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Smart Contracts Market Size, Share & Trends Analysis Report By Type, By Application, By Region, And Segment Forecast to 2028
Published Date: March 2020
|
Report Code: QYRE-Auto-31L1599
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Global Smart Contracts Market Size Status and Forecast 2020 2026
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Smart Contracts Market Size, Share & Trends Analysis Report By Type, By Application, By Region, And Segment Forecast to 2028

Code: QYRE-Auto-31L1599
Report
March 2020
114 Pages
QYResearch
Region: Global, North America
DESCRIPTION
TABLE OF CONTENT
TABLES & FIGURES

Smart Contracts Market Analysis - 2028

The global Smart Contracts market size is projected to reach USD 1460.3 million by 2028, from USD 315.1 million in 2021, at a Compound Annual Growth Rate (CAGR) of 24.2% during 2022-2028. 

global smart contracts market

Key drivers of the smart contracts market include rising applications in various end-user industries.

The advent of blockchain technology will further enhance the growth of the smart contracts market during the forecast period. 

The growing awareness regarding the benefits of smart contracts will spur market expansion in the coming years. 

Smart contracts are being implemented by governments all over the world to minimize the cost of contract management by requiring less human intervention. As a result, the size of the smart contract market is expected to grow throughout the forecast period.

Smart contracts are a new technology that has the potential to boost efficiency in a variety of industries. Cost-effective, time-saving, secure, transparency, and accuracy are some of the benefits. As a result of these benefits, the smart contract market is likely to expand. As technology improves, more businesses will be able to use it to cut costs and facilitate quick and safe transactions.

Smart Contracts Market Report 2028

Smart contracts are created utilizing blockchain technology, and the absence of standardization and interchangeability of blockchain platforms makes constructing smart contracts difficult and potentially error-prone. Over the projected period, this is expected to stifle the expansion of the worldwide smart contract market.

Trends Influencing Smart Contracts Market

Growing use in several industry verticals

Smart contracts are programs stored on a blockchain that streamlines various processes and systems. Tax collection will speed up as the data can be matched with the transaction made and the entire system will become efficient. Governments can store crucial digital data of citizens on a single encrypted element providing convenience and easy access to individuals. In the same way, smart contracts can store private health records of patients, enable error checking, and transfer payments in the financial sector and insurance. Supply chains will benefit from reducing laborious paperwork which increases the chances of fraud or loss.  These factors will drive the growth of the smart contracts market during the forecast period. 

Blockchain technology

Smart contracts are stored in the blockchain as programs in one of the blocks. This provides immutability as the conditions of the contract cannot be altered and it is monitored in real-time. The cost of contract management is reduced with minimal or no human intervention. The verification is done regularly and no one can manipulate it. The distributed feature and absence of a third party ensure faster completion and fulfillment of the contract. This is expected to surge the growth of the smart contracts market in the near future. 

Beneficial factors

Smart contracts have the potential to provide immense value to various industry stakeholders. It provides speed, safety, and cost savings due to the absence of brokers or other intermediaries. The manual filling is avoided and all the necessary details ate encrypted securely. With no human assistance, time management is achieved effectively. This is expected to augment the growth of the smart contracts market during the forecast period. 

Side effects 

Smart contracts are tough to change. Any errors in the program can soon become time-consuming and frustrating. The absence of standardization and interchangeability further adds to the problem. Vague terms and loopholes are expected to creep into the system. This is going to hamper the expansion of the smart contracts market in the subsequent years. 

Smart Contracts Market Share Analysis

Based on application, the government sector is expected to maintain the lead in the smart contracts market share owing to its extensive use in public sector enterprises and government organizations for speeding up and streamlining systems. 

Based on type, the segmentations are public and private blockchain. Public blockchains are completely free and follow decentralization heavily. While private blockchains have limited entry of verified participants.

Based on region, North America is expected to dominate in the smart contracts market share due to rising digitization and the presence of key players.

