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Smart Contracts Market

Smart Contracts Market Size, Share & Segmentation by Blockchain Platform (Bitcoin, Ethereum, NXT, Sidechains), by Technology (Ethereum, Namecoin, Ripple, Rootstock (RSK), Others), by End-User (Automobile, Government, Supply Chain Management, Others), by Regions and Global Market Forecast 2022-2028

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.

Smart contracts Market

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.

MARKET DYNAMICS:

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.

  • Smart contracts are being more widely used in a variety of areas, including banking, government, healthcare, financial services, and supply chains.

RESTRAINTS:

  • 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.

MARKET ESTIMATION:

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:

  • Bitcoin

  • Ethereum

  • NXT

  • Sidechains

On The Basis of Technology:

  • Ethereum

  • Namecoin

  • Ripple

  • Rootstock (RSK)

  • Others

 On The Basis of End-User:

  • Automobile

  • Government

  • Supply Chain Management

  • Others

Smart contracts Market

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The 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

KEY PLAYERS:

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

Smart Contracts Market Report Scope:
Report Attributes Details
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
Base Year 2021
Forecast Period  2022-2028
Historical Data  2017-2020
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. Introduction

1.1 Market Definition 

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges 

 

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

8.1 Bitcoin

8.2 Ethereum

8.3 NXT

8.4 Sidechains

 

9. Smart Contracts Market Segmentation, by technology

9.1 Ethereum

9.2 Namecoin

9.3 Ripple

9.4 Rootstock (RSK)

9.5 Others

 

10. Smart Contracts Market Segmentation, by End-User

10.1 Automobile

10.2 Government

10.3 Supply Chain Management

10.4 Others

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12. Company Profiles

12.1 Monax Industries Limited

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Monetas

12.3 Blockstream Corporation

12.4 Coinbase, Inc

12.5 Bitfinex

12.6 BlockCypher

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

 

14. 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.

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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 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

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