Why do people buy swaps?

Why is it that individuals and institutions alike choose to engage in swaps? What benefits do they seek by entering into these financial agreements? Are swaps a tool for hedging risks, managing exposure, or simply speculating on market movements? And how do the intricacies of interest rates, currencies, and commodities factor into the decision-making process when it comes to purchasing swaps? Is there a specific type of swap, such as interest rate swaps or currency swaps, that is more popular among investors? Understanding the motivations and goals behind buying swaps can provide valuable insights into the world of finance and the strategies employed by those navigating it.