Some of the Top Companies in the Smart Contract Market are:

Coinbase - Coinbase Global, Inc., or Coinbase, is a cryptocurrency exchange platform based in the United States. Coinbase is a remote-first company with no physical headquarters. Brian Armstrong and Fred Ehrsam launched the company in 2012, and it was the largest cryptocurrency exchange in the United States by trading volume as of March 2021.

Bitfinex - The world of digital assets is changing at a breakneck speed. Keeping up with such rapid technological change necessitates a forward-thinking and flexible strategy. Bitfinex offers the users and worldwide liquidity providers cutting-edge digital asset trading services.

Monetas - Mpnetas specializes in creating highly sophisticated utility solutions that would otherwise be impossible to use by a large number of people. Monetas are working on a crypto token, a cryptocurrency best investment solution that customers may use across a variety of utility solutions with no constraints while protecting their security and privacy.

Other Companies in the Smart Contracts Market

  • IBM
  • AWS
  • Oracle
  • Infosys
  • Solana
  • Nem
  • Waves
  • RSK
  • Algorand
  • GoCoin
  • Avalanche
  • Stratis
  • Tata Consultancy Services
  • Monax Industries
  • Chainlink

Smart Contracts Market By Type

  • Public Blockchain
  • Private Blockchain
  • Others

Smart Contracts Market By Application

  • Financial
  • Government
  • Insurance
  • Healthcare
  • Supply Chain
  • Others

Smart Contracts Market By Regions/Countries

  • North America
  • Europe
  • China
  • Japan
  • Southeast Asia
  • India
  • Central & South America

Scope of the Smart Contracts Market

Report Metric

Details

Report Name

Smart Contracts Market

The market size in 2021

USD 315.1 Million

The revenue forecast in 2028

USD 1460.3 Million

Growth Rate

CAGR of 24.2% from 2022 to 2028

Base year considered

2021

Forecast period

2022 to 2028

Forecast units

Value (USD)

Segments covered

Type, End-User, Offerings, and Region

Market by Type

Public Blockchain, Private Blockchain, Others

Market by Applications/Enduser

Financial, Government, Insurance, Healthcare, Supply Chain, Others

Report coverage

Revenue & volume forecast, company share, competitive landscape, growth factors, and trends

Geographic regions covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Frequently Asked Questions About This Report

1. What is the current size of the global smart contracts market?

Ans. The global Smart Contracts market size is projected to reach US$ 1460.3 million by 2028, from US$ 315.1 million in 2021, at a Compound Annual Growth Rate (CAGR) of 24.2% during 2022-2028.

2. Who are the key companies/players in the smart contracts market?

Ans. Some key players operating in the smart contracts market are Monax Industries, Monetas, Blockstream, Coinbase, Bitfinex, BlockCypher, Chain, Coinify, ApS BitPay, GoCoin

3. What are the new market trends impacting the growth of the smart contracts market?

Ans. Major factors driving the growth of smart contract market size are, increasing adoption of various applications in industries such as supply chain, banking, government, insurance, and real estate. Furthermore, the rising popularity of Blockchain technology is fueling the demand for the Smart Contracts Market.

4. Which region holds the maximum market share of the global smart contracts market?

Ans. Based on region, the North Americas occupied the maximum share of the smart contracts market

5. What would be the forecast period in the smart contracts market report?

Ans. The forecast period for smart contracts market is 2022 to 2028

6. How can I get report sample of smart contracts market?

Ans. To get latest version of smart contracts market report can be obtained on demand from the website.

