Smart Contracts | Contrive Datum Insights

The global smart contracts market is expected to reach approximately USD 8.3 Billion by the end of 2030 with 21.40% CAGR during the forecasted period from 2023-2030.

Smart Contracts Market Overview:

Smart contracts are one of the applications of blockchain technology that allow organizations, governments, corporations and individuals to clearly exchange monetary value, property, stocks, bonds and contracts related to value. You need an intermediary. A factor sustaining the growth of smart contracts is their tendency to define the rules and regulations of the contract but automatically enforce their obligations. Smart contracts can be used in all situations such as finance, insurance premiums, breach of contract, property law, and more. Smart contracts have seen downward growth and are expected to grow significantly over the forecast period catering to end users such as banking, government, insurance, real estate, and supply chain. For governments, smart contracts can prove the next advanced step in government-issued voting and other legal forms and bids. This can include any contract between a government and a private or public company.

The operations of smart contracts are all digitized, eliminating the need for middlemen or lawyers as intermediaries. The two contracting parties match the terms of the contract set. Contracts are registered in the database and all legal liquidations are automated. The contract's assets are digitized and payments are made via digital or cryptocurrency. Smart contracts give contracting parties the freedom of autonomy, backup, safety, speed and accuracy.

Smart Contracts Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Smart Contracts Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In June 2020, PrairieDog Venture and Data Gumbo partnered to transform capital projects into smart contracts. The partnership will deliver smart contracts designed to solve long-standing industry challenges around transaction and information friction across capital projects, transitions and maintenance for the industrial, commercial and infrastructure construction sectors.

Major Market Segments Covered in Smart Contracts Market Industry Research:

Market Key Players:
Monax Industries Limited (U.K.), Monetas (Switzerland), Blockstream Corporation (U.S.), Coinbase, Inc (U.S.), Bitfinex (Hong Kong), BlockCypher, Inc (U.S.), Chain, Inc.(U.S.), Coinify ApS (Denmark), BitPay, Inc (U.S.), GoCoin Pte. Ltd (Singapore), And Others.

By Type:

• Bitcoin
• Sidechains
• NXT
• Ethereum
• Other

By Technology:

• Ethereum
• Rootstock (RSK)
• Namecoin
• Ripple
• Others

By End-Use:

• Automobile
• Government
• Supply Chain Management
• Others

By Region:

North America is estimated to hold the largest share of the market during the forecast period and will have a market share of 26.2% in 2021, while South Asia and the Pacific is expected to have the highest growth rate during the forecast period with a CAGR of 25.8%.

North America has many large companies that sell smart contracts. North America also has a large number of people investing in cryptocurrencies and has a strong presence of many dApp (applied applications) vendors and companies from various industrial backgrounds based on supply chains.

South Asia and the Pacific is expected to be the fastest growing region during the forecast period due to the rapid implementation of emerging technologies, large capital holders, and investors for cryptocurrencies in SAP countries. to Vietnam, India, Thailand, and Pakistan.

Significant Market Dynamics:

Dynamics

The digital transformation of the banking and finance industry has been very strong over the past few years. Adoption of smart technologies and automation technologies has increased widely in developing and developing countries by businesses of all sizes. Smart contracts integrate important tools for bookkeeping and eliminate the possibility of access to accounting records as they use decentralized blockchain technology. For example, in the case of an insurance claim, the insurer will error-check, route and transfer payment to the user via a smart contract once everything is in order.

Adoption within industries outside of BFSI is relatively low due to a lack of awareness and knowledge about smart contracts and their applicability. Likewise, changes or alterations within a smart contract are nearly impossible, as the entire contract is developed based on coding, and errors in the code can be time consuming and costly to correct.

Smart Contracts Market report scope:

Crucial Points from this Smart Contracts Market Report

• Estimate Smart Contracts Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Smart Contracts Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.