Pune, India, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global Smart Contracts Market size was valued at USD 1.38 billion in 2022 and is projected to reach USD 8.79 billion by 2030, exhibiting a CAGR of 26.3% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Smart Contracts Market Forecast, 2023-2030."
A smart contract is a self-executing computer program that autonomously carries out contractual tasks without the need for third-party involvement. The expansion of the market is propelled by various factors, such as the growing integration of blockchain technology into diverse industries and supply chains, along with the increasing utilization of online banking services.
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Notable Industry Development:
September 2023- Trade Solutions (TTS) and Citi Treasury unveiled Citi Token Services for cash management and trade finance. This service provided institutional clients with digital asset solutions using smart contracts and blockchain technology. Additionally, it would seamlessly integrate tokenized deposits into Citi's Global Network, thereby enhancing core trade finance and cash management capabilities.
Key Takeaways
- Smart Contracts Market size in North America was USD 0.50 billion in 2022
- Rising Product Adoption Amid COVID-19 Outbreak Propelled Market Progress
- Public Segment Held the Key Share Owing to its Decentralization and Interoperability Nature
- Large Enterprises Segment Dominated the Market Owing to Compliance Emphasis
Discover the Leading Players Featured in the Report:
“Companies leading the global Smart Contracts Market are Blockstream Corporation Inc. (Canada), ScienceSoft USA Corporation. (U.S.), Innowise Group. (U.S.), Vention (Canada), Ava Labs (U.S.), IBM Corporation (U.S.), Chainlink Foundation (U.S.), 4soft (Poland), Eleks, Inc. (Estonia), Algorand (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 26.3% |
| 2030 Value Projection | USD 8.79 billion |
| Base Year | 2022 |
| Smart Contracts Market Size in 2022 | USD 1.38 billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 160 |
| Segments covered | Platform, Blockchain Type, Enterprise Type, End-Users and Geography |
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Drivers and Restraints:
Rising IoT Integration for Efficiency and Security to Spur Market Growth
The integration of smart contracts with IoT devices presents opportunities for automation and enhanced efficiency. Furthermore, it bolsters security in peer-to-peer trading between connected devices by eliminating intermediaries. This combination of efficiency and security is a significant driver of smart contracts market growth.
However, concerns regarding the security and reliability of these products can impede their widespread adoption.
Segmentation
By Platform
- Ethereum
- Cardano
- Solana
- BNB Smart Chain
- Others (Polkadot)
By Blockchain Type
- Public
- Private
- Hybrid
By Industry
- BFSI
- Transportation and Logistics
- Healthcare
- Government and Public
- Real Estate
- Others (Retail and Education)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North American market Held a Major Position due to the Supportive Startup Ecosystem
North America secured the key part in the global smart contracts market share in 2022. The early adoption of blockchain technology in North America, coupled with a supportive ecosystem for startups, has led to the emergence of numerous smart contract startups, enabling North American firms to establish a leadership position in the market.
In the Asia Pacific region, a flourishing landscape of blockchain startups actively engages in exploration and innovation within the realm of smart contracts. These startups contribute to the development of new applications and solutions, driving growth in the market.
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Competitive Landscape:
Major Players Form Alliances to Boost their Product Portfolio
Prominent players in the global market concentrate on delivering automated transactional services to bolster business security and flexibility. They place a strong emphasis on acquiring smaller, local companies to extend their market reach. Additionally, a surge in mergers, acquisitions, strategic partnerships, and substantial investments drives heightened demand for their products.
FAQs
How big is the Smart Contracts Market?
The Smart Contracts Market size was USD 1.38 billion in 2022. It is expected to reach USD 8.79 billion by 2030.
How fast is the Smart Contracts Market growing?
The Smart Contracts Market will exhibit a CAGR of 26.3% during the forecast period, 2023-2030.
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