According to Future Market Insights, the demand for Smart Contract Market for the forecast period 2022-2032 is estimated to grow at a CAGR of 23.5%.
According to the report, the market valuation for the Smart Contract Market for 2022 is estimated to be US$ 183.1 Mn and is forecasted to rise to US$ 1,515.4 Mn by the year 2032.
A Smart Contract is a self-executing contract where terms and conditions between any two or more parties are written directly into lines of code. Code controls execution, and transactions are traceable and irreversible. It is a simple programme stored on the blockchain and executed when certain conditions are met. They are typically used to automate the execution of contracts, making the results immediately visible to all parties involved, without the involvement of intermediaries or loss of time.
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Smart Contracts can be used for various purposes, from financial derivatives to insurance premiums, property rights, breach of contract, credit checks, financial services, crowdfunding agreements and legal proceedings. Since Smart Contracts are stored on the blockchain, overwriting the entire network would require enormous computing power, which makes it extremely difficult to break the system.
Key Takeaways: Smart Contract Market
- By Contract Type, smart legal contracts had the higher market share of US$ 51.8 Mn and distributed applications (DApps) is estimated to have the higher growth rate of 3%.
- By Enterprise Size, large enterprise had the higher market share for 2021 with a market share of 6%. Small & Medium Enterprise (SMEs) is estimated to display a growth of CAGR 24.6% for the forecast period.
- By Application, BFSI is estimated to possess the highest market share for the forecast period, with US$ 39.8 Mn market valuation for the year 2021 and the Supply Chain segment is estimated to witness the highest growth with CAGR of 6% for the forecast period.
- North America had the largest market share for the Smart Contract Market of 2% and South Asia and Pacific is the estimated region to have the highest CAGR of 25.8% for the forecast period.
According to an FMI analyst, ” Currently, government initiatives for blockchain technology can impact the growth of the smart contract market. The market’s growth is heavily dependent upon how the blockchain technology is used and implemented globally. While the future for cryptocurrency is highly unpredictable, it is safe to assume that supply chains that use blockchain technology can increase in the upcoming years.”
Increasing need for Accountability and Transactions Transparency, Adoption of Cross-border Payments and Growth in Demand for Increased Transaction Speed, Scalability And Reduced Processing Costs within BFSI driving the demand for Smart Contract Market with Blockchain technology.
Blockchain technology is reorganising transaction management by replacing intermediaries with secure digital records. Additionally, banking networks enable all parties to exchange and process critical business information and transactions. It also provides faster transaction processing speeds and traceability of transactions and information for all entities involved in the network. As a result, the Blockchain in Smart Contract Market is expected to grow.
The architectural boundaries of the global payment system and the numerous combinations of policies and processes are the major drivers of blockchain in the Smart Contract Market. Blockchain technology boosts transaction speeds to help create an efficient, real-time global payment system that supports monetary policy and other compliance and data protection.
Blockchain technology in BFSI is disruptive with enhanced cryptographic transparency and security. Transactions made via the blockchain can eliminate third-party payment gateways, thus enabling faster financial transactions. Therefore, such factors are expected to offer great opportunities for the smart contract market’s growth in the coming years.
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More valuable insights on Smart Contract Market
In this report by Future Market Insights, Smart Contract Market has been segmented into three sections By Contract Type( Smart Legal Contracts, Decentralized Autonomous Organizations (DAO), Application Logic Contracts (ALC), Distributed Applications (DApps)), By Enterprise Size( Small & Medium Enterprise (SMEs), Large Enterprise ), By Application( BFSI, Government, Healthcare, Supply Chain, Others ) to help readers understand and evaluate lucrative opportunities in the Smart Contract Market demand outlook.
Smart contract vendors tend to be companies which have a wide portfolio of software solution offerings. Or are companies which are primarily focused on providing blockchain or cryptocurrency technologies, with smart contracts being one of the sub-offerings.
- In October 2022, Equinor implemented Data Gumbo’s smart contract platform for the purpose of calculation and automation of payments. Data Gumbo’s smart contract allows the end users to automate their payment systems.
- In October 2022, iQIYI, the Chinese streaming platform announced the use of ERC-3475 (Ethereum based smart contract) developed by DeBond to handle copyright issues. The smart contract allows the users to store additional specifications, values, metadata and transactions.
Key Companies Profiled
- Sharedeum Foundation
- Tata Consultancy Services
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Smart Contracts by Category
By Contract Type:
- Smart Legal Contracts
- Decentralized Autonomous Organizations (DAO)
- Application Logic Contracts (ALC)
- Distributed Applications (DApps)
By Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
- Supply Chain
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa