In the recently upgraded market intelligence report, FMI shares that the smart contract market is predicted to be valued at USD 230.2 million in FY 2024. The market is expanding at a robust 23.80% CAGR over the next ten years and lead the market to USD 1,946.78 million by 2034.
In the continuously evolving landscape of blockchain technology, smart contracts or digital contracts have emerged as a game changer. These tamper-proof, self-executing digital agreements have transformed the ways transactions are made, and processes are automated and have also redefined the boundaries of conventional legal agreements.
Smart contracts have undergone remarkable growth, bringing advancements that ripple through application industries and challenge conventional norms.
| Attributes | Key Insights |
|---|---|
| Smart Contract Market Size (2024E) | USD 230.2 million |
| Market Valuation (2034F) | USD 1,946.78 million |
| Value-based CAGR (2024 to 2034) | 23.80% |
| Leading Contract Type | Smart Legal Contracts |
|---|---|
| Value Share (2024) | 26.20% |
Smart legal contracts account for 26.20% of the global smart Contract market. The reason behind their rising use is certainly their speed and efficiency. Upon meeting the pre-requisite requirements, the execution of contract terms happens immediately, as opposed to waiting for manual approval or other mundane procedures. This helps businesses save their valuable resources and time, and divert their funds elsewhere more important.
Recent developments in smart legal contracts like the innovation of automated contract templates are increasing the efficiency of the contract process. These solutions are high in demand among legal teams that do not have a programmer in their team.
| Leading Application | BFSI |
|---|---|
| Value Share (2024) | 36.20% |
The BFSI is a primary as well as frequent user of smart contract technologies. The reason backing this scenario is the rapid transactions and the exchange of assets required daily in this industry. To add to this, the advancements in the concept of cryptocurrencies, decentralized finance (DeFi), and various other applications and platforms that are associated with cryptocurrency are also contributing to this market size.
Based on these elements, the BFSI sector is going to achieve a value share of 36.20% by the year 2024.
| Countries | Forecast CAGR (2024 to 2034) |
|---|---|
| The United States | 21.70% |
| Germany | 15.10% |
| Japan | 16.0% |
| China | 25.90% |
| Australia & New Zealand | 19.90% |
The United States smart contract market is showing an exemplary growth rate. FMI has estimated that this market has the potential to expand at a CAGR of 21.70%. Execution of the latest technological breakthroughs in the United States is laying the foundation for exciting growth later on.
Technologies supported by blockchain technology, such as NFTs and cryptocurrency are gaining a lot of attention in the country. The trend is so big in the United States that even businesses are trying to comprehend ways in which they can exploit the advantages of digital assets, NFTs, and cryptocurrencies.
Setting up platforms to effectively deal with digital assets is one of the potential outcomes for these firms to appeal to a section of people who are invested in these technologies. This market situation is creating a favorable environment for the smart Contract market to flourish.
Market growth in Germany is forecast to expand at a CAGR of 15.10% over the forecast period. Expansion of this sector is led by growth in enterprises that provide blockchain solutions in the country.
In the German economy, a government entity- the German Energy Agency (DENA) -is leading the DIVE project to maximize digital identities to incorporate and handle renewable energies under the decentralized landscape. This project, as reported by Energy Web, is concentrated on setting up reliable and secure digital identities for systems and devices in the energy sector.
Within this project, Energy Web will facilitate by developing standardized representation and description forms for smart contracts under DIVE. This consists of classification within the energy industry context as well as execution outputs, inputs, logic, and conditions of smart contracts.
Under this project, the smart contracts provided under free licenses, and the development of ‘Smart Contract Register’ similar to an ‘app store’ to be used for decentralized applications shall set the framework for an independent technology library.
With many use cases of smart contracts emerging across end-use industries in Germany, the market is anticipated to witness accelerated growth.
China’s smart contract industry is predicted to expand at a CAGR of 25.90% over the estimated period. A top Chinese lawmaker, in March 2024, pushed for clear rules regarding smart contracts as inconsistencies emerge from the present regulations and changing requirements of new technologies.
Numerous developments are taking place in the Chinese market, which is fueling market to expand at an impressive rate. In February 2024, it was announced that the Chinese city of Shenzhen collaborated with the Agricultural Bank of China to execute digital yuan smart contracts for the pre-payment of the cars.
According to Jing Bao, a local trusted newspaper, the first batch of consumers bought new automobiles with digital yuan-backed smart contracts in early February. Measures were taken to protect buyers’ deposits and streamline the purchasing experience.
To ease the buyers’ anxiety while paying a large amount of sum before receiving the order, an option to submit the payment at a dealership equipped with e-CNY pre-payment was also made.
In Japan, the smart contract market is being driven at a CAGR of 16% over the forecast period. Potential applications of smart contracts, a hallmark feature of blockchain technology, in supply chain management, finance, and more. However, uncertainties surrounding their legal validity, vulnerabilities, and privacy concerns are restricting their widespread application and effectiveness.
