The Smart Contracts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Contracts Global Market Report 2024, The smart contracts market size has grown exponentially in recent years. It will grow from $2.14 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The growth in the historic period can be attributed to decentralized applications, increased security concerns, rise of initial coin offerings, regulatory compliance needs, interoperability initiatives..
The smart contracts market size is expected to see exponential growth in the next few years. It will grow to $5.99 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to cross-chain compatibility, nft ecosystem expansion, quantum computing impact, energy efficiency concerns, global standards development, standardization of smart contract templates.. Major trends in the forecast period include integration with traditional legal systems, decentralized finance (defi) integration, oracles for real-world data integration, nfts and smart contracts in the creative industry, integration with internet of things (iot)..
A digital transformation within the Banking, Financial Services, and Insurance (BFSI) industries is expected to propel the growth of the smart contract market going forward. Digital transformation within Banking, Financial Services, and Insurance (BFSI) refers to integrating digital technologies and strategies to enhance customer experiences, streamline operations, and improve competitiveness in the industry. Digital transformation initiatives in BFSI prioritize process automation and streamlining, with smart contracts automating executions based on predefined conditions, facilitating more efficient processing of transactions, claims, and settlements, thereby reducing paperwork and manual intervention. For instance, In May 2023, according to a report published by Alkami Technology Inc., a US-based company providing cloud-based digital banking solutions for financial institutions, in fiscal year 2022, mid-size banks and credit unions significantly increased digital transformation investments, reaching nearly $425,000 per $1 billion in assets, compared to $200,000 per $1 billion in assets in fiscal 2021. Moreover, the adoption of Peer-to-peer (P2P) payments increased among digital banking users in 2022, rising from 12% to 25%. Therefore, digital transformation Within the banking, financial services, and insurance industries will drive the growth of the smart contract market.
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The smart contracts market covered in this report is segmented –
1) By Contract Type: Smart Legal Contracts, Decentralized Autonomous Organizations (DAO), Application Logic Contracts (ALC), Distributed Applications (DApps)
2) By Technology: Ethereum, Namecoin, Ripple, Rootstock (RSK), Other Technologies
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By End-Use: Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Real Estate, Logistics, Other End Uses
Major companies operating in the smart contract market focus on developing innovative self-service and serverless platforms, such as Chainlink Functions, to provide reliable customer service. Chainlink Functions is a self-service, serverless cloud computing platform allowing developers to create and deploy applications without managing infrastructure. For instance, in March 2023, Chainlink, a UK-based provider of real-world data to smart contracts on the blockchain, launched Chainlink Functions, a serverless and self-service platform for developers to connect its smart contracts and decentralized applications (dApps) to Web 2.0 application programming interface. The new platform allows builders to run customizable computations on Web 2.0 APIs through its network within minutes. It supports more widely recognized programming languages such as JavaScript to make it easier for developers to enter the Web3 area.
The smart contracts market report table of contents includes:
- Executive Summary
- Smart Contracts Market Characteristics
- Smart Contracts Market Trends And Strategies
- Smart Contracts Market – Macro Economic Scenario
- Global Smart Contracts Market Size and Growth
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- Global Smart Contracts Market Competitive Benchmarking
- Global Smart Contracts Market Competitive Dashboard
- Key Mergers And Acquisitions In Smart Contracts Market
- Smart Contracts Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- com Inc.
- International Business Machines Corporation
- Oracle Corporation
- Tata Consultancy Services Limited
- Infosys Limited
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