE DAPPS TO FACILITATE CROSS-CHAIN COMMUNICATION AND ASSET TRANSFER112
TABLE 25DECENTRALIZED APPLICATIONS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)112
TABLE 26DECENTRALIZED APPLICATIONS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)112
8.4CROSS-CHAIN TRADING & EXCHANGE113
8.4.1CROSS-CHAIN TRADING & EXCHANGE TO HELP IMPROVE EXPERIENCE AND REDUCE FEES113
TABLE 27CROSS-CHAIN TRADING & EXCHANGE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)114
TABLE 28CROSS-CHAIN TRADING & EXCHANGE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)114
8.5CROSS-CHAIN MESSAGING & DATA SHARING114
8.5.1CROSS-CHAIN MESSAGING & DATA SHARING TO FACILITATE TOKENS AND DIGITAL ASSETS TRANSFER114
TABLE 29CROSS-CHAIN MESSAGING & DATA SHARING: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)116
TABLE 30CROSS-CHAIN MESSAGING & DATA SHARING: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)116
9BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL117
9.1INTRODUCTION118
FIGURE 29HEALTHCARE VERTICAL TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD118
TABLE 31BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)118
TABLE 32BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)119
9.2BANKING, FINANCIAL SERVICES, AND INSURANCE119
9.2.1DEMAND FOR CROSS-BORDER PAYMENTS, ASSET TOKENIZATION, AND KYC PROCESSES TO DRIVE MARKET119
TABLE 33BANKING, FINANCIAL SERVICES, AND INSURANCE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)120
TABLE 34BANKING, FINANCIAL SERVICES, AND INSURANCE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)121
9.3HEALTHCARE121
9.3.1NEED FOR SEAMLESS DATA EXCHANGE AND STREAMLINED APPROACH TO DRIVE DEMAND FOR BLOCKCHAIN INTEROPERABILITY121
TABLE 35HEALTHCARE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)122
TABLE 36HEALTHCARE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)122
9.4GAMING & ENTERTAINMENT122
9.4.1NEED TO TRANSCEND DIGITAL ASSETS, FOSTER INNOVATION, AND ENHANCE EXPERIENCES TO BOOST MARKET122
TABLE 37GAMING & ENTERTAINMENT: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)123
TABLE 38GAMING & ENTERTAINMENT: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)123
9.5IT & ITES123
9.5.1STREAMLINING DATA SHARING AND ENHANCING SUPPLY CHAIN MANAGEMENT TO DRIVE DEMAND FOR BLOCKCHAIN INTEROPERABILITY123
TABLE 39IT & ITES: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)124
TABLE 40IT & ITES: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)124
9.6TELECOMMUNICATIONS125
9.6.1SEAMLESS DATA EXCHANGE, INCREASED EFFICIENCY, AND ENHANCED SECURITY TO BOOST MARKET125
TABLE 41TELECOMMUNICATIONS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)126
TABLE 42TELECOMMUNICATIONS: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)126
9.7FOOD & AGRICULTURE126
9.7.1NEED TO ACHIEVE TRANSPARENCY AND TRACEABILITY, AS WELL AS ENSURE AUTHENTICITY AND QUALITY TO PROPEL MARKET126
TABLE 43FOOD & AGRICULTURE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)127
TABLE 44FOOD & AGRICULTURE: BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)127
9.8OTHER VERTICALS127
9.8.1REAL ESTATE128
9.8.2MANUFACTURING128
9.8.3RETAIL & ECOMMERCE129
9.8.4GOVERNMENT129
10BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION130
10.1INTRODUCTION131
FIGURE 30ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD132
TABLE 45BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2018–2022 (USD MILLION)132
TABLE 46BLOCKCHAIN INTEROPERABILITY MARKET, BY REGION, 2023–2028 (USD MILLION)132
10.2NORTH AMERICA133
10.2.1NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS133
10.2.2NORTH AMERICA: RECESSION IMPACT134
10.2.3NORTH AMERICA: REGULATORY LANDSCAPE134
FIGURE 31NORTH AMERICA: MARKET SNAPSHOT135
TABLE 47NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)135
TABLE 48NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)136
TABLE 49NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)136
TABLE 50NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)136
TABLE 51NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)137
TABLE 52NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)137
TABLE 53NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2018–2022 (USD MILLION)137
TABLE 54NORTH AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)138
10.2.4US138
10.2.4.1Government initiatives to promote blockchain interoperability solutions to drive demand138
TABLE 55US: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)139
TABLE 56US: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)139
TABLE 57US: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)139
TABLE 58US: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)140
TABLE 59US: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)140
TABLE 60US: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)140
10.2.5CANADA141
10.2.5.1IPFS initiative and investment by government to propel demand for blockchain interoperability solutions141
TABLE 61CANADA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)141
TABLE 62CANADA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)142
TABLE 63CANADA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)142
TABLE 64CANADA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)142
TABLE 65CANADA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)143
TABLE 66CANADA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)143
10.3EUROPE144
10.3.1EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS144