Progress in the market is also propelled by many initiatives by industry players. In September 2023, for instance, SBI Holdings announced that it would be working with TradeFinex, a UAE firm, on a Japanese joint venture to boost the adoption of the enterprise blockchain platform on XDC Network. This venture included smart contract deployment.
Australia and New Zealand’s smart contract market is anticipated to expand at a CAGR of 19.90% over the forecast period. The countries in combination have a lot of scope, which is attracting many investors into the market.
Recent developments in these markets show the progress that has been achieved. In March 2024, Chainlink labs and Australia and New Zealand Banking Group collaborated to connect blockchain networks, such as Avalanche and Ethereum for on-chain settlement solutions. This collaboration highlights how smart contracts, tokenization, and smart contracts can enhance the rails of the global financial system.
GoCoin
GoCoin is one of the leaders in bitcoin, cryptocurrency, blockchain, digital finance, Ethereum, etc. The platform offers fast and convenient cryptocurrency settlements or fiat, with a 1% fee on most transactions.
Avalanche
Avalanche, a platform for smart contracts, regularly finalizes transactions and scales infinitely in less than one second. Its consensus protocol and latest Subnets facilitate Web3 developers to conveniently release highly scalable solutions.
IBM
IBM, an abbreviation of International Business Machines Corporation, is a United States company. It is a world-renowned technology innovator, that leads advances in automation, AI, and hybrid-cloud solutions to manage businesses.
Recent Developments that are Moulding the Marketspace
Given below is the latest news that holds value in smart Contract market. They also indicate the trends that are in vogue.
Adjacent Study of Healthcare Smart Contracts Market
Market Competition Among Key Players
Category-wise Market Analysis
Table 1: Global Market Value (US$ Million) Forecast by Region, 2019 to 2034
Table 2: Global Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 3: Global Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 4: Global Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 5: North America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 6: North America Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 7: North America Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 8: North America Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 9: Latin America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 10: Latin America Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 11: Latin America Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 12: Latin America Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 13: Western Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 14: Western Europe Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 15: Western Europe Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 16: Western Europe Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 17: Eastern Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 18: Eastern Europe Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 19: Eastern Europe Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 20: Eastern Europe Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 21: South Asia and Pacific Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 22: South Asia and Pacific Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 23: South Asia and Pacific Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 24: South Asia and Pacific Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 25: East Asia Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 26: East Asia Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 27: East Asia Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 28: East Asia Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 29: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 30: Middle East and Africa Market Value (US$ Million) Forecast by Contract Type, 2019 to 2034
Table 31: Middle East and Africa Market Value (US$ Million) Forecast by Enterprise Size, 2019 to 2034
Table 32: Middle East and Africa Market Value (US$ Million) Forecast by End User, 2019 to 2034
Figure 1: Global Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 2: Global Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 3: Global Market Value (US$ Million) by End User, 2024 to 2034
Figure 4: Global Market Value (US$ Million) by Region, 2024 to 2034
Figure 5: Global Market Value (US$ Million) Analysis by Region, 2019 to 2034
Figure 6: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034
Figure 7: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034
Figure 8: Global Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 9: Global Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 10: Global Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 11: Global Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 12: Global Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 13: Global Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 14: Global Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 15: Global Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 16: Global Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 17: Global Market Attractiveness by Contract Type, 2024 to 2034
Figure 18: Global Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 19: Global Market Attractiveness by End User, 2024 to 2034
Figure 20: Global Market Attractiveness by Region, 2024 to 2034
Figure 21: North America Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 22: North America Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 23: North America Market Value (US$ Million) by End User, 2024 to 2034
Figure 24: North America Market Value (US$ Million) by Country, 2024 to 2034
Figure 25: North America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 26: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 27: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 28: North America Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 29: North America Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 30: North America Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 31: North America Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 32: North America Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 33: North America Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 34: North America Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 35: North America Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 36: North America Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 37: North America Market Attractiveness by Contract Type, 2024 to 2034
Figure 38: North America Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 39: North America Market Attractiveness by End User, 2024 to 2034
Figure 40: North America Market Attractiveness by Country, 2024 to 2034
Figure 41: Latin America Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 42: Latin America Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 43: Latin America Market Value (US$ Million) by End User, 2024 to 2034
Figure 44: Latin America Market Value (US$ Million) by Country, 2024 to 2034
Figure 45: Latin America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 48: Latin America Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 49: Latin America Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 50: Latin America Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 51: Latin America Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 52: Latin America Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 53: Latin America Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 54: Latin America Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 55: Latin America Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 57: Latin America Market Attractiveness by Contract Type, 2024 to 2034
Figure 58: Latin America Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 59: Latin America Market Attractiveness by End User, 2024 to 2034
