The demand for Smart Contracts Market is estimated to expand at a CAGR of 23.5% between 2022 and 2032, according to Future Market Insights. The Smart Contract Market is valued at US$ 183.1 million in 2022, with a predicted increase to US$ 1,515.4 million by 2032.
The terms and conditions of a Smart Contract are encoded directly into lines of code, making it a self-executing contract between any two or more parties. Traceable and irreversible transactions are controlled by code. It is a straightforward software that is saved on the blockchain and run in response to specified events. They are often used to automate contract execution, making the outcomes immediately apparent to all parties without the need for middlemen or time wasted.
Smart Contracts can be used for a variety of things, including financial derivatives, insurance premiums, property rights, contract breaches, credit checks, financial services, crowdfunding agreements, and judicial actions. It would take immense computer power to overwrite the entire network because Smart Contracts are kept on the blockchain, making it very challenging to compromise the system.
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Key Takeaways: Smart Contract Market
- By Contract Type, smart legal contracts had the higher market share of US$ 51.8 Million and distributed applications (DApps) is estimated to have the higher growth rate of 3%.
- By Enterprise Size, large enterprise had the higher market share for 2021 with a market share of 6%. Small & Medium Enterprise (SMEs) is estimated to display a growth of CAGR 24.6% for the forecast period.
- By Application, BFSI is estimated to possess the highest market share for the forecast period, with US$ 39.8 Million market valuation for the year 2021 and the Supply Chain segment is estimated to witness the highest growth with CAGR of 6% for the forecast period.
- North America had the largest market share for the Smart Contract Market of 2% and South Asia and Pacific is the estimated region to have the highest CAGR of 25.8% for the forecast period.
Increasing need for Accountability and Transaction Transparency, Adoption of Cross-border Payments and Growth in Demand for Increased Transaction Speed, Scalability And Reduced Processing Costs within BFSI driving the demand for Smart Contract Market with Blockchain technology.
Blockchain technology is reorganising transaction management by replacing intermediaries with secure digital records. Additionally, banking networks enable all parties to exchange and process critical business information and transactions. It also provides faster transaction processing speeds and traceability of transactions and information for all entities involved in the network. As a result, the Blockchain in Smart Contract Market is expected to grow.
The architectural boundaries of the global payment system and the numerous combinations of policies and processes are the major drivers of blockchain in the Smart Contract Market. Blockchain technology boosts transaction speeds to help create an efficient, real-time global payment system that supports monetary policy and other compliance and data protection.
Blockchain technology in BFSI is disruptive with enhanced cryptographic transparency and security. Transactions made via the blockchain can eliminate third-party payment gateways, thus enabling faster financial transactions. Therefore, such factors are expected to offer great opportunities for the smart contract market’s growth in the coming years.
Competitive Landscape
Smart contract vendors tend to be companies which have a wide portfolio of software solution offerings. Or are companies which are primarily focused on providing blockchain or cryptocurrency technologies, with smart contracts being one of the sub-offerings.
- In October 2022, Equinor implemented Data Gumbo’s smart contract platform for the purpose of calculation and automation of payments. Data Gumbo’s smart contract allows the end users to automate their payment systems.
- In October 2022, iQIYI, the Chinese streaming platform announced the use of ERC-3475 (Ethereum based smart contract) developed by DeBond to handle copyright issues. The smart contract allows the users to store additional specifications, values, metadata and transactions.
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Key Companies Profiled
- IBM
- Sharedeum Foundation
- Amazon
- Oracle
- Infosys
- Tata Consultancy Services
- Chainlink
- Waves
More valuable insights on Smart Contract Market
In this report by Future Market Insights, Smart Contract Market has been segmented into three sections By Contract Type( Smart Legal Contracts, Decentralized Autonomous Organizations (DAO), Application Logic Contracts (ALC), Distributed Applications (DApps)), By Enterprise Size( Small & Medium Enterprise (SMEs), Large Enterprise ), By Application( BFSI, Government, Healthcare, Supply Chain, Others ) to help readers understand and evaluate lucrative opportunities in the Smart Contract Market demand outlook.
Smart Contracts by Category
By Contract Type:
- Smart Legal Contracts
- Decentralized Autonomous Organizations (DAO)
- Application Logic Contracts (ALC)
- Distributed Applications (DApps)
By Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
By Application:
- BFSI
- Government
- Healthcare
- Supply Chain
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
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