Market Drivers

The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also encourages the market players to make more efforts to improve their services to gain a competitive edge. These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future. DeFi is an emerging financial technology based on blockchain, which reduces the control banks have on financial services and money. The growing strategic initiatives in the decentralized finance space are expected to drive market growth over the forecast period.

Increasing venture capital funding and investments in blockchain technology. The adoption of blockchain technology solutions has achieved massive popularity for various business applications such as payments, exchanges, smart contracts, documentation, and digital identity.