USD 190.34 million
Smart Contracts Market Size, Share, Growth Analysis, By Blockchain Type(Public, private and hybrid), By Enterprise size(Small and Medium Enterprises (SMEs) and Large Enterprises), By End-use(BFSI, Retail, Healthcare, Real Estate), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2085 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
89
|Figures:
76
Smart Contracts Market Insights
Global Smart Contracts Market size was valued at USD 190.34 million in 2022 and is poised to grow from USD 236.40 million in 2023 to USD 1338.52 million by 2031, growing at a CAGR of 24.2% in the forecast period (2024- 2031).
The global smart contracts market is experiencing substantial growth and is poised to revolutionize various industries across the globe. Smart contracts are self-executing digital contracts that automatically facilitate, verify, and enforce the terms of an agreement between parties. They eliminate the need for intermediaries and offer increased transparency, efficiency, and security in business processes. The market is being driven by factors such as the growing adoption of blockchain technology, rising demand for automation and digitization, and the need for secure and tamper-proof transactions. Industries such as finance, real estate, healthcare, supply chain management, and legal sectors are actively exploring the potential of smart contracts to streamline operations and reduce costs. Additionally, the emergence of decentralized finance (DeFi) applications and the increasing popularity of cryptocurrencies are fueling the demand for smart contracts. Geographically, North America dominated the smart contracts market, driven by the presence of key market players, favorable regulatory frameworks, and robust blockchain infrastructure. However, Asia Pacific is anticipated to emerge as a significant market due to the rapid digitization initiatives and the increasing adoption of blockchain technology in countries like China, India, and Singapore.
As the market evolves, the potential applications of smart contracts are expanding beyond traditional sectors, with areas such as intellectual property, gaming, energy management, and government services exploring the benefits of implementing self-executing contracts, paving the way for a more decentralized and efficient future Major players in the market are developing advanced smart contract platforms, offering developer tools, and providing consulting services to cater to the evolving needs of businesses. The smart contracts market is witnessing a surge in strategic partnerships and collaborations among technology companies, financial institutions, and blockchain startups, aiming to create innovative solutions and drive the adoption of smart contracts across industries.Nonetheless, with continuous technological advancements, increasing awareness, and favorable government initiatives, the global smart contracts market is expected to witness significant expansion in the coming years.
US Smart Contracts Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024- 2031
Global Market Size
Largest Segment
Public
Fastest Growth
Public
Growth Rate
24.2% CAGR
Global Smart Contracts Market ($ Bn)
Country Share for North America Region (%)
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Smart Contracts Market Segmental Analysis
Global Smart Contracts Market is segmented by blockchain type, enterprise size, end-use and region. Based on blockchain type, the market can be segmented into public, private and hybrid. Based on enterprise size, the market is segmented into Small and Medium Enterprises (SMEs) and Large Enterprises. Based on end-use, the market can be segmented into BFSI, Retail, Healthcare, Real Estate, Logistics and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Contracts Market Analysis by Blockchain Type
The public sector emerged as the dominant force in the market, capturing a substantial revenue share. Public blockchains, characterized by their decentralized nature and openness to all participants, utilize consensus mechanisms like proof-of-stake or proof-of-work to ensure security. These networks provide equal access and rights to all participants, while transactions and smart contracts remain transparent and accessible to interested parties.
Over the forecast period, the private sector is expected to witness significant growth. Private blockchains offer enhanced privacy and security features, making them an attractive choice for businesses and organizations that prioritize safeguarding sensitive data and transactions. With greater control over network security, private blockchains are typically managed by a single entity or organization. Furthermore, customization options enable tailored solutions aligned with specific business or organizational requirements, delivering capabilities beyond what public blockchains can offer.
Smart Contracts Market Analysis by enterprise size
Large enterprises dominated the market. Their financial resources enable investment in blockchain technology and smart contracts, including the recruitment of experts for development, implementation, and employee training. Particularly in regulated industries like finance and healthcare, where compliance is paramount, large enterprises rely on smart contracts to automate processes and minimize the risk of human error, ensuring adherence to regulatory standards.
The small and medium enterprises (SMEs) segment is anticipated to experience substantial growth throughout the forecast period. Smart contracts offer cost-effectiveness and efficiency improvements to SMEs. By automating various processes, smart contracts help reduce operational costs, a significant advantage for resource-constrained SMEs. Furthermore, automation minimizes the risk of errors and expedites transaction times, thereby enhancing overall efficiency in day-to-day operations for SMEs.
Global Smart Contracts Market By Blockchain Type
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Smart Contracts Market Regional Insights
North America established its dominance in the smart contracts industry, capturing a significant revenue share. North America's early embrace of blockchain technology and the supportive startup ecosystem have fostered the growth of numerous smart contract-based startups, giving regional companies a competitive edge and bolstering North America's position in the smart contracts industry.
Over the forecast period, the Asia Pacific region is poised to emerge as the fastest-growing market. The anticipated growth in the Asia Pacific market can be attributed to the increasing adoption of blockchain technology across the region, with notable focus in countries such as China and South Korea. Both countries have actively invested in blockchain technology and its applications, including the utilization of smart contracts. In China, the government has recognized the immense potential of smart contracts in sectors like supply chain management, real estate, and e-commerce, actively promoting the adoption of blockchain technology. This governmental support has facilitated the growth of smart contract-based startups and attracted substantial investments in the country.
