Smart Contracts Market Overview
The smart contracts market is estimated to grow by more than 24.7% CAGR from 2021-2031. Smart contracts is directly written lines of code or it a self-executing contract between seller and buyer.
The code written enables the transactions and execution are irreversible and trackable. All the smart contracts process are done with the help of Blockchain that means it generates without inclusion of third party.
According to latest research, smart contracts market is set to witness higher growth during 2021-2031. The market will show highest growth in coming years, owing to increasing adoption of smart contracts in various industries such as financial services companies, banks, healthcare, government, and supply chains in recent years. Moreover, interchangeability of the blockchain technology and lack of standardization is hampers the growth of the smart contracts market.
What is Driving Demand for Smart contracts Market?
Growing demand for smart contracts in various industries such as financial services companies, banks, healthcare, government, and supply chains in recent years is driving the demand for the smart contracts market.
Also many of the government is willing to adopt smart contracts which helps majorly reduces the cost incurred and requires less human intervention from contract handling. It is expected to fuel the demand for the smart contracts market.
For instance, October 2019, Hangzhou Internet Court announced that they are accepting smart contracts in its legal proceedings. Thus adoption of smart contract by many government bodies is expected to augment the demand for the smart contracts market in coming years.
Increasing Digital Transformation within the BFSI Industry is Driving the Demand for the Smart Contracts Market
In recent years, digital transformation within the BFSI industry has been increased. Along with the developed economies, developing economies also adopting automated technologies and smart technologies in enterprises of all sizes.
Smart contacts are used for many purpose such as property law, financial derivatives, insurance premiums, credit enforcement, breach contracts, crowdfunding agreements, financial services, and legal processes.
Smart contracts are stored in blockchain, and it is very difficult to corrupt blockchain security. Therefore rising adoption of digital transformation within the BFSI industry is driving the demand for the smart contracts market.
North America Smart Contracts Market Outlook
North America is anticipated to constitute a highest growth in the Smart contracts market over the forecasted period. The North America shows significant growth in smart contracts market owing to high rate of adoption of new products or technology such as blockchain in the region.
Digital transformation in North America has shown significant growth in recent years. Also North America witness significant growth in BFSI industry as compare to global market. Thus adoption rising growth of BFSI industry ultimately fuels the demand for the smart contracts market in North America region.
North America has massive presence of IT sector and smart contracts providers such as Google, Microsoft, and IBM. Presence of such key vendors in region fuels the growth of the smart contracts market in North America region.
Europe Demand Outlook for Smart contracts Market
Europe is the second largest contributor to smart contracts market, owing to increasing growth of technological advancements in digital transformation in the Europe region. France, Germany, Italy, and U.K. are the dominating economies in Europe region.
For instance, In November 2019, U.K. Jurisdiction Taskforce accept smart contracts as legally enforceable agreement. Thus adoption of smart contracts by such developed economies fuels the demand for smart contracts market in Europe region.
The stringent government regulations and annual budget in BFSI sector in major economies such as France, Germany, Italy, United Kingdom, and Spain has been one of the major driving factor for the growth of the smart contracts market in Europe region.
Who are the Major Vendors of Smart Contracts Market?
Some of the leading vendors and companies of smart contracts market include
- Ginete Technologies
- Hedra Hashgraph
- Thomson Reuters
- Monax Industries
- BlockCypher and Monetas among others.
These key vendors have adopted various organic/inorganic strategies, to increase customer base at global market. They spends millions of dollars into product research and development to carry off the needs of their customers for Smart contracts market.
Furthermore, many companies are focusing on launching of new product or enhance their product offering.
For instance, In March 2020, IBM launched blockchain platform V2.1.3. It comprehensive and powerful platform to build and operate blockchain solutions based on The Linux Foundation Hyperledger Fabric framework.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Smart Contracts Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Note: Although care has been taken to maintain the highest levels of accuracy in FMI’s reports, recent market/vendor-specific changes may time to reflect in the analysis.
By Contract Type:
- Smart Legal Contracts
- Decentralized Autonomous Organizations (DAO) Contracts
- Application Logic Contacts (ALC)
- Distributed Applications (DApps)
By Enterprise Size:
- Small & Medium Enterprise (SMEs)
- Large Enterprise
- IT & Telecom
- Logistics & Transportation
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- North Africa
- Rest of Middle East & Africa
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