10.3.2EUROPE: RECESSION IMPACT145
10.3.3EUROPE: REGULATORY LANDSCAPE145
TABLE 67EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)145
TABLE 68EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)146
TABLE 69EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)146
TABLE 70EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)146
TABLE 71EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)147
TABLE 72EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)147
TABLE 73EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2018–2022 (USD MILLION)148
TABLE 74EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)148
10.3.4UK148
10.3.4.1Partnership between National Archives and Open Data Institute to leverage adoption of blockchain interoperability solutions148
TABLE 75UK: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)149
TABLE 76UK: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)149
TABLE 77UK: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)149
TABLE 78UK: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)150
TABLE 79UK: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)150
TABLE 80UK: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)150
10.3.5GERMANY151
10.3.5.1Government initiatives and strategies to deploy blockchain interoperability to drive market151
TABLE 81GERMANY: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)151
TABLE 82GERMANY: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)152
TABLE 83GERMANY: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)152
TABLE 84GERMANY: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)152
TABLE 85GERMANY: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)153
TABLE 86GERMANY: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)153
10.3.6SWITZERLAND153
10.3.6.1Favorable regulatory environment and robust financial infrastructure to propel blockchain interoperability market153
TABLE 87SWITZERLAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)154
TABLE 88SWITZERLAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)154
TABLE 89SWITZERLAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)155
TABLE 90SWITZERLAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)155
TABLE 91SWITZERLAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)155
TABLE 92SWITZERLAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)156
10.3.7REST OF EUROPE156
TABLE 93REST OF EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)156
TABLE 94REST OF EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)157
TABLE 95REST OF EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)157
TABLE 96REST OF EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)157
TABLE 97REST OF EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)158
TABLE 98REST OF EUROPE: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)158
10.4ASIA PACIFIC159
10.4.1ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS159
10.4.2ASIA PACIFIC: RECESSION IMPACT160
10.4.3ASIA PACIFIC: REGULATORY LANDSCAPE160
FIGURE 32ASIA PACIFIC: MARKET SNAPSHOT161
TABLE 99ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)161
TABLE 100ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)162
TABLE 101ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)162
TABLE 102ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)162
TABLE 103ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)163
TABLE 104ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)163
TABLE 105ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2018–2022 (USD MILLION)164
TABLE 106ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)164
10.4.4CHINA164
10.4.4.1Initiatives by People's Bank of China and creation of blockchain-based trade finance platform to drive market164
TABLE 107CHINA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)165
TABLE 108CHINA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)165
TABLE 109CHINA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)165
TABLE 110CHINA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)166
TABLE 111CHINA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)166
TABLE 112CHINA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)166
10.4.5JAPAN167
10.4.5.1Need to explore ways to break down data silos and enhance collaboration between blockchain networks to drive market167
TABLE 113JAPAN: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)167
TABLE 114JAPAN: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)168
TABLE 115JAPAN: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)168
TABLE 116JAPAN: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)168
TABLE 117JAPAN: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)169
TABLE 118JAPAN: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)169
10.4.6SINGAPORE170
10.4.6.1Need to enhance air travel operations to fuel demand for blockchain interoperability solutions170
TABLE 119SINGAPORE: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)171
TABLE 120SINGAPORE: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)171
TABLE 121SINGAPORE: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)171
TABLE 122SINGAPORE: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)172
TABLE 123SINGAPORE: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)172
TABLE 124SINGAPORE: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)172
10.4.7INDIA173
