DeFi Market To Reach Nearly $1 Trillion by 2034, Driven by NFTs, Layer 2 Scaling, and Automated Solutions
• The global decentralized finance (DeFi) technology market is projected to grow at a CAGR of 28.4% between 2024-2034, reaching $919.8 billion by 2034.
• Key growth drivers include NFTs, layer 2 scaling solutions, decentralized oracles, microfinance/financial inclusion, derivatives trading platforms, and automated portfolio management solutions.
• The market was valued at $59.6 billion in 2023 and grew at 26.3% CAGR between 2019-2023.
• By industry, BFSI is expected to account for 24% market share in 2024.
• Enhanced security measures like smart contract verification and decentralized insurance aim to minimize risks and add security.