Smart Contracts Market Report Scope & Overview:

The Smart Contracts Market size was valued at USD 1.24 billion in 2023 and is expected to grow to USD 152.17 billion by 2031 and grow at a CAGR of 82.3% over the forecast period of 2024-2031.

Due to several factors, such as the increasing adoption of blockchain technology in different sectors and supply chains coupled with a growing use of online banking, smart contracts market growth can be observed.

Smart Contracts Market Revenue Analysis

Get more Information on Smart Contracts Market - Request Sample Report

Over the last couple of years, there's been a significant increase in market growth for intelligent contracts. Demand for smart contracts has increased as blockchain technology and cryptocurrencies become more widely accepted. The benefits offered by these contracts, such as efficiency, security and cost effectiveness, are the driving force behind the market. The adoption of smart contracts has also been fuelled by the growing interest in Decentralised Applications, DApps and Fi platforms.

Improvements in the use of blockchain technology, increased awareness among businesses about the advantages of smart contracts and ongoing development of new application cases across various sectors are likely to contribute to growth.

Market Dynamics

Key Drivers:

  • Growing adoption of Blockchain technology.

The main factors driving this expansion are the demand for decentralised finance, increasing efficiency, reduced costs and growth in adoption of blockchain technology. Smart contracts are underpinned by the use of Blockchain technology, which is becoming popular as companies seek to make their data and transactions more secure, efficient in ways that allow for transparency.

  • Smart contracts are growing as the Internet of Things becomes more integrated

  • Savings in costs and time

intelligent contracts streamline manual processes that reduce the need for intermediaries and paperwork. The result is savings in costs and faster processing times for transactions. The potential for simplification of operations, minimising human errors and speeding up business processes attracts organizations to intelligent contracts.


  • Issue of scalability

 The main challenge in market expansion is to ensure the sustainability of smart contracts. The increasing network size and the volume of transactions is expected to lead to a slower processing time and higher transaction costs, which will also create congestion problems.


  • Increasing demand for decentralisation applications

The growing popularity of decentralised applications developed on Blockchain Platforms is leading to the adoption of Smart Contracts. By automating the implementation of code and enhancing trust and transparency in decentralised ecosystem interactions, intelligent contracts will allow DApps to be used. The growth of the Smart Contract market is driven by demand for digital applications in various sectors.

  • The development of user-friendly interfaces

The simplification of the user experience and the creation of user-friendly interfaces for the development and implementation of smart contracts can lead to wider adoption. Individuals and businesses can be encouraged to engage in intelligent contracts and build a wider user base through simple, user friendly tools and platforms requiring no coding experience.


  • Lack of standardisation

 It can be a challenge to lack standardised frameworks for the development of Smart Contracts. The area of interoperability between different blockchain platforms and the ability to communicate and execute smart contracts across networks is still developing. When integrating or moving Smart Contracts between Platforms, the lack of standardisation could lead to difficulties.

  • Privacy and data protection

Impact of Economic Slowdown:

Smart contracts can facilitate peer-to-peer lending and crowdfunding through decentralized finance (DeFi) platforms. This can provide individuals and businesses with alternative sources of capital during an economic downturn when traditional lending may be restricted. While automation through smart contracts can increase efficiency, it may also lead to job displacement in certain sectors. During an economic slowdown, the displacement of jobs could exacerbate unemployment rates and contribute to the overall economic downturn.

This efficiency can lead to cost reductions for businesses, which may help mitigate the effects of an economic slowdown by improving profit margins. Increased Transparency and Trust of Smart contracts and executed on a blockchain, providing transparency and immutability of transactions. This increased transparency can foster trust among parties involved in transactions, potentially stimulating economic activity during a slowdown as parties feel more secure engaging in transactions.

Impact of Russia Ukraine War:

By affecting financial markets, risk management and supply chains, the Russia Ukraine crisis has had a significant impact on global markets, including the smart contract market. The crisis has resulted in a rise of tensions and disruption to global supply chains, which is also affecting markets based on digital contracts and technologies. As the crisis created a high degree of uncertainty that could affect investment decisions and market stability, finance markets have been hit by it. As investors and companies become more cautious in their approach to new technologies and digital contracts, this uncertainty may have an impact on the adoption and development of smart contracts. In the wake of the crisis, risk management has become an essential focus for firms. The priority of businesses is now to prepare more robust scenarios, investigate new and expected risks, reduce costs as well as plan for divestments where necessary. In view of the stability and security of digital transactions, such focus on risk management is essential for a Smart Contract Market. Innovation and adoption of smarter contracts can be stimulated by the need to develop strong risk management strategies. The importance of supply chain resilience has also been underlined in the crisis.

Russia and Ukraine are major suppliers of commodities and raw materials that have seen a sharp increase in prices since the start of the war. This will have implications for industries that rely on these materials, such as those using smart contracts to manage supply chains and logistics. As a tool for increasing transparency in the supply chain, the disruption of supply chains may lead to increased interest in smart contracts. the Russia-Ukraine crisis has impacted the smart contracts market by influencing financial market conditions, emphasizing the importance of risk management, and affecting supply chains. As businesses seek innovative solutions to cope with the complexity brought about by the crisis, these factors could lead to both challenges and opportunities within the smart contract market.

