NEWARK, Del, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global decentralized finance technology market is anticipated to reach a valuation of US$ 75.7 billion in 2024, driven by the integration of decentralized finance in gaming. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 28.4% between 2024 and 2034, and reaching a total valuation of approximately US$ 919.8 billion by 2034.
One of the major factors contributing to the growth of the market is nonfungible tokens. The intersection of DeFi and NFTs creates new opportunities for decentralized ownership, fractionalization of assets, and innovative financial models around digital collectibles.
Projects working on layer 2 scaling solutions, such as Optimistic Rollups and zk Rollups, aim to address the scalability issues of blockchain networks, making DeFi more scalable and cost-effective. Decentralized oracles provide reliable external data to smart contracts, reducing reliance on centralized sources and enhancing the security and reliability of DeFi applications.
DeFi projects focusing on microfinance and financial inclusion aim to provide services to unbanked and underbanked populations, unlocking economic opportunities for a broader range of individuals. Ongoing innovation in decentralized derivatives markets and options trading platforms introduces new financial instruments and risk management tools to the DeFi ecosystem.
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Platforms offering dynamic and algorithmic asset management solutions attract users looking for automated and optimized portfolio strategies in the DeFi space. The development and adoption of enhanced security measures, including formal verification of smart contracts and insurance protocols, aim to minimize the risk of vulnerabilities and attacks.
The development and adoption of interoperable protocols and standards promote collaboration between different DeFi projects and ecosystems, fostering a more interconnected financial landscape.
The concept of Decentralized Autonomous Liquidity Pools involves creating decentralized and community-governed liquidity pools, allowing for more flexible and community-driven liquidity provision. The rise of decentralized insurance platforms provides users with coverage against smart contract failures, hacks, and other risks, adding a layer of security to the DeFi ecosystem.
Key Takeaways from the Decentralized Finance Technology Market Report:
- The global decentralized finance technology market was valued at US$ 59.6 billion by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 26.3%.
- The market in Australia is expected to expand at a CAGR of 31.9% through 2034.
- By industry, the BFSI segment to account for a share of 24.0% in 2024.
- From 2024 to 2034, the decentralized finance technology market is expected to flourish at a CAGR of 28.4%.
- By 2034, the market value of decentralized finance technology is expected to reach US$ 919.8 billion.
"In the rapidly evolving landscape of financial technology, it highlights the profound impact of decentralized finance technology on the market. The study underscores the transformative potential of decentralized financial systems, emphasizing their ability to foster financial inclusivity and redefine traditional banking norms, the decentralized finance technology market is poised for substantial growth, with its innovative solutions paving the way for a more accessible and equitable financial future." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
| Attribute | Details | |
| Estimated Market Size in 2024 | US$ 75.7 billion | |
| Projected Market Valuation in 2034 | US$ 919.8 billion | |
| Value-based CAGR 2024 to 2034 | 28.4 % | |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | Value in US$ billion | |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Recent Developments:
- In 2022, Compound, a decentralized finance protocol, introduced a new iteration called Comet. The updated protocol places a strong focus on enhancing capital efficiency, bolstering security measures, and providing users with a streamlined experience for borrowing and lending cryptocurrencies.
- In 2022, the DeFi platform experienced a security breach, with Terra Luna falling victim to an attack that resulted in a staggering loss of USD 40 billion within the DeFi industry. The incident is recognized as one of the major security breaches in the DeFi sector, causing a significant downturn in the global market.
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Decentralized Finance Technology Market Segmentation:
By Component:
- Decentralized Applications
- Smart Contracts
By Application:
- Asset Management
- Compliance and KYT
- Data Analytics
- Payments
- Gaming
By Industry:
- BFSI
- Retail and E-Commerce
- Media and Entertainment
- Automotive
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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