Assuming that $f(x) > x$$g(x) > x$ rather than $f(x) \geq x$$g(x) \geq x$ for all $x$, and also that $f$$g$ is strictly increasing (no critical points), one can obtain a solution $g$$f$ to $g = f \circ f$ which piecewise has roughly similar properties to $f$$g$, in particular $g$$f$ will also be strictly increasing with $g(x)>x$$f(x)>x$. Things look to be more interesting if one relaxes these hypotheses.
Here's the construction. Firstly, define $x_n$ iteratively for $n=0,1,\dots$ by $x_0 := 0$, $x_{n+1} := f(x_n)$$x_{n+1} := g(x_n)$, then the $x_n$ will be increasing to infinity (they cannot accumulate at any finite point $x_*$ as one would then have $f(x_*)=x_*$$g(x_*)=x_*$).
Now also define $x_n$ for half-integers $n=1/2,3/2,\dots$ by picking $x_{1/2}$ arbitrarily between $x_0,x_1$ and then setting $x_{n+1} := f(x_n)$$x_{n+1} := g(x_n)$ for $n=1/2,3/2,\dots$. The $x_n$ for half-integer $n$ interlace between the $x_n$ for integer $n$, so the $x_n$ still increase to infinity as $n$ ranges over the combined index set $0,1/2,1,3/2,\dots$.
For any $n$ in this combined index set, the function $f$$g$ is a continuous increasing map from $[x_n,x_{n+1/2}]$ to $[x_{n+1},x_{n+3/2}]$ that maps endpoints to endpoints, and must therefore be a bijection (by the intermediate value theorem) and thus a homeomorphism (as both domain and range are compact Hausdorff). Call $f_n: [x_n,x_{n+1/2}] \to [x_{n+1}, x_{n+3/2}]$$g_n: [x_n,x_{n+1/2}] \to [x_{n+1}, x_{n+3/2}]$ the restriction of $f$$g$ to these intervals. To finish the job it will suffice to find increasing homeomorphisms $g_n:[x_n,x_{n+1/2}] \to [x_{n+1/2},x_{n+1}]$$f_n:[x_n,x_{n+1/2}] \to [x_{n+1/2},x_{n+1}]$ mapping endpoints to endpoints such that $f_n = g_n \circ g_{n+1}$$g_n = f_{n+1/2} \circ f_n$ for all $n=0,1/2,\dots$. This has "decoupled" the two factors of $g$$f$ in the original equation $f = g \circ g$$g = f \circ f$ and it is now easy to describe the general solution to this by writing the equation as $f_{n+1/2} = g_n \circ f_n^{-1}$ and solving recursively. More explicitly: pick an arbitrary increasing homeomorphism $g_0: [x_0,x_{1/2}] \to [x_{1/2},x_1]$$f_0: [x_0,x_{1/2}] \to [x_{1/2},x_1]$ mapping endpoints to endpoints, and set $g_n := f^n \circ g_0 \circ f^{-n}$$f_n := g^n \circ f_0 \circ g^{-n}$ for integer $n$ and $g_n := f^{n+1/2} \circ g_0^{-1} \circ f^{1/2-n}$$f_n := g^{n+1/2} \circ f_0^{-1} \circ g^{1/2-n}$ for half-integer $n$.
The function $g$$f$ produced here by gluing together the $g_n$$f_n$ will be continuous and strictly increasing and obey the required equation $f = g \circ g$$g = f \circ f$ (in fact this is the general solution to this equation with the stated properties, bearing in mind that $x_{1/2}$ is also arbitrary between $x_0$ and $x_1$). If $f$$g$ has no critical points then the $f_n$ will be diffeomorphisms and thence the $g_n$$f_n$ will also. So $g$$f$ will be smooth except possibly at the transition points $x_n$. Actually one can fix things up to be smooth at the endpoints also: if one extends $g_0$$f_0$ a bit past $x_{1/2}$ to an extension $\tilde g_0$$\tilde f_0$ that stays smooth near $x_{1/2}$ without critical points, and then modifies $g_0(x)$$f_0(x)$ smoothly near $x_0$ to equal $\tilde g_0^{-1}(f(x))$$\tilde f_0^{-1}(g(x))$ for $x$ sufficiently close to $x_0$, then one can check that $g$$f$ is now smooth everywhere. The situation becomes more interestingly complicated when $f$$g$ has critical points $f'(x)=0$$g'(x)=0$ or fixed points $f(x)=x$$g(x)=x$, but I haven't looked into this carefully (presumably the analysis of the analytic case in other answers will indicate what the behaviour should be there). One easy observation though: if $f$ has a fixed point $f(x)=x$ that is also a critical point to odd order (i.e. $f'(x)=\dots=f^{(2k-1)}(x)=0\neq f^{(2k)}(x)$ for some natural number $k$), then $g$ cannot be smooth at that point as it would have to be a fixed point that is critical of order half that of $f$, which is absurd.