BFSI Segment is expected to constitute a share of 24.0% in the Decentralized Finance Technology Market in 2024, FMI Report. The decentralized finance technology market in the United States expected to expand at a CAGR of 26.2% through 2034.

NEWARK, Del, Dec. 21, 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 non fungible 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.

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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.

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 ongoing digital transformation in the financial industry is a major driver for embedded banking.” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.

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 Market Study

• 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, 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.

The development of algorithmic stablecoins aims to maintain price stability through algorithmic mechanisms, reducing reliance on collateral backed stablecoins, remarks an FMI analyst.

Key Companies Profiled

• Compound Labs, Inc.
• MakerDAO
• Aave
• Uniswap
• SushiSwap
• Curve Finance
• Synthetix
• Balancer
• Bancor Network
• Badger DAO

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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.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global decentralized finance technology market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the decentralized finance technology market, the market is segmented on the basis of component (decentralized applications, and smart contracts), application (asset management, compliance and kYT, data analytics, payments, gaming), and industry (BFSI, retail & e-commerce, media & entertainment, automotive, and others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).

The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

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Segmentation Analysis of the Decentralized Finance Technology Market

Component:

• Decentralized Applications
• Smart Contracts

Application:

• Asset Management
• Compliance and KYT
• Data Analytics
• Payments
• Gaming

Industry:

• BFSI
• Retail and E-Commerce
• Media and Entertainment
• Automotive
• Others

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 a consumer electronics will likely remain the leading end-use sector cross 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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