Global Smart Contracts Market Research Report 2024

Smart Contracts Market

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.

The global Smart Contracts market was valued at US$ 315.1 million in 2023 and is anticipated to reach US$ 1460.3 million by 2030, witnessing a CAGR of 24.2% during the forecast period 2024-2030.

Smart Contracts Market Share

Global Smart Contracts companies include IBM, AWS, Oracle, Infosys and Solana, etc. Global top 3 companies hold a share over 52%. North America is the largest market, with a share about 43%, followed by Europe and Asia-Pacific.

Smart Contracts Market Trends

The market for smart contracts is being pushed by two factors: the growing desire for automated and secure contract execution, and the expanding acceptance of blockchain technology. Smart contracts, which enable autonomous and trustless transactions on blockchain networks, are self-executing contracts with the contents of the agreement explicitly put into code. Because they provide transparency, security, and efficiency in carrying out financial transactions and agreements, smart contracts have become increasingly necessary with the emergence of decentralized finance (DeFi) and the rising popularity of cryptocurrencies.

A noteworthy additional motivator is the extensive array of uses and advantages that smart contracts provide for diverse sectors. In addition to the financial services industry, supply chain management, real estate, healthcare, and government are implementing smart contracts to streamline workflows, eliminate middlemen, and improve security. Smart contracts have become more appealing to companies looking to cut expenses and simplify processes because of their capacity to produce tamper-proof and unchangeable agreements. It is anticipated that ongoing innovation and the creation of fresh applications for smart contracts will propel the market forward.

Report Scope

The Smart Contracts market size, estimations, and forecasts are provided in terms of revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Smart Contracts market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.

The report will help the Smart Contracts companies, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.