Pune, April 25, 2023 (GLOBE NEWSWIRE) -- The Smart Contracts Market was assessed to be worth USD 190.34 million in 2022, and it is projected to expand to USD 1077.7 million by 2030, with a compound annual growth rate of 24.2% during the forecast period of 2023-2030, as reported by SNS Insider.
Market Overview
Smart contracts are self-executing digital contracts that allow two or more parties to transact with each other without the need for intermediaries like banks or other financial institutions. These contracts are built on blockchain technology, which provides a secure and decentralized platform for their execution. One of the key benefits of smart contracts is that they can help to automate complex business processes, thereby reducing costs and increasing efficiency. They can also help to ensure the integrity and transparency of transactions, as all parties can view the terms of the contract and track its execution on the blockchain.
Market Analysis
The global smart contracts market is experiencing significant growth, primarily due to the increasing adoption of smart contracts in various industries such as supply chain, banking, government, insurance, and real estate. Smart contracts offer a secure and transparent way to execute and manage contracts between parties, without the need for intermediaries. One of the main drivers of this growth is the growing popularity of Blockchain technology. Smart contracts are built on top of blockchain technology, which provides a decentralized and secure platform for executing and managing contracts. As more businesses and industries recognize the potential of blockchain and smart contracts, the demand for these technologies is increasing rapidly.
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Key Company Profiles Listed in this Report Are:
- Monax Industries Limited
- Monetas
- Blockstream Corporation
- Coinbase, Inc
- Bitfinex
- BlockCypher
- Chain, Inc.
- Coinify ApS
- BitPay, Inc
- GoCoin Pte. Ltd.
Impact of Russia-Ukraine Conflicts
While the conflict may create some short-term challenges for the smart contracts market, it could also create opportunities for the use of smart contracts as a means to address some of the challenges created by the conflict. Ultimately, the long-term impact of the conflict on the market will depend on a range of factors, including the duration and severity of the conflict, as well as broader geopolitical and economic developments.
Smart Contracts Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 190.34 Mn |
| Market Size by 2030 | US$ 1077.77 Mn |
| CAGR | CAGR of 24.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • by Blockchain Platform (Bitcoin, Ethereum, NXT, Sidechains) • by Technology (Ethereum, Namecoin, Ripple, Rootstock (RSK), Others) • by End-User (Automobile, Government, Supply Chain Management, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The smart contracts market is expected to continue to grow in the coming years, with North America and Europe projected to maintain their key positions in the market. These regions have been at the forefront of adopting smart contract technology and leveraging blockchain technology to drive innovation and growth in various industries. The region has a robust technology infrastructure and a highly skilled workforce, which has allowed businesses to adopt and integrate smart contract technology into their operations.
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Key Takeaway from Smart Contracts Market Study
- The market has been growing rapidly over the past few years, and it seems that the Ethereum segment is poised to take the lead. Ethereum has been a major player in the blockchain space since its inception, and its focus on smart contracts has made it a popular choice for developers and businesses alike.
- The market has been growing rapidly in recent years, and it appears that the government segment is set to register high growth in this space. Smart contracts have gained significant popularity in recent times due to their ability to automate complex processes, reduce costs, and improve transparency and efficiency in various sectors.
Recent Developments Related to Smart Contracts Market
- Chainlink, a leading blockchain oracle network, has recently launched a new platform that aims to bridge the gap between traditional Web2 (web applications) and Web3 (decentralized applications) by connecting them through smart contracts. The new platform, called Chainlink Off-Chain Reporting (OCR), enables Web2 applications to securely connect with smart contracts on the blockchain, providing them with access to decentralized data sources and other important blockchain-related services.
- Equinor, a multinational energy company, has recently announced that it has implemented smart contracts to automate its commercial agreements. This move is aimed at streamlining and digitizing its commercial operations, thereby improving efficiency and reducing costs. By using smart contracts, Equinor can automate the entire commercial agreement process, from negotiation to execution and payment, without the need for intermediaries such as lawyers or brokers.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Contracts Market Segmentation, by Blockchain Platform
9. Smart Contracts Market Segmentation, by Technology
10. Smart Contracts Market Segmentation, by End-User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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