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.
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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.
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
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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.
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
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.