WESTFORD, Mass., July 2, 2024 /PRNewswire/ -- According to
SkyQuest, the global Decentralized Finance (DeFi) Market size was valued at USD 22 billion in 2022, USD 23.99 billion in 2023 and is projected to
grow USD 48.02 billion by 2031,
growing at a CAGR of 9.06% in the forecast period (2024-2031).
The market growth is driven by the numerous advantages offered
by the DeFi technology offerings. Key benefits include the
elimination of centralized financial institutions, such as banks,
which traditionally control currencies, financial products and
services. Also, the DeFi system eliminates the costs that banks and
other financial institutions move to acquire their services there.
Furthermore, the ease of use and accessibility of decentralized
financial systems are expected to further increase their
adoption.
The increasing popularity of eSports and gaming has emerged as a
key driver for the growth of financial offer (DeFi) systems, as
developers increasingly use DeFi tokens for in-app purchases. An
example that has been denied with Augur, the DeFi system that
allows users to bet on a variety of world events, sports and
financial outcomes. The emergence of blockchain-based prediction
solutions is expected to open new opportunities for market
expansion soon.
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Decentralized Finance (DeFi) Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 23.99 billion
|
Estimated Value by
2031
|
USD 48.02
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 9.06%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, Application
and Industry
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and the Rest of the world
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Innovating Finance
through Decentralized Exchanges in DeFi
|
Key Market
Drivers
|
Rising Expenditure,
Venture Capital Funding in the Technology Sector
|
Segments covered in Decentralized Finance
(DeFi) Market are as
follows:
- Component
- Blockchain Technology, Decentralized Applications (dApps)
and Smart Contracts
- Application
- Data & Analytics, Decentralized exchanges, Payments,
Stablecoins, Marketplaces & Liquidity, Compliance &
Identity, Prediction industry, Assets tokenization, Others
- Industry
- BFSI, Government, Healthcare, Media, Entertainment &
Gaming, Technology Services, Others
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Component Plays a Vital Role in Adoption of Decentralized
Finance (DeFi) Market
By 2022, the blockchain technology segment will dominate the
market, accounting for more than 41.0% of global revenues.
Blockchain technology enables emergence of decentralized financial
transactions in financial, often many new, transactions,
decentralized, borderless, transparent. Promoting open development,
encouraging innovation, business innovation and open
possibilities.
The smart contract segment is expected to grow significantly over
the forecast period. Smart contracts form the basis for DeFi
protocol applications. A smart contract can act as security with
specific rules governing when, how, and who can access this asset.
In addition, it accelerates decentralized financial services such
as investment, credit, banking and insurance. Additionally, smart
contracts can help devolve the central budgets to states, thereby
creating lucrative growth opportunities for the overall growth of
this sector.
Data Analytics Section in Application Segment to turn in More
Revenues for Market
The data analytics segment dominated the market in 2022, with
18.0% in global revenue. Decentralized monetary policy offers
significant advantages for decision making and data analysis
because the DeFi protocol is open to data and network operations.
The DeFi protocol helps in risk management and creates business
opportunities. With the capabilities provided by DeFi platforms,
users can compare results and revenue and assess platform risk
using various dashboards and tools.
The payments segment is expected to register the fastest growth
over the forecast period. Peer-to-peer payments are an important
use case for both DeFi's business and the blockchain ecosystem.
Users can use blockchain technology to exchange cryptocurrencies
securely and directly, eliminating the need for intermediaries.
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https://www.skyquestt.com/report/decentralized-finance-market
The Future of Finance: Pioneering Financial
Innovation
Decentralized Finance (DeFi) is rapidly emerging as a
transformative force in finance, reinventing traditional financial
systems through blockchain technology. DeFi's core principles of
transparency, accessibility and decentralization challenged
traditional banks and financial institutions, thereby offering
innovative solutions to inefficiencies and age-old barriers. The
market has experienced tremendous growth, driven by the widespread
adoption of cryptocurrencies and blockchain technology. The
proliferation of DeFi applications has democratized the use of
financial services, allowing users to borrow, lend, trade and earn
interest rates without intermediaries. This growth is reinforced by
decentralized exchanges (DEXs) on the rise of fixed income and seed
agricultural programs.
Related Reports:
Blockchain Market
Blockchain IoT Market
Fintech Blockchain Market
Blockchain in Healthcare Market
Blockchain as a Service Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization have expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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