Innovation

Decentralized finance market to reach $497B by 2032

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September 8, 2023

The decentralized finance market, which covers blockchain and smart contracts, will reach $497.9 billion by 2023, growing at a compound annual growth rate of 43.4% from 2023 to 2032, according to research from Allied Market Research.

The growth of this industry is due to an increase in investment for blockchain technology as well as adoption of digital financial services. Key findings in the report include:

• COVID-19 caused growth in the market.
• Blockchain held the highest market share in 2022.
• Smart contracts will see a CAGR of 46% from 2023 to 2032.
• Payments will lead the market with a CAGR of 47.9%.
• The Asia-Pacific region will maintain dominance through 2032.