Market Research Future Insights
According to MRFR analysis, the global Smart Contracts market is expected to register a CAGR of 21.40% from 2022 to 2030 and hold a value of over USD 8.3 Billion by 2030.
One use of Blockchain technology that enables businesses, governments, legal entities, and even people to trade money, assets, shares, and bonds entailing a value and a contract straightforwardly without the need for a middleman is smart contracts. The ability of smart contracts to both specify the rules and regulations of an agreement and automatically enforce any commitments is what is preventing their expansion. The smart contract may be applied to a variety of scenarios, including financial, insurance premiums, contract violations, and more. The smart contract has had moderate growth and is anticipated to have considerable growth in the years ahead, serving end users in the supply chain, government, insurance, and banking, among other sectors. Smart contracts for the government may be the next development in voting, other legal requirements, and government-issued bids. Any agreement reached between the government and either commercial or public companies may fall under this category.
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Regional Analysis
North America is expected to dominate the smart contracts market, due to the presence of a large number of major players in the region, such as IBM Corporation, Microsoft Corporation, and Accenture plc. These players are investing heavily in research and development activities to create innovative smart contract solutions. In addition, the region has a well-developed legal framework that is conducive to the adoption of smart contracts.
Market Segmentation
The Global Smart Contracts market has been segmented into Blockchain Platforms, Technology, and End User.
Based on the Blockchain Platform, the market has been segmented into Bitcoin, Sidechains, NXT, and Ethereum.
Based on the Technology, the market has been segmented into Ethereum, Rootstock (RSK), Namecoin, and Ripple.
Based on the End User, the market has been segmented into Banking, Government, Management, Supply Chain, Automobile, Real Estate, Insurance, and Healthcare.
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Key Players
Some of the key market players are Monax Industries Limited, Monetas, Blockstream Corporation, Coinbase Inc, Bitfinex, BlockCypher Inc, Chain Inc, Coinify ApS, BitPay Inc, GoCoin Pte. Ltd.
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