DeFi
Decentralized Finance (DeFi) Market Growth Driven by Increased Usage of Digital Currency, Projected to Reach USD 48.02 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., July 2, 2024 /PRNewswire/ — According to SkyQuest, the world’s leading Decentralized Finance (DeFi) Market The GDP size was valued at USD 22 billion in 2022, USD 23.99 billion in 2023 and is projected to grow by USD 48.02 billion by 2031, at a CAGR of 9.06% during the forecast period (2024-2031).
The market growth is driven by the many benefits offered by DeFi technology offerings. Key benefits include the elimination of centralized financial institutions, such as banks, that traditionally control currencies, financial products, and services. Additionally, the DeFi system eliminates the costs that banks and other financial institutions have to incur to acquire their services. Furthermore, the ease of use and accessibility of decentralized financial systems are expected to further increase their adoption.
The growing popularity of e-sports and gaming has become a key driver of the growth of DeFi systems, as developers increasingly use DeFi tokens for in-app purchases. An example that has been refuted with Augur, the DeFi system that allows users to bet on a variety of global events, sports, and financial outcomes. The emergence of blockchain-based prediction solutions is expected to open up new opportunities for market expansion soon.
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Decentralized Finance (DeFi) Market Overview:
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Report Cover |
Details |
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Market turnover in 2023 |
$23.99 billion |
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Estimated value by 2031 |
48.02 billion USD |
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Rate of growth |
Poised to grow at a CAGR of 9.06% |
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Forecast period |
2024–2031 |
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Forecast units |
Value (in billions USD) |
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Report Cover |
Revenue forecast, competitive landscape, growth factors and trends |
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Segments covered |
Component, application and industry |
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Geographies covered |
North America, Europe, Asia Pacific and Rest of the World |
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Report Highlights |
Updated financial information / player product portfolio |
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Key Market Opportunities |
Innovating in finance through decentralized exchanges in DeFi |
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Key Market Driving Factors |
Increased Spending and Venture Capital Funding in Tech Sector |
Segments covered in The decentralized finance (DeFi) market is as follows:
- Component
- Blockchain technology, decentralized applications (dApps) and smart contracts
- Application
- Data & Analytics, Decentralized Exchanges, Payments, Stablecoins, Markets & Liquidity, Compliance & Identity, Prediction Industry, Asset Tokenization, Others
- Industry
- BFSI, Government, Healthcare, Media, Entertainment & Gaming, Technology Services, Others
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The component plays a vital role in the adoption of the decentralized finance (DeFi) market
By 2022, the blockchain technology segment will dominate the market, accounting for over 41.0% of global revenue. Blockchain technology enables the emergence of decentralized financial transactions, often numerous and new, decentralized, borderless and transparent. Promote open development, encourage innovation, business innovation and open possibilities.
The smart contracts segment is expected to witness significant growth during the forecast period. Smart contracts form the basis of DeFi protocol applications. A smart contract can serve as a security with specific rules governing when, how, and who can access that asset. Additionally, it accelerates decentralized financial services such as investing, credit, banking, and insurance. Furthermore, smart contracts can help delegate central budgets to states, thereby creating lucrative growth opportunities for the overall growth of this sector.
The data analytics section of the application segment will generate more revenue for the market
The data analytics segment dominated the market in 2022, accounting for 18.0% of global revenue. Decentralized monetary policy offers significant advantages for decision-making and data analysis as 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 revenues and assess the risk of the platform using various dashboards and tools.
The payments segment is expected to witness the fastest growth during the forecast period. Peer-to-peer payments are an important use case for both the DeFi business and the blockchain ecosystem. Users can leverage blockchain technology to exchange cryptocurrencies securely and directly, eliminating the need for intermediaries.
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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 have challenged traditional banks and financial institutions, offering innovative solutions to age-old inefficiencies and barriers. The market has seen 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 an intermediary. This growth is being bolstered by decentralized exchanges (DEXs) on the rise of fixed income and seed farming programs.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors to leverage external sources of R&D. In addition, we help them optimize the economic potential of their intellectual assets. Our experiences in innovation management and commercialization have extended our reach to North America, Europe, ASEAN and Asia Pacific.
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SOURCE SkyQuest Technology