According to a new report, published by KBV research, The Global Blockchain Interoperability Market size is expected to reach $2.3 billion by 2030, rising at a market growth of 28% CAGR during the forecast period.
The Federated or Consortium Interoperability segment is showcasing a CAGR of 29.2% during (2023 - 2030). Consortium or federated blockchains are typically not owned and utilized by a single entity. Instead, numerous organizations may operate on a single federated blockchain, enabling them to securely and privately share data across the network. Federated blockchains are popular in a number of other industries, including finance, banking, and healthcare, but they have gained the most traction among businesses that want to share data securely.
The dApps segment is leading the Global Blockchain Interoperability Market by Application in 2022, thereby achieving a market value of $896.1 million by 2030. This is because of their increasing demand and popularity. As the use of decentralized applications (dApps) increases across industries, a requirement for interoperability between blockchain networks arises. Interoperability solutions allow decentralized applications to connect and engage with multiple blockchains, enhancing their utility. This functionality enhances the user experience by facilitating the seamless transmission of assets and access to data.
The Telecommunication market has shown the high growth rate of 30.1% during (2023 - 2030). Telecom carriers can use smart contracts (and blockchain) to automate a variety of duties, thereby substantially enhancing the efficacy of numerous legacy systems. Smart contracts can simplify/optimize and automate a number of these processes, allowing various participants in the ecosystem to transact directly with one another, preventing any disputes, and reducing operational costs while simultaneously enabling instantaneous payment settlements. This is just one of the short-term effects blockchain can have on the telecom industry.
The North America region dominated the Global Blockchain Interoperability Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $877.5 million by 2030. The Europe market is poised to grow at a CAGR of 27.5% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 29.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/blockchain-interoperability-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation, R3, LeewayHertz, Ontology, INERY PTE. LTD., Datachain, Inc., Quant Network Limited, Band protocol, LiquidApps and Orb Labs.
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