Farmington, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global Smart Contracts Market Is Expected To Reach Approximately USD 8.3 Billion By The End Of 2030 With 21.40% CAGR During The Forecasted Period From 2022-2030. Smart contracts are a use of blockchain technology that makes it clear for organisations, governments, corporations, and individuals to trade money, property, stocks, bonds, and contracts that have to do with money. You need a go-between. One thing that helps smart contracts grow is that they tend to set out the rules of the contract but automatically carry out their obligations. Smart contracts can be used for finance, insurance premiums, contract breach, property law, and many other things. Smart contracts have been going down, but they are expected to grow a lot in the next few years to serve end users in areas like banking, government, insurance, real estate, and the supply chain. Smart contracts can be the next step forward for voting and other legal forms and bids that the government gives out. This can be any agreement between the government and a public or private company.
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Recent Developments:
- In June 2020: PrairieDog Venture and Data Gumbo partnered to transform capital projects into smart contracts. The partnership will deliver smart contracts designed to solve long-standing industry challenges around transaction and information friction across capital projects, transitions and maintenance for the industrial, commercial and infrastructure construction sectors.
Segmentation Analysis:
Ethereum is the most advanced when it comes to coding and processing smart contracts, and it has a large share of the market. Bitcoin and NXT come in second and third, respectively. In terms of technology, Ethereum, Rootstock (RSK), Namecoin, Ripple, and other coins are used to divide the market. There are many end users in the market, such as banking, government, management, supply chain, automobile, real estate, insurance, and healthcare.
Regional Outlook:
During the forecast period, North America is expected to have the largest market share, with 26.2% of the market in 2021. South Asia and the Pacific is expected to have the highest growth rate, with a CAGR of 25.8%.
There are a lot of big companies in North America that sell smart contracts. In North America, there are also a lot of people who invest in cryptocurrencies, and there are a lot of dApp (applied applications) vendors and companies from many different industries.
South Asia and the Pacific is expected to grow the fastest during the forecast period because new technologies are being used quickly, there are a lot of large capital holders in SAP countries, and there are investors in cryptocurrencies. to India, Thailand, Vietnam, and Pakistan.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 21.40% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 8.3 Billion |
| By Type | Bitcoin, Sidechains, NXT, Ethereum, Other |
| By Technology | Ethereum, Rootstock (RSK), Namecoin, Ripple, Others |
| By End-Use | Automobile, Government, Supply Chain Management, Others |
| By Companies | Ekso Bionics Holdings Inc., EUROTECH Spa, Fujitsu General Ltd., Generalscan Electronics Co. Ltd., Honeywell International Inc., Intellinium, Microsoft Corp., RealWear Inc., Seiko Epson Corp., Vuzix Corp. |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
In the last few years, the banking and finance industry has made a lot of progress in going digital. Smart technologies and automation technologies are being used by businesses of all sizes in developing and developing countries. Because they use decentralised blockchain technology, smart contracts combine important tools for bookkeeping and make it impossible to get to accounting records. In the case of an insurance claim, for example, the insurance company will check for mistakes, route the payment, and send it to the user through a smart contract once everything is in order.
Smart contracts aren't used much in industries other than BFSI because people don't know much about them or how they can be used. Also, it's hard to make changes or additions to a smart contract because the whole thing is built on code, and fixing mistakes in the code can take a long time and cost a lot of money.
Key Segments Covered:
Top Market Players:
Monax Industries Limited (U.K.), Monetas (Switzerland), Blockstream Corporation (U.S.), Coinbase, Inc (U.S.), Bitfinex (Hong Kong), BlockCypher, Inc (U.S.), Chain, Inc.(U.S.), Coinify ApS (Denmark), BitPay, Inc (U.S.), GoCoin Pte. Ltd (Singapore), and others.
By Type:
- Bitcoin
- Sidechains
- NXT
- Ethereum
- Other
By Technology:
- Ethereum
- Rootstock (RSK)
- Namecoin
- Ripple
- Others
By End-Use:
- Automobile
- Government
- Supply Chain Management
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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