The Asia Pacific Blockchain Interoperability Market would witness market growth of 29.3% CAGR during the forecast period (2023-2030).
Interoperability between blockchains assures a user-friendly experience, which increases adoption. It allows multi-token transactions via wallets and cross-chain information transmission, allowing users to interact with multiple currencies from a single interface. Without interoperability, disconnected systems will operate as autonomous compartments that cannot communicate or transact with one another. Multiple users from distinct blockchain networks are able to interact in an interoperable ecosystem without expending resources on information translation or enduring delays. It ensures that information gets processed, and a corresponding response is sent.
The smart home incorporates numerous varieties of CIoT (e.g., intelligent refrigerators, air conditioners, smart fans, etc.) that collect real-time data and require creative administration. Innovative applications may lead the way for disclosing residents' extremely privacy-sensitive lifestyles, as residential area information is more sensitive than any other use case. Traditionally, smart household services in a smart city are dependent on other services and are managed via cloud services. For instance, security communications should be independently synchronized with police administration, utility invoices should be combined with banking, electricity with smart infrastructure, etc. Every service is dependent on other services, which claim intelligent interoperability. With the advent of centralized cloud-based interoperable networks, traditional methods of data interchange may be more vulnerable. For secure interoperability, blockchain regulates access control via certification authorities and smart-contract-based encrypted data exchange.
In 2021, the Australian government intends to actively investigate use cases for blockchain in collaboration with the private sector. As part of the Federal Budget 2020-21, two initiatives were announced to develop blockchain-based solutions which reduce the regulatory compliance burden for companies. Each experimental project will receive up to $3 million in grant funding. One will focus on the food & beverage industry, while the other will contribute to the National Ethical Critical Minerals Certification Scheme. Through the Business Research and Innovation Initiative (BRII), $11.4 million were committed to assisting new regulatory technology innovation challenges. As a consequence of these factors, it is envisaged that the market will expand.
The China market dominated the Asia Pacific Blockchain Interoperability Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $162.2 million by 2030. The Japan market is registering a CAGR of 28.5% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 30.1% during (2023 - 2030).
Based on Solution, the market is segmented into Cross-chain Bridging, Cross-chain APIs, Federated or Consortium Interoperability, and Others. Based on Application, the market is segmented into dApps, Digital Assets/NFTs, Cross-chain Trading & Exchange, and Cross-chain Messaging & Data Sharing. Based on Vertical, the market is segmented into BFSI, Healthcare, Gaming & Entertainment, Telecommunication, Food & Agriculture, IT & ITeS, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Blockchain Interoperability Market is Projected to reach USD 2.3 Billion by 2030, at a CAGR of 28%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, R3, LeewayHertz, Ontology, INERY PTE. LTD., Datachain, Inc., Quant Network Limited, Band protocol, LiquidApps and Orb Labs.
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