The global smart contracts market size is expected to reach USD 73,773.0 million by 2030, expanding at a CAGR of 82.2% from 2023 to 2030. Digital transformation within the BFSI industry has played a crucial role in driving the adoption and growth of smart contracts by providing the necessary technological infrastructure and creating new use cases for smart contracts. In the BFSI industry, smart contracts can improve processes such as mortgages and loans by reducing the need for intermediaries and creating efficient, transparent, and secure processes.
Artificial Intelligence (AI) and Machine Learning (ML) are playing an increasingly important role in the smart contracts industry. By integrating AI and ML algorithms into smart contract platforms, businesses can enhance the capabilities of their contracts, making them more efficient and reliable. AI and ML can also be used to enhance the security of smart contracts. Businesses can create more secure and trustworthy contracts by using advanced algorithms to detect and prevent fraudulent activities.
Hybrid smart contracts are an emerging trend in the smart contract industry. Hybrid smart contracts seek to address the limitations of both conventional legal contracts and smart contracts by combining their best features. They are typically written in natural languages, like conventional legal contracts, but are also equipped with self-executing code, like smart contracts.
The COVID-19 pandemic had a positive impact on the smart contracts industry. The pandemic has increased investment in blockchain technology as businesses and governments seek to develop more secure and efficient systems for managing data and transactions. Smart contracts are a key component of blockchain technology, and increased investment in blockchain will likely drive demand for smart contract development and adoption.
Artificial Intelligence (AI) and Machine Learning (ML) are playing an increasingly important role in the smart contracts industry. By integrating AI and ML algorithms into smart contract platforms, businesses can enhance the capabilities of their contracts, making them more efficient and reliable. AI and ML can also be used to enhance the security of smart contracts. Businesses can create more secure and trustworthy contracts by using advanced algorithms to detect and prevent fraudulent activities.
Hybrid smart contracts are an emerging trend in the smart contract industry. Hybrid smart contracts seek to address the limitations of both conventional legal contracts and smart contracts by combining their best features. They are typically written in natural languages, like conventional legal contracts, but are also equipped with self-executing code, like smart contracts.
The COVID-19 pandemic had a positive impact on the smart contracts industry. The pandemic has increased investment in blockchain technology as businesses and governments seek to develop more secure and efficient systems for managing data and transactions. Smart contracts are a key component of blockchain technology, and increased investment in blockchain will likely drive demand for smart contract development and adoption.
Smart Contracts Market Report Highlights
- The Ethereum segment dominated the market in 2022. Ethereum was the first blockchain platform to offer smart contracts, which gave it a significant head start over its competitors. This early-mover advantage allowed Ethereum to establish itself as a dominant player in the smart contracts industry, attracting developers and users to its platform
- The public segment dominated the market in 2022. Public blockchains are designed to be interoperable, meaning that they can communicate and exchange data with other blockchains and systems. This enables smart contracts on public blockchains to interact with other decentralized applications and systems, creating a more interconnected and integrated ecosystem
- The Decentralized Autonomous Organizations (DAO) segment dominated the market in 2022. The autonomous nature of DAO contracts allows them to function without human supervision. This reduces the possibility of errors and interruptions in contract execution and enables DAO contracts to run continuously without human supervision
- The large enterprise segment dominated the market in 2022. Large enterprises typically have complex and labor-intensive processes that can be automated with smart contracts. This improves efficiency, reduces costs, and minimizes errors
- The BFSI segment dominated the end-use segment in 2022. The BFSI industry is known for complex and multi-party transactions, such as loan approvals and insurance claims. Smart contracts facilitate the automation of these procedures, resulting in a decrease in errors and an improvement in efficiency.
- North America dominated the market in 2022. The region's dominance can be attributed to a strong pool of technical talent, including developers, engineers, and other technology experts. This expertise helped North American companies to develop innovative and complex smart contract solutions, giving them an edge in the market
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. Smart Contracts Market: Platform Estimates & Trend Analysis
Chapter 5. Smart Contracts Market: Blockchain Type Estimates & Trend Analysis
Chapter 6. Smart Contracts Market: Contract Type Estimates & Trend Analysis
Chapter 7. Smart Contracts Market: Enterprise Size Estimates & Trend Analysis
Chapter 8. Smart Contracts Market: End-Use Estimates & Trend Analysis
Chapter 9. Smart Contracts Market: Regional Estimates & Trend Analysis
Chapter 10. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- ScienceSoft USA Corporation
- Innowise Group
- iTechArt
- 4soft
- Algorand
- IBM
- TATA Consultancy Services Limited
- Chainlink
- ELEKS
- Waves Technologies
Methodology
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