1 Report Business Overview
1.1 Study Scope
1.2 Market Analysis by Type
1.2.1 Global Smart Contracts Market Size Growth Rate by Type, 2017 VS 2021 VS 2028
1.2.2 Public Blockchain
1.2.3 Private Blockchain
1.2.4 Others
1.3 Market by Application
1.3.1 Global Smart Contracts Market Size Growth Rate by Application, 2017 VS 2021 VS 2028
1.3.2 Financial
1.3.3 Government
1.3.4 Insurance
1.3.5 Healthcare
1.3.6 Supply Chain
1.3.7 Others
1.4 Study Objectives
1.5 Years Considered
2 Global Growth Trends
2.1 Global Smart Contracts Market Perspective (2017-2028)
2.2 Smart Contracts Growth Trends by Region
2.2.1 Smart Contracts Market Size by Region: 2017 VS 2021 VS 2028
2.2.2 Smart Contracts Historic Market Size by Region (2017-2022)
2.2.3 Smart Contracts Forecasted Market Size by Region (2023-2028)
2.3 Smart Contracts Market Dynamics
2.3.1 Smart Contracts Industry Trends
2.3.2 Smart Contracts Market Drivers
2.3.3 Smart Contracts Market Challenges
2.3.4 Smart Contracts Market Restraints
3 Competition Landscape by Key Players
3.1 Global Top Smart Contracts Players by Revenue
3.1.1 Global Top Smart Contracts Players by Revenue (2017-2022)
3.1.2 Global Smart Contracts Revenue Market Share by Players (2017-2022)
3.2 Global Smart Contracts Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.3 Players Covered: Ranking by Smart Contracts Revenue
3.4 Global Smart Contracts Market Concentration Ratio
3.4.1 Global Smart Contracts Market Concentration Ratio (CR5 and HHI)
3.4.2 Global Top 10 and Top 5 Companies by Smart Contracts Revenue in 2021
3.5 Smart Contracts Key Players Head office and Area Served
3.6 Key Players Smart Contracts Product Solution and Service
3.7 Date of Enter into Smart Contracts Market
3.8 Mergers & Acquisitions, Expansion Plans
4 Smart Contracts Breakdown Data by Type
4.1 Global Smart Contracts Historic Market Size by Type (2017-2022)
4.2 Global Smart Contracts Forecasted Market Size by Type (2023-2028)
5 Smart Contracts Breakdown Data by Application
5.1 Global Smart Contracts Historic Market Size by Application (2017-2022)
5.2 Global Smart Contracts Forecasted Market Size by Application (2023-2028)
6 North America
6.1 North America Smart Contracts Market Size (2017-2028)
6.2 North America Smart Contracts Market Size by Type
6.2.1 North America Smart Contracts Market Size by Type (2017-2022)
6.2.2 North America Smart Contracts Market Size by Type (2023-2028)
6.2.3 North America Smart Contracts Market Share by Type (2017-2028)
6.3 North America Smart Contracts Market Size by Application
6.3.1 North America Smart Contracts Market Size by Application (2017-2022)
6.3.2 North America Smart Contracts Market Size by Application (2023-2028)
6.3.3 North America Smart Contracts Market Share by Application (2017-2028)
6.4 North America Smart Contracts Market Size by Country
6.4.1 North America Smart Contracts Market Size by Country (2017-2022)
6.4.2 North America Smart Contracts Market Size by Country (2023-2028)
6.4.3 United States
6.4.4 Canada
7 Europe
7.1 Europe Smart Contracts Market Size (2017-2028)
7.2 Europe Smart Contracts Market Size by Type
7.2.1 Europe Smart Contracts Market Size by Type (2017-2022)
7.2.2 Europe Smart Contracts Market Size by Type (2023-2028)
7.2.3 Europe Smart Contracts Market Share by Type (2017-2028)
7.3 Europe Smart Contracts Market Size by Application
7.3.1 Europe Smart Contracts Market Size by Application (2017-2022)