Figure 60: Latin America Market Attractiveness by Country, 2024 to 2034
Figure 61: Western Europe Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 62: Western Europe Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 63: Western Europe Market Value (US$ Million) by End User, 2024 to 2034
Figure 64: Western Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 65: Western Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 66: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 67: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 68: Western Europe Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 69: Western Europe Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 70: Western Europe Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 71: Western Europe Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 72: Western Europe Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 73: Western Europe Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 74: Western Europe Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 75: Western Europe Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 76: Western Europe Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 77: Western Europe Market Attractiveness by Contract Type, 2024 to 2034
Figure 78: Western Europe Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 79: Western Europe Market Attractiveness by End User, 2024 to 2034
Figure 80: Western Europe Market Attractiveness by Country, 2024 to 2034
Figure 81: Eastern Europe Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 82: Eastern Europe Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 83: Eastern Europe Market Value (US$ Million) by End User, 2024 to 2034
Figure 84: Eastern Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 85: Eastern Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 86: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 87: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 88: Eastern Europe Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 89: Eastern Europe Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 90: Eastern Europe Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 91: Eastern Europe Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 92: Eastern Europe Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 93: Eastern Europe Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 94: Eastern Europe Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 95: Eastern Europe Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 96: Eastern Europe Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 97: Eastern Europe Market Attractiveness by Contract Type, 2024 to 2034
Figure 98: Eastern Europe Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 99: Eastern Europe Market Attractiveness by End User, 2024 to 2034
Figure 100: Eastern Europe Market Attractiveness by Country, 2024 to 2034
Figure 101: South Asia and Pacific Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 102: South Asia and Pacific Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 103: South Asia and Pacific Market Value (US$ Million) by End User, 2024 to 2034
Figure 104: South Asia and Pacific Market Value (US$ Million) by Country, 2024 to 2034
Figure 105: South Asia and Pacific Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 106: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 107: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 108: South Asia and Pacific Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 109: South Asia and Pacific Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 110: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 111: South Asia and Pacific Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 112: South Asia and Pacific Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 113: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 114: South Asia and Pacific Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 115: South Asia and Pacific Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 116: South Asia and Pacific Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 117: South Asia and Pacific Market Attractiveness by Contract Type, 2024 to 2034
Figure 118: South Asia and Pacific Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 119: South Asia and Pacific Market Attractiveness by End User, 2024 to 2034
Figure 120: South Asia and Pacific Market Attractiveness by Country, 2024 to 2034
Figure 121: East Asia Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 122: East Asia Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 123: East Asia Market Value (US$ Million) by End User, 2024 to 2034
Figure 124: East Asia Market Value (US$ Million) by Country, 2024 to 2034
Figure 125: East Asia Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 126: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 127: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 128: East Asia Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 129: East Asia Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 130: East Asia Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 131: East Asia Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 132: East Asia Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 133: East Asia Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 134: East Asia Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 135: East Asia Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 136: East Asia Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 137: East Asia Market Attractiveness by Contract Type, 2024 to 2034
Figure 138: East Asia Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 139: East Asia Market Attractiveness by End User, 2024 to 2034
Figure 140: East Asia Market Attractiveness by Country, 2024 to 2034
Figure 141: Middle East and Africa Market Value (US$ Million) by Contract Type, 2024 to 2034
Figure 142: Middle East and Africa Market Value (US$ Million) by Enterprise Size, 2024 to 2034
Figure 143: Middle East and Africa Market Value (US$ Million) by End User, 2024 to 2034
Figure 144: Middle East and Africa Market Value (US$ Million) by Country, 2024 to 2034
Figure 145: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 146: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 147: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 148: Middle East and Africa Market Value (US$ Million) Analysis by Contract Type, 2019 to 2034
Figure 149: Middle East and Africa Market Value Share (%) and BPS Analysis by Contract Type, 2024 to 2034
Figure 150: Middle East and Africa Market Y-o-Y Growth (%) Projections by Contract Type, 2024 to 2034
Figure 151: Middle East and Africa Market Value (US$ Million) Analysis by Enterprise Size, 2019 to 2034
Figure 152: Middle East and Africa Market Value Share (%) and BPS Analysis by Enterprise Size, 2024 to 2034
Figure 153: Middle East and Africa Market Y-o-Y Growth (%) Projections by Enterprise Size, 2024 to 2034
Figure 154: Middle East and Africa Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 155: Middle East and Africa Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 156: Middle East and Africa Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 157: Middle East and Africa Market Attractiveness by Contract Type, 2024 to 2034
Figure 158: Middle East and Africa Market Attractiveness by Enterprise Size, 2024 to 2034
Figure 159: Middle East and Africa Market Attractiveness by End User, 2024 to 2034
Figure 160: Middle East and Africa Market Attractiveness by Country, 2024 to 2034
Current projections of the market indicate a valuation of USD 230.2 million in 2024.
Looking ahead to 2034, the current forecast projects a CAGR of 23.80% for the industry.
FMI predicts the market to reach USD 1,946.78 million by the year 2034.
The BFSI segment is predicted to hold a significant market share during the forecast period.
The United States, China, Australia, and New Zealand are predicted to offer lucrative opportunities for investors and stakeholders.
Avalanche, GoCoin, and Sharedeum Foundation are powerful players in the smart contract industry.
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