Meticulous Research®, a globally recognized market research firm, has recently published a comprehensive report titled, ‘SMART CONTRACTS MARKET by Type (Smart Legal Contracts, DAO, ALC), Platform (Ethereum, Hyperledger, Polkadot), Model, Organization Size, Application (Trade, Mortgages), End User (BFSI, Government, Healthcare), and Geography—Global Forecast to 2031.’ According to this latest research, the smart contracts market is projected to reach $8.7 billion by 2031, growing at a CAGR of 26.4% from 2024 to 2031. The market's expansion is primarily fueled by the increasing adoption of smart contracts within the BFSI sector, the growth of cross-border transactions, and the ongoing wave of digital transformation. However, challenges such as the absence of unified international regulations and concerns about security are hindering further growth.
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Moreover, advancements in AI and ML integration and the development of more intuitive user interfaces are anticipated to offer substantial growth prospects. Despite this, the market faces significant challenges, including a shortage of skilled IT professionals and inherent scalability limitations.
The report segments the smart contracts market into various categories. By type, the smart legal contracts segment is predicted to dominate, holding over 43.0% of the market by 2024. This segment's leadership is driven by the growing application of smart legal contracts in managing supply chains, the rising adoption of blockchain technology, and the increasing demand for automating routine tasks to reduce legal and operational costs.
On the platform front, Ethereum is expected to hold the largest market share, with more than 65.0% by 2024, owing to its widespread use in decentralized applications (dApps) and the expansion of the NFT market. Ethereum’s robust blockchain technology and decentralized finance applications have established it as a key player in enabling secure digital ledgers.
In terms of models, the external models segment is forecasted to capture the largest share of the market, with over 68.0% by 2024. The rising security concerns such as data tampering and the need for managing complex agreements are key factors driving this segment's growth.
For organization size, large enterprises are expected to lead the market, accounting for over 70.0% by 2024. These organizations are increasingly adopting blockchain technology to mitigate risks like data tampering, fraud, and disputes, thus gaining a competitive edge through improved operational efficiency.
By application, the trade segment is poised to dominate, holding over 33.0% of the market by 2024. The increasing adoption of Ethereum for trading and the development of finance-focused blockchain solutions are significant contributors to this segment’s substantial market share.
In the end-user category, the BFSI segment is expected to command the largest share, with over 34.0% by 2024. The growing use of smart contracts in loan origination and insurance claims and the need to expedite transaction times are key factors driving this segment's growth.
Geographically, North America is projected to lead the market, accounting for over 42.0% by 2024. The region’s market dominance is attributed to favorable government regulations, the adoption of blockchain technologies, and the increasing use of smart contracts in supply chain management. The U.S. in particular, stands out as a pioneer in embracing smart contracts.
Key Players
The key players operating in the smart contracts market are IBM Corporation (U.S.), Oracle Corporation (U.S.), Chainlink (U.S.), Infosys Limited (India), Stratis Group Ltd. (U.K.), Amazon Web Services, Inc. (U.S.), TATA Consultancy Services Limited (India), Solana Foundation (Switzerland), Shardeum (Switzerland), Ethereum Foundation (Switzerland), Avalanche (BVI), Inc. (U.K.), Algorand Foundation Ltd. (Singapore), Stellar Development Foundation (U.S.), Blockstream Corporation Inc. (Canada), and Waves Technologies (U.K.).
Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the type, platform, model, organization size, application, and end-user?
- What is the historical market size for the smart contracts market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the smart contracts market?
- Who are the major players in the smart contracts market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the smart contracts market?
- What do major market players adopt the different strategies?
- What are the trends and high-growth countries?
- Who are the local emerging players in the smart contracts market, and how do they compete with other players?
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