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Smart Contracts Market Highlights:
Smart contracts facilitate transactions to be carried out without the need for a central authority, legal system, or external enforcement, which increases transaction management efficiency as well as efficiency in the settlement process, moreover, the absence of any third party reduces the total cost of ownership. Smart Contracts Market have no room for interpretation, which has increased their popularity. They are irreversible, reliable, and robust, which has led to their gradual adoption across diverse industry verticals. The augmenting need to reduce fraudulent activities, tackle cyberattacks, and simplify business processes is fostering the growth of the smart contracts market.
Smart contracts are automated, self-executing contracts in which the terms and conditions are written into lines of code. These contracts eliminate the need for middlemen such as brokers and lawyers and provide a high level of transparency in the transaction. Smart contracts were proposed by Nick Szabo in 1996, but the theory received commercial success after the Ethereum, the second most popular blockchain project supported its case. Market Research Future (MRFR) has recently published an exhaustive report on the global smart contracts market which is a compilation of all the pertinent trends and factors that can affect the growth of the market in the coming years. MRFR’s analysis has projected that the smart contracts market is likely to reach USD 300 Mn at a CAGR of 32% over the forecast period of 2021-2027.
Smart contracts are likely to impact a number of industries in the coming years. The real-estate industry and the insurance industry are among the key end users. In the insurance industry, smart contracts facilitate processing of claims, loan disbursement, tracking of paybacks, verification of credit rating, and others. Smart contracts in the insurance industry help to reduce distribution cost and automate more of complex processes.
The growing trend and adoption of Blockchain-as-a-Service model and rising cryptocurrencies market cap are other factors which are likely to fuel the growth of the smart contracts market. On the other hand, the growth of the smart contracts market can be impeded by the disapproving regulatory landscape.
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Chain, Inc.(U.S.), BitPay, Inc (U.S.), Bitfinex (Hong Kong), Coinify ApS (Denmark), Monetas (Switzerland), Coinbase, Inc (U.S.), BlockCypher, Inc (U.S.), Blockstream Corporation (U.S.), GoCoin Pte. Ltd (Singapore), and Monax Industries Limited (U.K.) are the key players in the smart contracts market.
The global smart contracts market has been segmented based on blockchain platform, technology, and end user.
Region-wise, the smart contracts market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Europe is the principal smart contracts market. The influx of a number of smart contracts startups in the region along with the presence of some leading vendors in the region is boosting the growth of the market.
North America market is slated to assume the leading position in the global smart contracts market. The region being an early adopter of the latest technologies, has embraced smart contracts at a torrid pace. The presence of developed capital markets and robust financial setup, the region provides a conducive environment for the growth of the market. The US is home to a number of leading market behemoths, which gives the region leverage over others. The US and Canada are the key contributors to the North America market.
The APAC smart contracts market is on an upward growth trajectory and is driven by accelerated adoption of the technology in the emerging economies of the region.
Table of Contents:
1 Market Introduction
1.2 Scope of Study
1.2.1 Research objective
1.3 Market Structure
2 Research Methodology
2.1 Research Smart Contracts
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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List of Tables:
Table 1 Smart Contracts Market, By Blockchain Platform
Table 2 Smart Contracts Market, By Technology
Table 3 Smart Contracts Market, By End Users
List of Figures:
Figure 1 Research Blockchain Platform
Figure 2 Smart Contracts Market, By Blockchain Platform (%)
Figure 3 Smart Contracts Market, By Technology (%)
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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