Market Segmentation:

By Platform

  • Ethereum

  • Cardano

  • BNB Chain

  • Polkadot

  • Others

In 2023, the Ethereum segment accounted for more than 49.2% of total revenues. The growth and development of the Ethereum platform has been driven by a large, active developer community. In order to facilitate the development and deployment of Smart Contracts on the Ethereum Platform, this community has created a number of excellent tools and frameworks. For instance, Truffle is the Ethereum development environment, testing framework and asset pipeline.

Smart Contracts Market By Platform

By Blockchain Type

  • Public

  • Private

  • Hybrid

In 2023, the Public Sector represented 60.2% of total sales. Public blockchains are networks which are decentralised and inclusive to all who wish to be part of them. In order to ensure safety, equal access and rights for all participants in the network, public networks use consensus mechanisms such as proof of take or proof of work. In addition, all transactions and smart contracts on public blockchains are transparent so they can be made publicly available.

Smart Contracts Market Blockchain Type

Need any customization research on Smart Contracts Market - Enquiry Now

By Contract Type

  • Smart Legal Contracts

  • Decentralized Autonomous Organizations (DAO)

  • Application Logic Contracts

By Enterprise Size

  • Small & Medium Enterprises

  • Large Enterprises

By End-Use

  • BFSI

  • Retail

  • Healthcare

  • Real Estate

  • Logistics

  • Others


In 2023, North America accounted for more than 31.4% of revenues in the smart contracts sector. The North American market for Smart Contracts is set to be a promising one owing to the presence of major providers like ScienceSoft USA Corporation, iTechArt Inc., IBM and Algorand. This has given a significant advantage to US companies in the smart contract market and contributed to their regional dominance. Over the forecast period, Asia Pacific regional markets are projected to grow at a rapid pace. In particular in countries such as China and South Korea, the growth of the Asian Pacific Regional Market for Blockchain Technologies is driven by increased use of this technology.

Smart Contracts Market Region Analysis


North America

  • US

  • Canada

  • Mexico


  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America


The major key players are Monax Industries Limited, Monetas, Blockstream Corporation, Coinbase, Inc, Bitfinex, BlockCypher, Chain, Inc., Coinify ApS, BitPay, Inc, GoCoin Pte. Ltd. & Other Players

BitPay, Inc - Company Financial Analysis

Company Landscape Analysis

Recent Developments:

  • June 2023: In order to make the EON Smart Contract Platform more accessible and robust, Horizen, a provider of public blockchain technology as well as Ankr, Web3's Infrastructure Provider are working together. A package of developer tools has been made available by this collaboration to enable the deployment of smart contracts applications.

  • January 2023: Bunzz, a web3 development platform for decentralised applications, has raised USD 4.5 million in seed funding. Over 8,000 developers of DApps have made use of this platform, and the funding has helped strengthen Bunzzus's smart contract network.

  • Equinor introduced Data Gumbo, a Smart Contract Platform for the calculation and payment automation of payments on October 2022. Data Gumbo’s smart contract allows end users to automate their payment systems.

Smart Contracts Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 1.24 Bn
Market Size by 2031  US$ 152.17 Bn
CAGR   CAGR of 24.2% From 2024 to 2031
Base Year 2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Platform (Ethereum, Cardano, BNB Chain, Polkadot, Others)
• By Blockchain Type (Public, Private, Hybrid)
• By Contract Type (Smart Legal Contracts, Decentralized Autonomous Organizations (DAO), Application Logic Contracts)
• By Enterprise Size (Small & Medium Enterprises, Large Enterprises)
• By End-Use (BFSI, Retail, Healthcare, Real Estate, Logistics, Others)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Monax Industries Limited, Monetas, Blockstream Corporation, Coinbase, Inc, Bitfinex, BlockCypher, Chain, Inc., Coinify ApS, BitPay, Inc, GoCoin Pte. Ltd.
Key Drivers • Government projects in blockchain technology are on the rise.
• Smart contracts eliminate mistakes that occur as a consequence of the manual filling out of several forms.
Market Retraints • Blockchain technology lacks standards and interchangeability.
• Smart contracts aren't always up to the task of dealing with ambiguous terms and circumstances.


Frequently Asked Questions

Ans:- The Smart contracts Market size was valued at USD 190.34 Million in 2022.

Ans:- Blockchain technology lacks standards and interchangeability and Smart contracts aren't always up to the task of dealing with ambiguous terms and circumstances.


Ans:- North America is likely to lead the smart contracts market over the forecast period.

Ans:-  The primary growth tactics of Artificial Intelligence in Accounting market participants include merger and acquisition, business expansion, and product launch.

