The rise in spending on blockchain technology, high access to unbanked people, and surge in adoption of digitized financial services are driving the global decentralized finance market.
Wilmington, Delaware, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Decentralized Finance Market by Component (Blockchain Technology, Decentralized Applications (D-Apps), and Smart Contracts), Application (Assets Tokenization, Compliance, and Identity, Marketplaces and Liquidity, Payments, Data and Analytics, and Others (Stablecoins, Prediction Industry, Decentralized Exchanges)): Global Opportunity Analysis and Industry Forecast, 2022–2032." The report indicates that the global decentralized finance industry garnered $13.8 billion in 2022 and is estimated to garner $497.9 billion by the year 2032, with a CAGR of 43.4% between 2023 to 2032.
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DeFi, short for Decentralized Finance, is a concept and ecosystem centered around the utilization of blockchain technologies and smart contracts to create and enhance decentralized financial systems. The primary objective of DeFi is to offer financial services that are transparent, openly accessible, and do not necessitate the intermediation of traditional banks or financial institutions.
Transactions and services within the DeFi realm occur on decentralized platforms, with the majority of these platforms being built on blockchain networks, notably Ethereum. DeFi platforms offer a diverse array of financial services, including lending, borrowing, asset management, insurance provision, and the operation of decentralized exchanges.
Drivers, restraints, and opportunities
The rise in spending on blockchain technology, high access to unbanked people, and surge in adoption of digitized financial services are driving the global decentralized finance market. However, data privacy and regulatory concerns and interoperability issues between different DeFi platforms hinder the market growth to some extent. Nevertheless, a growth in innovation among financial services and products will provide ample opportunities for the expansion of the market in future.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $13.8 Billion |
| Market Size in 2032 | $497.9 Billion |
| CAGR | 43.4 % |
| No. of Pages in Report | 336 |
| Segments Covered | Component, Application, and Region |
| Drivers | Increasing spending on blockchain technology |
| Increasing adoption of digitized financial services | |
| High access to people who are unbanked | |
| Opportunities | Growing innovation in financial products and services |
| Restraints | Data privacy and regulatory concerns |
| Interoperability issues between different DeFi platforms |
The blockchain technology segment grabbed the lion’s share in 2022
On the basis of component, the blockchain technology segment generated the highest revenue in 2022, contributing to nearly half of the global decentralized finance market share and is estimated to maintain its dominance in terms of revenue during the forecast period. The growth is attributed to ongoing advancements and scalability solutions resolving issues faced by early blockchain systems. With the continuous growth of the DeFi ecosystem, the fusion of blockchain technology with conventional finance opens possibilities for innovation and the potential to disrupt established financial practices. On the other hand, the smart contrast segment would cite a notable CAGR of 46.0% during the forecast period, owing to the accuracy, cost effectiveness, and efficiency.
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The data and analytics segment garnered the major share in 2022:
Under the application category, the data and analytics segment generated the highest market revenue in 2022, contributing to more than one-fourth of the global decentralized finance market. The growth of segment is driven by the emergence of DAOs (decentralized autonomous organizations) that rely on community governed decision making further highlights the importance of data-driven insights. Access to precise and reliable data empowers individuals to make informed decisions, which, in turn, attracts more participants to the DeFi ecosystem and bolsters overall market activity. This dynamic is a significant driver for the growth of the DeFi market.
Furthermore, the payments segment would cite the notable CAGR of 47.9% and is estimated to dominate the market in terms of revenue during the forecast period. The segment is driven by its security, efficiency, and transparency. Smart contracts streamline payment procedures and mitigate human errors. Cross-chain interoperability facilitates smooth transactions across diverse blockchain networks. Additionally, decentralized lending and borrowing platforms within the DeFi ecosystem empower users to earn interest on their assets and obtain liquidity, thereby enhancing the overall payment experience.
Asia-Pacific to retain its dominance by 2032-
The regional analysis in the report indicates that the market across North America was largest in 2022 accounting for nearly two-fifths of the global market revenue.
The rise of Decentralized Autonomous Organizations (DAOs) is becoming increasingly popular, providing opportunities for community-driven decision-making and investment approaches. These DAOs leverage blockchain technology, granting participants a direct role in project management and decision-making. This concept has the potential to transform corporate governance and enhance investor engagement.
On the other hand, the Asia-Pacific region would cite a noteworthy CAGR of 47.3% and is expected to dominate the market share during the forecast period. The growing adoption of blockchain technology and cryptocurrencies, often fueled by a tech-savvy and youthful demographic, has generated interest in DeFi platforms. These platforms provide financial services, like lending, borrowing, and trading, without the need for intermediaries. This is especially attractive in countries with underdeveloped traditional banking systems.
Top market players:
- TATA Consultancy Services Limited
- RisingMax
- Payward, Inc.
- IBM Corporation
- Gemini Trust Company, LLC.
- Compound Labs, Inc.
- Coinbase
- BlockFi
- Binance
- Accenture
The report offers an extensive analysis of the prominent players in the global decentralized finance market. These players have employed diverse strategies, including expansion, mergers, and product launches, with the aim of growing their market share and sustaining leading positions in various regions. The report is a valuable resource for emphasizing the business performance, operational segments, product portfolios, and strategic maneuvers of market players, thereby illustrating the competitive landscape within the industry.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the decentralized finance market forecast from 2022 to 2032 to identify the prevailing decentralized finance market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the decentralized finance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global decentralized finance market trends, key players, market segments, application areas, and market growth strategies.
By Component
- Blockchain Technology
- Decentralized Applications (dApps)
- Smart Contracts
By Application
- Decentralized Exchanges
- Compliance and Identity
- Marketplaces and Liquidity
- Payments
- Data and Analytics
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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