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.
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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.
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.
Restraints:
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.
Opportunities:
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.
Challenges:
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
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.
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.
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.
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.
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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.
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
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
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.
| 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. |
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
TABLE OF CONTENTS
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
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 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
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 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
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