Ans:-  The study includes a comprehensive analysis of   Smart contracts Market trends, as well as present and future market forecasts as well as impact analysis for the projected period.

Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc  


1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Impact Analysis

5.1 Impact of Russia-Ukraine Crisis

5.2 Impact of Economic Slowdown on Major Countries

5.2.1 Introduction

5.2.2 United States

5.2.3 Canada

5.2.4 Germany

5.2.5 France

5.2.6 UK

5.2.7 China

5.2.8 Japan

5.2.9 South Korea

5.2.10 India

6. Value Chain Analysis

7. Porter’s 5 Forces Model

8.  Pest Analysis

9. Smart Contracts Market Segmentation, By Platform

9.1 Introduction

9.2 Trend Analysis

9.3 Ethereum

9.4 Cardano

9.5 BNB Chain

9.6 Polkadot

9.7 Others

10. Smart Contracts Market Segmentation, By Blockchain Type

10.1 Introduction

10.2 Trend Analysis

10.3 Public

10.4 Private

10.5 Hybrid

11. Smart Contracts Market Segmentation, By Contract Type

11.1 Introduction

11.2 Trend Analysis

11.3 Smart Legal Contracts

11.4 Decentralized Autonomous Organizations (DAO)

11.5 Application Logic Contracts

12. Smart Contracts Market Segmentation, By Enterprise Size

12.1 Introduction

12.2 Trend Analysis

12.3 Small & Medium Enterprises

12.4 Large Enterprises

13. Smart Contracts Market Segmentation, By End-Use

13.1 Introduction

13.2 Trend Analysis

13.3 BFSI

13.4 Retail

13.5 Healthcare

13.6 Real Estate

13.7 Logistics

13.8 Others

14. Regional Analysis

14.1 Introduction

14.2 North America

14.2.1 USA

14.2.2 Canada

14.2.3 Mexico

14.3 Europe

14.3.1 Eastern Europe Poland Romania Hungary Turkey Rest of Eastern Europe

14.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria Rest of Western Europe

14.4 Asia-Pacific

14.4.1 China

14.4.2 India

14.4.3 Japan

14.4.4 South Korea

14.4.5 Vietnam

14.4.6 Singapore

14.4.7 Australia

14.4.8 Rest of Asia Pacific

14.5 The Middle East & Africa

14.5.1 Middle East UAE Egypt Saudi Arabia Qatar Rest of the Middle East

14.5.2 Africa Nigeria South Africa Rest of Africa

14.6 Latin America

14.6.1 Brazil

14.6.2 Argentina

14.6.3 Colombia

14.6.4 Rest of Latin America

15. Company Profiles

15.1 Monax Industries Limited

15.1.1 Company Overview

15.1.2 Financial

15.1.3 Products/ Services Offered

15.1.4 SWOT Analysis

15.1.5 The SNS View

15.2 Monetas

15.2.1 Company Overview

15.2.2 Financial

15.2.3 Products/ Services Offered

15.2.4 SWOT Analysis

15.2.5 The SNS View

15.3 Blockstream Corporation

15.3.1 Company Overview

15.3.2 Financial

15.3.3 Products/ Services Offered

15.3.4 SWOT Analysis

15.3.5 The SNS View

15.4 Coinbase, Inc

15.4.1 Company Overview

15.4.2 Financial

15.4.3 Products/ Services Offered

15.4.4 SWOT Analysis

15.4.5 The SNS View

15.5 Bitfinex

15.5.1 Company Overview

15.5.2 Financial

15.5.3 Products/ Services Offered

15.5.4 SWOT Analysis

15.5.5 The SNS View

15.6 BlockCypher

15.6.1 Company Overview

15.6.2 Financial

15.6.3 Products/ Services Offered

15.6.4 SWOT Analysis

15.6.5 The SNS View

15.7 Chain, Inc.

15.7.1 Company Overview

15.7.2 Financial

15.7.3 Products/ Services Offered

15.7.4 SWOT Analysis

15.7.5 The SNS View

15.8 Coinify ApS

15.8.1 Company Overview

15.8.2 Financial

15.8.3 Products/ Services Offered

15.8.4 SWOT Analysis

15.8.5 The SNS View

15.9 BitPay, Inc

15.9.1 Company Overview

15.9.2 Financial

15.9.3 Products/ Services Offered

15.9.4 SWOT Analysis

15.9.5 The SNS View

15.10 GoCoin Pte. Ltd.

15.10.1 Company Overview

15.10.2 Financial

15.10.3 Products/ Services Offered

15.10.4 SWOT Analysis

15.10.5 The SNS View

16. Competitive Landscape

16.1 Competitive Benchmarking

16.2 Market Share Analysis

16.3 Recent Developments

16.3.1 Industry News

16.3.2 Company News

16.3.3 Mergers & Acquisitions

17. Use Case and Best Practices

18. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.


The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

  •            5000 (33% Discount)

  •            8950 (40% Discount)

  •            3050 (23% Discount)

Start a Conversation

Hi! Click one of our member below to chat on Phone