7.3.2 Europe Smart Contracts Market Size by Application (2023-2028)
7.3.3 Europe Smart Contracts Market Share by Application (2017-2028)
7.4 Europe Smart Contracts Market Size by Country
7.4.1 Europe Smart Contracts Market Size by Country (2017-2022)
7.4.2 Europe Smart Contracts Market Size by Country (2023-2028)
7.4.3 Germany
7.4.4 France
7.4.5 U.K.
7.4.6 Italy
7.4.7 Russia
7.4.8 Nordic Countries
8 Asia-Pacific
8.1 Asia-Pacific Smart Contracts Market Size (2017-2028)
8.2 Asia-Pacific Smart Contracts Market Size by Type
8.2.1 Asia-Pacific Smart Contracts Market Size by Type (2017-2022)
8.2.2 Asia-Pacific Smart Contracts Market Size by Type (2023-2028)
8.2.3 Asia-Pacific Smart Contracts Market Share by Type (2017-2028)
8.3 Asia-Pacific Smart Contracts Market Size by Application
8.3.1 Asia-Pacific Smart Contracts Market Size by Application (2017-2022)
8.3.2 Asia-Pacific Smart Contracts Market Size by Application (2023-2028)
8.3.3 Asia-Pacific Smart Contracts Market Share by Application (2017-2028)
8.4 Asia-Pacific Smart Contracts Market Size by Region
8.4.1 Asia-Pacific Smart Contracts Market Size by Region (2017-2022)
8.4.2 Asia-Pacific Smart Contracts Market Size by Region (2023-2028)
8.4.3 China
8.4.4 Japan
8.4.5 South Korea
8.4.6 Southeast Asia
8.4.7 India
8.4.8 Australia
9 Latin America
9.1 Latin America Smart Contracts Market Size (2017-2028)
9.2 Latin America Smart Contracts Market Size by Type
9.2.1 Latin America Smart Contracts Market Size by Type (2017-2022)
9.2.2 Latin America Smart Contracts Market Size by Type (2023-2028)
9.2.3 Latin America Smart Contracts Market Share by Type (2017-2028)
9.3 Latin America Smart Contracts Market Size by Application
9.3.1 Latin America Smart Contracts Market Size by Application (2017-2022)
9.3.2 Latin America Smart Contracts Market Size by Application (2023-2028)
9.3.3 Latin America Smart Contracts Market Share by Application (2017-2028)
9.4 Latin America Smart Contracts Market Size by Country
9.4.1 Latin America Smart Contracts Market Size by Country (2017-2022)
9.4.2 Latin America Smart Contracts Market Size by Country (2023-2028)
9.4.3 Mexico
9.4.4 Brazil
10 Middle East & Africa
10.1 Middle East & Africa Smart Contracts Market Size (2017-2028)
10.2 Middle East & Africa Smart Contracts Market Size by Type
10.2.1 Middle East & Africa Smart Contracts Market Size by Type (2017-2022)
10.2.2 Middle East & Africa Smart Contracts Market Size by Type (2023-2028)
10.2.3 Middle East & Africa Smart Contracts Market Share by Type (2017-2028)
10.3 Middle East & Africa Smart Contracts Market Size by Application
10.3.1 Middle East & Africa Smart Contracts Market Size by Application (2017-2022)
10.3.2 Middle East & Africa Smart Contracts Market Size by Application (2023-2028)
10.3.3 Middle East & Africa Smart Contracts Market Share by Application (2017-2028)
10.4 Middle East & Africa Smart Contracts Market Size by Country
10.4.1 Middle East & Africa Smart Contracts Market Size by Country (2017-2022)
10.4.2 Middle East & Africa Smart Contracts Market Size by Country (2023-2028)
10.4.3 Turkey
10.4.4 Saudi Arabia
10.4.5 UAE
11 Key Players Profiles
11.1 IBM
11.1.1 IBM Company Details
11.1.2 IBM Business Overview
11.1.3 IBM Smart Contracts Introduction
11.1.4 IBM Revenue in Smart Contracts Business (2017-2022)
11.1.5 IBM Recent Developments
11.2 AWS
11.2.1 AWS Company Details
