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 transactions and execution are tracked and irreversible thanks to the written code. With the aid of the blockchain, the entire process of creating smart contracts is completed without the involvement of a third party.
Recent studies predict that the market for smart contracts would expand faster between 2021 and 2031. The market will experience its fastest growth in the next years as a result of the growing use of smart contracts in a variety of sectors, including banks, healthcare organisations, supply chains, and governments.
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What is Driving Demand for Smart contracts Market?
In recent years, the need for smart contracts has increased across a variety of industries, including financial services firms, banks, healthcare, government, and supply chains.
Additionally, a lot of governments are open to implementing smart contracts, which significantly lowers costs and necessitates less human involvement in contract processing. It is anticipated to increase demand for the market for smart contracts.
For instance, the Hangzhou Internet Court stated in October 2019 that smart contracts would be accepted in legal proceedings. Thus, it is anticipated that the implementation of smart contracts by numerous governmental entities would increase demand for the smart contracts market in the upcoming 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.
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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
- EOS
- Neo
- OpenXcell
- Stellar
- Waves
- Thomson Reuters
- Monax Industries
- Blockstream
- Coinbase
- 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.
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Key Segments
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
By Industry:
- IT & Telecom
- BFSI
- Logistics & Transportation
- Hospitality
- Healthcare
- Others
By Region:
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- East Asia
- China
- Japan
- South Korea
- South Asia & Pacific
- India
- Malaysia
- Indonesia
- Singapore
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- Turkey
- South Africa
- North Africa
- Rest of Middle East & Africa
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