Global Smart Contracts Market By Geography
- Largest
- Fastest
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Smart Contracts Market Dynamics
Smart Contracts Market Drivers
Increasing demand for automation and digitization in various industries
- One key driver of the smart contracts market is the growing demand for automation and digitization in various industries. Businesses across sectors are increasingly recognizing the potential of smart contracts to streamline processes, improve efficiency, and reduce costs. The automation provided by smart contracts eliminates the need for manual intervention and reduces the risk of human error, leading to greater operational efficiency and enhanced productivity.
Smart Contracts Market Restraints
Presence of legal and regulatory uncertainties
- A key restraint for the smart contracts market is the presence of legal and regulatory uncertainties. As smart contracts operate on blockchain technology, which often transcends geographical boundaries, there is a need for clarity and harmonization of regulations across different jurisdictions. The legal enforceability and validity of smart contracts, as well as the resolution of disputes arising from them, are areas that require further development and standardization. The lack of clear legal frameworks and regulatory guidelines can create hesitation and hinder widespread adoption of smart contracts, particularly in heavily regulated industries.
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Smart Contracts Market Competitive Landscape
The Global Smart Contracts Market is characterized by a mix of established companies and emerging players. In response to the increasing demand for smart contract solutions, the smart contracts industry is continuously evolving, with providers embracing several trends. These include platform interoperability, customizable smart contract templates, low-code or no-code smart contract development, and integration with decentralized finance (DeFi). The adoption of low-code or no-code development tools allows non-technical users to create smart contracts without coding expertise, making smart contract development more accessible. Leading smart contract companies are also investing in strategic initiatives like mergers, acquisitions, partnerships, and product launches to deliver innovative solutions and maintain a competitive edge in the market.
Smart Contracts Market Top Player’s Company Profiles
- iTechArt (US)
- 4soft (US)
- Algorand (US)
- TATA Consultancy Services Limited (India)
- Chainlink (US)
- ELEKS (Ukraine)
- Waves Technologies (Russia)
- ConsenSys (US)
- R3 (US)
- Block.one (US)
- Stellar Development Foundation (US)
- NEO (China)
- Truffle (US)
- Hyperledger (US)
- Qtum (Singapore)
- Komodo (US)
- Polkadot (Switzerland)
Smart Contracts Market Recent Developments
- In March 2023, Chainlink, a provider of web3 services, introduced Chainlink Functions, a serverless and self-service platform enabling developers to connect their smart contracts and decentralized applications (dApps) with Web 2.0 APIs. This platform empowers builders to perform customizable computations on Web 2.0 APIs through Chainlink's network.
- In October 2022, Equinor implemented Data Gumbo's smart contract platform to automate payment calculations and processes. By leveraging Data Gumbo's smart contract, end users are able to streamline their payment systems with automation.
- In October 2022, iQIYI, a Chinese streaming platform, adopted ERC-3475, an Ethereum-based smart contract developed by DeBond, to address copyright-related issues. This smart contract enables users to store additional specifications, values, metadata, and transaction details, improving copyright management.
- In March 2022, Algorand, a technology company specializing in blockchain-based applications, announced a significant technical update. This update enables developers to create sophisticated decentralized applications (dApps) within the Algorand ecosystem by leveraging smart contract-to-contract calling, facilitating cross-chain interoperability.
- In March 2022, Grayscale Investments, a prominent digital currency asset manager, launched funds targeting the development of smart contract platforms. The funds include Solana (SOL), Polkadot (DOT), Avalanche (AVAX), Cardano (ADA), Algorand (ALGO), Polygon (MATIC), and Stellar (XLM). Additionally, Ethereum was added to meet the growing demand for diverse blockchain networks within the expanding industry.
- In September 2021, after years of diligent work, Cardano successfully implemented smart contracts. The introduction of Plutus-powered smart contract scripts marked a significant milestone for the company, with the completion of the highly anticipated Alonzo hard fork showcasing Cardano's long-awaited smart contract capabilities.
Smart Contracts Key Market Trends
- One key market trend in the smart contracts industry is the increasing adoption of cross-chain interoperability. This trend focuses on enabling smart contracts and decentralized applications (dApps) to interact and communicate seamlessly across different blockchain networks. The ability to bridge different blockchain platforms enhances the flexibility, scalability, and functionality of smart contracts, allowing for broader use cases and expanding the possibilities for decentralized applications. Cross-chain interoperability promotes collaboration and integration between various blockchain ecosystems, fostering innovation and driving the growth of the smart contracts market.
Smart Contracts Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global smart contracts market analysis, the market is experiencing significant growth and innovation as businesses across industries recognize the potential of this technology to streamline processes, improve efficiency, and reduce costs. Public and private sectors are adopting smart contracts, with public blockchains offering transparency and open participation, while private blockchains provide enhanced privacy and security. Large enterprises, with their resources and regulatory compliance requirements, dominate the market, but small and medium enterprises are also leveraging the cost-effectiveness and efficiency benefits of smart contracts. North America is leading the market due to the presence of prominent providers and early adoption of blockchain technology. The Asia Pacific region is expected to emerge as the fastest-growing market, driven by increasing blockchain adoption, particularly in China and South Korea. However, legal and regulatory uncertainties remain a key challenge for widespread smart contract adoption. Overall, the market is dynamic, with trends such as platform interoperability, low-code/no-code development, and integration with decentralized finance (DeFi) shaping its future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 190.34 million |
| Market size value in 2031 | USD 1338.52 million |
| Growth Rate | 24.2% |
| Base year | 2023 |
| Forecast period | 2024- 2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Contracts Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Contracts Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Contracts Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Contracts Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Contracts Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Contracts Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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