11.2.2 AWS Business Overview
11.2.3 AWS Smart Contracts Introduction
11.2.4 AWS Revenue in Smart Contracts Business (2017-2022)
11.2.5 AWS Recent Developments
11.3 Oracle
11.3.1 Oracle Company Details
11.3.2 Oracle Business Overview
11.3.3 Oracle Smart Contracts Introduction
11.3.4 Oracle Revenue in Smart Contracts Business (2017-2022)
11.3.5 Oracle Recent Developments
11.4 Infosys
11.4.1 Infosys Company Details
11.4.2 Infosys Business Overview
11.4.3 Infosys Smart Contracts Introduction
11.4.4 Infosys Revenue in Smart Contracts Business (2017-2022)
11.4.5 Infosys Recent Developments
11.5 Solana
11.5.1 Solana Company Details
11.5.2 Solana Business Overview
11.5.3 Solana Smart Contracts Introduction
11.5.4 Solana Revenue in Smart Contracts Business (2017-2022)
11.5.5 Solana Recent Developments
11.6 Nem
11.6.1 Nem Company Details
11.6.2 Nem Business Overview
11.6.3 Nem Smart Contracts Introduction
11.6.4 Nem Revenue in Smart Contracts Business (2017-2022)
11.6.5 Nem Recent Developments
11.7 Waves
11.7.1 Waves Company Details
11.7.2 Waves Business Overview
11.7.3 Waves Smart Contracts Introduction
11.7.4 Waves Revenue in Smart Contracts Business (2017-2022)
11.7.5 Waves Recent Developments
11.8 RSK
11.8.1 RSK Company Details
11.8.2 RSK Business Overview
11.8.3 RSK Smart Contracts Introduction
11.8.4 RSK Revenue in Smart Contracts Business (2017-2022)
11.8.5 RSK Recent Developments
11.9 Algorand
11.9.1 Algorand Company Details
11.9.2 Algorand Business Overview
11.9.3 Algorand Smart Contracts Introduction
11.9.4 Algorand Revenue in Smart Contracts Business (2017-2022)
11.9.5 Algorand Recent Developments
11.10 GoCoin
11.10.1 GoCoin Company Details
11.10.2 GoCoin Business Overview
11.10.3 GoCoin Smart Contracts Introduction
11.10.4 GoCoin Revenue in Smart Contracts Business (2017-2022)
11.10.5 GoCoin Recent Developments
11.11 Avalanche
11.11.1 Avalanche Company Details
11.11.2 Avalanche Business Overview
11.11.3 Avalanche Smart Contracts Introduction
11.11.4 Avalanche Revenue in Smart Contracts Business (2017-2022)
11.11.5 Avalanche Recent Developments
11.12 Stratis
11.12.1 Stratis Company Details
11.12.2 Stratis Business Overview
11.12.3 Stratis Smart Contracts Introduction
11.12.4 Stratis Revenue in Smart Contracts Business (2017-2022)
11.12.5 Stratis Recent Developments
11.13 Tata Consultancy Services
11.13.1 Tata Consultancy Services Company Details
11.13.2 Tata Consultancy Services Business Overview
11.13.3 Tata Consultancy Services Smart Contracts Introduction
11.13.4 Tata Consultancy Services Revenue in Smart Contracts Business (2017-2022)
11.13.5 Tata Consultancy Services Recent Developments
11.14 Monax Industries
11.14.1 Monax Industries Company Details
11.14.2 Monax Industries Business Overview
11.14.3 Monax Industries Smart Contracts Introduction
11.14.4 Monax Industries Revenue in Smart Contracts Business (2017-2022)
11.14.5 Monax Industries Recent Developments
11.15 Chainlink
11.15.1 Chainlink Company Details
11.15.2 Chainlink Business Overview
11.15.3 Chainlink Smart Contracts Introduction
11.15.4 Chainlink Revenue in Smart Contracts Business (2017-2022)
11.15.5 Chainlink Recent Developments
12 Analyst's Viewpoints/Conclusions
13 Appendix
13.1 Research Methodology
13.1.1 Methodology/Research Approach
13.1.2 Data Source
13.2 Author Details
13.3 Disclaimer
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