Report Id: SNS/ICT/1542 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Smart Contracts Market size was valued at USD 153.26 Million in 2021 and is expected to reach USD 698.68 Million by 2028, and grow at a CAGR of 24.2% over the forecast period 2022-2028.
A smart contract is a self-executing contract between a buyer and a seller that is written entirely in code. The code and agreements are stored on a global and decentralized Blockchain network. Transactions are traceable and irreversible, and written code provides the capacity to manage execution. Smart contract transactions are processed by the Blockchain, which means they may be delivered automatically without the involvement of a third party.
Monetary subsidiaries, insurance expenses, property regulation, break contracts, credit authorization, monetary administrations, crowdfunding arrangements, and lawful cycles are instances of brilliant policy utilizes. Since Smart contracts incorporate a few essential characteristics, including independence, decentralization, and independence. Smart contracts might help with settling issues of the question between at least two people, as well as between colleagues. Brilliant agreements are used in the production network the board since they consider the following proprietorship freedoms as things travel through the framework. They may likewise be utilized to get protected data. People may likewise claim their advanced character, which incorporates computerized resources and information, by means of brilliant agreements. are kept on Blockchain, going after the framework is extremely troublesome in light of the fact that cutting the whole organization down would require huge handling power
Smart contracts incorporate a few essential characteristics, including independence, decentralization, and independence. Smart contracts might help with settling issues of the question between at least two people, as well as between colleagues. Brilliant agreements are used in the production network the board since they consider the following proprietorship freedoms as things travel through the framework. They may likewise be utilized to get protected data. People may likewise claim their advanced character, which incorporates computerized resources and information, by means of brilliant agreements.
On May 24, 2022, the EY organization released the second iteration of the EY Blockchain Analyzer: Smart Contract & Token Review tool to the public. Users may now create bespoke testing procedures and simulate transactions on the Ethereum blockchain before performing them using real-time network data in the latest version. The new version expands its capability beyond conventional currencies like ERC-20 and allows developers and testing teams to collaborate.
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.
Smart contracts are being more widely used in a variety of areas, including banking, government, healthcare, financial services, and supply chains.
Blockchain technology lacks standards and interchangeability.
Smart contracts aren't always up to the task of dealing with ambiguous terms and circumstances.
There is a dearth of understanding and awareness of smart contracts and how they may be used.
IMPACT OF COVID-19:
The worldwide smart contract business is projected to benefit from the COVID-19 epidemic. Remote working and social distance have raised global awareness and implementation of smart contracts, which aid in virtual contract enforcement and automate the whole process of manual contracting. The market has benefited from increased awareness.
The reappearance of COVID-19 has presented a threat not only to the health of millions of people but also to global financial stability. It has thrown off stockpile networks and prompted a change in purchasing behavior. Organizations need remarkable logical bits of knowledge to deal with this unusual scenario. The industry is also predicted to expand as smart contracts become more widely used across a variety of industries. The organizations’ consistency was preserved throughout the COVID-19 situation owing to smart contract developments. These advantages of smart contracts are essential for the industries to advance.
The market is divided into Bitcoin Ethereum, NXT, and Sidechains based on the Blockchain Platform. In 2021, Ethereum had the greatest market share, and it is expected to expand at a long-term positive compound annual growth rate (CAGR) during the projection period. In 2021, Bitcoin was the second-largest market, and it is expected to increase at a positive CAGR throughout the projection period.
The market is divided into Ethereum Namecoin, Ripple, Rootstock (RSK), and Others based on technology. In 2021, Ethereum had the greatest market share, and it is expected to expand at a long-term positive CAGR during the forecast period. In 2021, the second-largest market was rootstock (RSK), which is predicted to increase at a positive CAGR during the forecast period.
Based on the end-user, the market is segmented into Automobile, Govt, Supply Chain Management, and Others. In 2021, the government held the highest market share, and it is expected to expand at a long-term positive CAGR of throughout the forecast period. In 2021, Supply Chain Management was the second-largest market, with a positive CAGR predicted over the projection period.
KEY MARKET SEGMENTS:
On The Basis of Blockchain Platform:
On The Basis of Technology:
On The Basis of End-User:
Supply Chain Management
The worldwide smart contracts market is split into five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Because of the region's robust acceptance rate of new goods or technologies, North America is likely to lead the smart contracts market over the forecast period. Smart contract use in North America is also higher than the worldwide average in industries other than BFSI.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
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.
|Market Size in 2021||US$ 153.26 Mn|
|Market Size by 2028||US$ 698.68 Mn|
|CAGR||CAGR of 24.2% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Blockchain Platform (Bitcoin, Ethereum, NXT, Sidechains)
• by Technology (Ethereum, Namecoin, Ripple, Rootstock (RSK), Others)
• by End-User (Automobile, Government, Supply Chain Management, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, 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 (FAQ) :
Ans:- The Smart contracts Market size was valued at USD 153.26 Million in 2021.
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
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Contracts Market Segmentation, by Blockchain Platform
9. Smart Contracts Market Segmentation, by technology
9.4 Rootstock (RSK)
10. Smart Contracts Market Segmentation, by End-User
10.3 Supply Chain Management
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Monax Industries Limited
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.3 Blockstream Corporation
12.4 Coinbase, Inc
12.7 Chain, Inc.
12.8 GoCoin Pte. Ltd
12.9 Coinify ApS
12.10 BitPay, Inc
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
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