10.4.7.1Government initiatives and demand from healthcare sector to boost market173
TABLE 125INDIA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)173
TABLE 126INDIA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)174
TABLE 127INDIA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)174
TABLE 128INDIA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)174
TABLE 129INDIA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)175
TABLE 130INDIA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)175
10.4.8THAILAND175
10.4.8.1Thailand Blockchain Association to promote and provide training for blockchain interoperability175
TABLE 131THAILAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)176
TABLE 132THAILAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)177
TABLE 133THAILAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)177
TABLE 134THAILAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)177
TABLE 135THAILAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)178
TABLE 136THAILAND: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)178
10.4.9REST OF ASIA PACIFIC179
TABLE 137REST OF ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)179
TABLE 138REST OF ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)179
TABLE 139REST OF ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)180
TABLE 140REST OF ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)180
TABLE 141REST OF ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)180
TABLE 142REST OF ASIA PACIFIC: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)181
10.5MIDDLE EAST & AFRICA181
10.5.1MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS181
10.5.2MIDDLE EAST & AFRICA: RECESSION IMPACT182
10.5.3MIDDLE EAST & AFRICA: REGULATORY LANDSCAPE182
TABLE 143MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)182
TABLE 144MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)183
TABLE 145MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)183
TABLE 146MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)183
TABLE 147MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)184
TABLE 148MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)184
TABLE 149MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2018–2022 (USD MILLION)184
TABLE 150MIDDLE EAST & AFRICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)185
10.5.4MIDDLE EAST185
10.5.4.1UAE185
10.5.4.1.1Dubai Blockchain Strategy to leverage blockchain interoperability185
10.5.4.2Israel186
10.5.4.2.1National Blockchain Plan and other government initiatives to drive demand for blockchain interoperability solutions186
10.5.4.3Rest of Middle East187
10.5.5AFRICA187
10.5.5.1Collaboration among organizations and researchers to enable seamless communication and data sharing to boost market187
10.6LATIN AMERICA188
10.6.1LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET DRIVERS188
10.6.2LATIN AMERICA: RECESSION IMPACT188
10.6.3LATIN AMERICA: REGULATORY LANDSCAPE189
TABLE 151LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2018–2022 (USD MILLION)189
TABLE 152LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY SOLUTION, 2023–2028 (USD MILLION)189
TABLE 153LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2018–2022 (USD MILLION)190
TABLE 154LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)190
TABLE 155LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2018–2022 (USD MILLION)190
TABLE 156LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY VERTICAL, 2023–2028 (USD MILLION)191
TABLE 157LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2018–2022 (USD MILLION)191
TABLE 158LATIN AMERICA: BLOCKCHAIN INTEROPERABILITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)191
10.6.4BRAZIL192
10.6.4.1Need for secure and transparent transactions and demand for open-source blockchain platforms to drive market192
10.6.5MEXICO192
10.6.5.1Government initiatives and rising demand for secure and transparent transactions to propel market192
10.6.6ARGENTINA193
10.6.6.1Research and development and collaboration with international organizations to drive demand for blockchain interoperability193
10.6.7REST OF LATIN AMERICA193
11COMPETITIVE LANDSCAPE194
11.1OVERVIEW194
11.2HISTORICAL REVENUE ANALYSIS194
FIGURE 33HISTORICAL REVENUE ANALYSIS OF KEY BLOCKCHAIN INTEROPERABILITY VENDORS, 2018–2022 (USD MILLION)194
11.3BLOCKCHAIN INTEROPERABILITY MARKET: RANKING OF KEY PLAYERS195
FIGURE 34BLOCKCHAIN INTEROPERABILITY MARKET: RANKING OF KEY PLAYERS195
11.4MARKET SHARE ANALYSIS195
FIGURE 35BLOCKCHAIN INTEROPERABILITY MARKET SHARE, 2022195
TABLE 159BLOCKCHAIN INTEROPERABILITY MARKET: DEGREE OF COMPETITION196
11.5EVALUATION QUADRANT FOR STARTUPS/SMES196
11.5.1PROGRESSIVE COMPANIES196
11.5.2RESPONSIVE COMPANIES197
11.5.3DYNAMIC COMPANIES197
11.5.4STARTING BLOCKS197
FIGURE 36BLOCKCHAIN INTEROPERABILITY MARKET: SMES/STARTUPS EVALUATION QUADRANT (2022)198
11.6COMPETITIVE BENCHMARKING FOR STARTUPS/SMES199
TABLE 160LIST OF STARTUPS/SMES AND FUNDING199
TABLE 161REGIONAL FOOTPRINT OF STARTUPS/SMES199
11.7GLOBAL SNAPSHOT OF KEY MARKET PARTICIPANTS200
FIGURE 37BLOCKCHAIN INTEROPERABILITY: GLOBAL SNAPSHOT OF KEY MARKET PARTICIPANTS, 2022200
11.8COMPETITIVE SCENARIO201
11.8.1PRODUCT LAUNCHES & ENHANCEMENTS201
TABLE 162BLOCKCHAIN INTEROPERABILITY MARKET: PRODUCT LAUNCHES & ENHANCEMENTS, JANUARY 2021–MAY 2023201
11.8.2DEALS202
TABLE 163BLOCKCHAIN INTEROPERABILITY MARKET: DEALS, JANUARY 2021–MAY 2023202