NEWARK, DE / ACCESSWIRE / November 2, 2022 / The global smart contracts market is expected to surge at a phenomenal CAGR of around 23.5% over the projection period from 2022 to 2032. The global market reached a valuation of around US$ 150.2 Mn in 2021 and is expected to be totaled a valuation of around US$ 1,515.4 Mn by 2032. The smart contracts market comprises of around10.2% of the global blockchain market. According to Future Market Insights, the historical valuation of the global smart contracts market was estimated at a CAGR of 21.4% from 2017 to 2021.
A smart contract is known as a software application that can be utilized as a tool for automating a transaction between different parties. The smart contract is an intelligent program that will check if the necessary prerequisites for the transaction to occur have been met, and once they have, the program will allow the execution of the transaction and the terms involved. This technology eliminates the need for a third party or intermediary to supervise and conduct the transaction.
There are several factors estimated to heighten the use of smart contracts over the projection period, these factors include the increasing application of blockchain technology in various industries and supply chains along with the emergence of dApps (Decentralized Applications) because of a global surge in the cryptocurrency and NFT (non-fungible tokens) and increasing use of online banking.
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Key Takeaways
- Smart contracts are known to be a vital feature implemented in blockchain technologies. Blockchains are gaining rapid traction in recent years owing to which numerous FMCG packing and other companies rely upon raw resources for their end products, to better monitor their supply chains.
- Blockchains are rapidly being deployed in the healthcare and medical sector and are known to be the foundation for cryptocurrencies which are growing in their use and popularity, globally. Web 3.0 is predicted to be underpinned by blockchain technology. The drastic growth in blockchain will drive the demand for smart contracts since this technology requires the use of smart contracts.
- Latin America is expected to have high revenue volatility owing to the numerous countries with diverse economic backgrounds. Europe is yet another region with moderate revenue volatility due to numerous countries, but most of them consist of similar economic conditions. The scope of differentiation is high for the smart contracts market because of the numerous areas the solution could be deployed at.
- Distributed applications are a technology that is primarily driven by the growth of the cryptocurrency market. Numerous DApps are used for developing crypto wallets. DApps are predicted to grow to attribute to the development of Web 3.0. DApps are known to find applications in the development of social media and gaming applications. Attributing to this reason, computing software solutions are estimated to surge at a CAGR of around 26.3% over the forecast period.
- Large enterprises specifically the ones which fall under the retail, e-commerce, healthcare, and manufacturing industries need to rely on a stable and reliable supply chain for their resources. Numerous large enterprises often fall under the scrutiny of regulatory bodies for exploiting natural resources in sensitive areas.
- Large enterprises also comprise numerous products and solution offerings which are able to implement smart contract solutions for making the translational process smooth. Owing to these reasons, large enterprises were estimated to hold the largest market share of 54.6% in 2021 for the smart contract market.
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Competitive Landscape
Smart contract vendors are those companies that have a massive portfolio of software solution offerings. Other companies are primarily focused on offering blockchain or cryptocurrency technologies inculcating smart contracts being one of the sub-offerings.
More Insights into the Smart Contracts Market
The U.S. is currently witnessing a massive surge in the attraction of technologies like cryptocurrency and NFTs, which are underpinned by blockchain technology. Being a significant trend, businesses are attempting to understand how they are able to benefit from NFTs, digital assets, and cryptocurrencies.
The Indian government has a skeptical perspective of cryptocurrency, and several statements have either demanded a total ban on cryptocurrency or a regulated approach, depending upon the final decision, the cryptocurrency market can be estimated in India.
U.K comprises numerous companies which offer blockchain solutions and services, suggesting that various companies and individuals are utilizing these technologies for multiple purposes. Several large enterprises which offer smart contract solutions have a large presence in the UK.
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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
By Application:
- BFSI
- Government
- Healthcare
- Supply Chain
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Blockchain Technology Innovation / Development Trends
4. Smart Contract - Pricing Analysis
4.1. Pricing Analysis, By Solution
4.2. Average Pricing Analysis Benchmark
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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SOURCE: Future Market Insights, Inc.