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Smart Contracts Market Research Report Information By Blockchain Platform (Bitcoin, Sidechains, NXT, and Ethereum), By Technology (Ethereum, Rootstock (RSK), Namecoin, Ripple, and Others), By End User (Banking, Government, Management, Supply chain, Automobile, Insurance, Real Estate, and Healthcare), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032.


ID: MRFR/ICT/3169-HCR | 100 Pages | Author: Ankit Gupta| July 2024

Smart Contracts Market Overview


Smart Contracts Market size was valued at USD 1.6 Billion in 2022. The Smart Contracts market industry is projected to grow from USD 1.9 Billion in 2023 to USD 9.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.40% during the forecast period (2024 - 2032). The growing use of blockchain technology, technological advancements, improved effectiveness, reduced costs, and the desire for decentralised finance (DeFi), are the key market drivers enhancing the market growth.


Figure1: Smart Contracts Market, 2018 - 2032 (USD Billion)


Smart Contracts Market Overview1


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Smart Contracts Market Trends


The increasing adoption of blockchain technology is driving the market growth


The demand for Decentralised Finance (DeFi), rising efficiency, cost reductions, and expanding acceptance of blockchain technology are the main factors driving the expansion. Blockchain technology, which is gaining popularity as companies look for safer, more effective, and transparent ways to manage data and carry out transactions, powers smart contracts. In addition, the DeFi ecosystem, which has expanded quickly in recent years, depends heavily on smart contracts. DeFi adoption will probably result in a rise in demand for smart contracts.


Smart contracts are digital programmes that can be designed to carry out particular tasks automatically when certain criteria are satisfied. For example, a smart contract could be programmed to automatically move money from one account to another when a given date is reached or when a specified event, such the delivery of a good or the completion of a service, takes place. Smart contracts can increase efficiency and lower the likelihood of mistakes and legal challenges by automating contract execution in this way. Other corporate operations that can be automated by smart contracts include the handling of insurance claims, real estate transactions, and even voting processes.


The market for smart contracts is developing and expanding thanks in large part to fintech. The financial sector's leading innovators are fintech firms, and many of them are using smart contract technology to increase the speed, security, and transparency of financial transactions. The integration of smart contract technology with current financial systems, such as payment processors and banking systems, is another goal of fintech firms. Through integration, financial procedures can be made more efficient while spending less on intermediaries and physical labour.


Since smart contracts can be used to carry out legally binding contracts and transactions, regulatory compliance is crucial in the market for them. To be enforceable in a court of law, smart contracts must adhere to all applicable rules and regulations. Smart contracts frequently entail the gathering and processing of personal data, which may be covered by data protection laws like the California Consumer Privacy Act (CCPA) in the U.S. or the General Data Protection Regulation (GDPR) in the EU. Developers of smart contracts must make sure that their agreements adhere to these rules and that the necessary data protection safeguards are in place.Thus, driving the Smart Contracts market revenue.


Smart Contracts Market Segment Insights


Smart Contracts Blockchain Platform Insights


The global Smart Contracts market segmentation, based on Blockchain Platform, includes Bitcoin, Sidechains, NXT, and Ethereum. Ethereum segment dominated the global market in 2022. The platform's expansion and development have been aided by Ethereum's sizable and vibrant developer community. This community has created a number of useful frameworks and tools that facilitate creating and implementing smart contracts on the Ethereum platform. For instance, Truffle serves as an asset pipeline, testing framework, and development environment for Ethereum. It offers resources to assist programmers in creating, evaluating, and deploying smart contracts on the Ethereum network.


Smart Contracts Technology Insights


The global Smart Contracts market segmentation, based on Technology, includes Ethereum, Rootstock (RSK), Namecoin, Ripple, and Others. Ethereum segment dominated the global market in 2022. The segment's expansion can be credited to the scalability and interoperability it offers.


Figure 2: Global Smart Contracts Market, by Technology, 2022 & 2032 (USD Billion)


Global Smart Contracts Market, by Technology


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Smart Contracts End User Insights


The global Smart Contracts market segmentation, based on End User, includes Banking, Government, Management, Supply chain, Automobile, Insurance, Real Estate, and Healthcare. Banking segment dominated the global Smart Contracts market in 2022.Smart contracts are tamper-proof, self-executing, and self-verifying. The BFSI sector is adopting them, enabling peer-to-peer transactions, error-free processing of insurance claims, open audits, and simple KYC processing. In order to assure financial auditing, traditional contracts demand a substantial amount of documentation and rigorous record-keeping. By being connected to the distributed, uncorruptible code of the blockchain network, smart contracts provide sophisticated bookkeeping solutions.


Smart Contracts Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Smart Contracts Market dominated this market in 2022 (45.80%). TheNorth America is a promising market for smart contracts due to the existence of well-known smart contracts providers as ScienceSoft USA Corporation, iTechArt, IBM, and Algorand. Additionally, the region has seen the growth of numerous smart contract-based firms due to the region's early acceptance of blockchain technology and supportive startup ecosystem. This has provided North American businesses a competitive advantage and helped the area dominate the smart contracts market.


Further, the U.S. Smart Contracts market held the largest market share, and the Canada Smart Contracts market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: GLOBAL SMART CONTRACTS MARKET SHARE BY REGION 2022 (USD Billion)


GLOBAL SMART CONTRACTS MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Smart Contracts market accounted for the healthy market share in 2022. This expansion can be ascribed to the region having a number of important companies and having a higher acceptance of new technologies than other economies.Further, the German Smart Contracts market held the largest market share, and the U.K Smart Contracts market was the fastest growing market in the European region.


The Asia Pacific Smart Contracts market is expected to register significant growth from 2023 to 2032. The rising use of blockchain technology in the Asia Pacific area, especially in nations like China and South Korea, is responsible for the rise of the market there. Both nations have made significant investments in blockchain technology and related use cases, such as smart contracts. The Chinese government has acknowledged the promise of smart contracts in a number of industries, including e-commerce, real estate, and supply chain management. The government has been encouraging the use of blockchain technology, which has increased the number of companies and investments in the nation that are based on smart contracts. Moreover, China’s Smart Contracts market held the largest market share and the Indian Smart Contracts market was the fastest growing market in the Asia-Pacific region.


Smart Contracts Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Smart Contracts market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Smart Contracts industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Smart Contracts industry to benefit clients and increase the market sector. In recent years, the Smart Contracts industry has offered some of the most significant advantages to medicine. Major players in the Smart Contracts market, including Monax Industries Limited, Monetas, Blockstream Corporation, Coinbase. Inc, Bitfinex, BlockCypher, Inc, Chain, Inc., Coinify ApS, BitPay, Inc, and GoCoin Pte. Ltd, are attempting to increase market demand by investing in research and development End Users.


A venture capital firm is called Grayscale VC. The company favours investing in early-stage, later-stage, and seed-stage businesses. The development of funds for the creation of smart contract platforms with 7 Ethereum rivals, including Solano (SOL), Polkadot (DOT), Avalanche (AVAX), Cardona (ADA), Alogrand (ALGO), Polygon (MATIC), and Stellar (XLM), was announced by Grayscale Investment, a prominent digital currency asset manager, in March 2022. Because there is an increasing need for various blockchain networks in the sector, Grayscale recently announced the addition of Ethereum.


Cardona is a market owner and caterer that serves the capital area with Italian speciality cuisine. The company prepares a variety of homemade meals that are either hot and ready to eat or packaged cold for people to grab and go, giving them restaurant-quality food in an accessible, practical and affordable way. It offers classics like eggplant parmigiana and lasagna, famous meatballs and breaded chicken cutlets. After years of effort, Cardona finally launched smart contracts in September 2021. Scripts for smart contracts powered by Plutus were made public by the company. The long-awaited smart work capability of Cardona was due in the finished Alonzo hard fork.


Key Companies in the Smart Contracts market include



Smart Contracts Industry Developments


Circle has announced the release of two new products in 2023 that will make it simple for web developers to construct and implement decentralized applications. The Circle Smart Contract Platform and Circle Gas Station products will give developers access to USDC transactions and balances across several blockchain networks. Developers will be able to select the blockchain network that best suits their use cases from a variety of options supported by the platform, including Ethereum (ETH), Solana (SOL), Algorand, Stellar, and others.


The largest DApp development platform in Asia, Bunzz, has introduced "Bunzz Audit," a new AI-powered smart contract auditing service, in 2024. This business claims to provide quick and affordable smart contract audits together with useful information for improving security.


Bunzz Audit seeks to address the issues with conventional smart contract audits in blockchain projects by utilizing AI technology and a large database to scan contracts from more than 100 angles.


The much awaited De.Fi 2.0 suite of goods and services, which aims to improve security, usability, and interconnectivity in the decentralized finance (DeFi) ecosystem, was released in 2023 by the DeFi platform De.Fi. From its founding as a collective of produce farmers in 2020, De.Fi has amassed over 3 million users. De.Fi 2.0, according to the business, will facilitate the onboarding of the next billion cryptocurrency users by offering a full range of capabilities to developers, marketers, traders, and regular DeFi customers.


Smart Contracts Market Segmentation


Smart Contracts Blockchain Platform Outlook




  • Bitcoin




  • Sidechains




  • NXT




  • Ethereum




Smart Contracts Technology Outlook




  • Ethereum




  • Rootstock (RSK)




  • Namecoin




  • Ripple




  • Others




Smart Contracts End User Outlook




  • Banking




  • Government




  • Management




  • Supply chain




  • Automobile




  • Insurance




  • Real Estate




  • Healthcare




Smart Contracts Regional Outlook





  • North America



    • U.S.




    • Canada






  • Europe



    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe






  • Asia-Pacific



    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World



    • Middle East




    • Africa




    • Latin America






Report Attribute/Metric Details
Market End User 2022 USD 1.6 Billion
Market End User 2023 USD 1.9 Billion
Market End User 2032 USD 9.2 Billion
Compound Annual Growth Rate (CAGR) 21.40% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Blockchain Platform, Technology, End User, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Monax Industries Limited, Monetas, Blockstream Corporation, Coinbase. Inc, Bitfinex, BlockCypher, Inc, Chain, Inc., Coinify ApS, BitPay, Inc, and GoCoin Pte. Ltd
Key Market Opportunities Technological advancements
Key Market Dynamics The increasing adoption of blockchain technology, technological innovation, increased efficiency, cost savings, and the growing demand for Decentralized Finance (DeFi)


Frequently Asked Questions (FAQ) :

The global Smart Contracts market End User was valued at USD 1.6 Billion in 2022.

The global market is projected to grow at a CAGR of 21.40% during the forecast period, 2024-2032.

North America had the largest share in the global market.

The key players in the market Monax Industries Limited, Monetas, Blockstream Corporation, Coinbase. Inc, Bitfinex, BlockCypher, Inc, Chain, Inc., Coinify ApS, BitPay, Inc, and GoCoin Pte. Ltd.

The Ethereum Blockchain Platform dominated the market in 2022.

The Ethereum Technology had the largest share in the global market.

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