Smart Contracts Market 2018: Evolving Technology, Trends, and Industry Analysis to 2027

Research Reports

May 27, 2022

Market Highlights

Smart contracts, simply put, are programmable contracts that allow the verifiable, immutable, and secure records of every contract and transaction. Multiuser authentication ability, oracle inputs, and programmability are some of its key features. It has wide applications in healthcare, automobile, insurance, management, government, real estate, supply chain, and banking.

The global smart contracts market is predicted to touch USD 300 million at a whopping 32% CAGR between 2020- 2027 states the recent Market Research Future (MRFR) analysis.

The demand from government, organizations, and legal bodies is estimated to drive the development of the smart contract market trends. The augmented regulations in an agreement are estimated to increase the presence of the smart contract market. The digitized nature of smart contracts is estimated to guide the expansion of the smart contracts market in the impending period.

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Segmentation:

The MRFR report provides an inclusive segmental analysis of the global smart contracts market based on the blockchain platform, end users, and technology.

By blockchain platform, the global smart contracts market is segmented into ethereum, bitcoin, NXT, and sidechains. Of these, the ethereum segment will lead the market over the forecast period for its high preference owing to its being a highly advanced coding as well as processing tool.

By technology, the global smart contracts market is segmented into namecoin, ripple, ethereum, rootstock (RSK), and others.

By end user, the global smart contracts market is segmented into healthcare, automobile, insurance, management, government, real estate, supply chain, and banking.

Regional Analysis:

The regional evaluation of the smart contracts market includes regions such as North America, Europe, Asia Pacific, and the rest of the regions. The global smart contracts market is estimated to be led by the European region. However, the North American regional market is showing an essential augmentation in the forecast period. This development of the smart contract market is attributed to the majorly amplified adoption for digitization in nations such as China, the U.S, U.K, and Japan. The different dynamic and diversified global organizations, national organizations, and as well as new participants are forming an integral part of the competitive landscape in the smart contracts market.

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Competitive Analysis

Eminent players profiled in the global smart contracts market report include GoCoin Pte. Ltd (Singapore), BitPay, Inc (U.S.), Coinify ApS (Denmark), Chain, Inc. (U.S.), BlockCypher, Inc (U.S.), Bitfinex (Hong Kong), Coinbase, Inc (U.S.), Blockstream Corporation (U.S.), Monetas (Switzerland), and Monax Industries Limited (U.K.), among others. Industry players have encompassed strategies such as acquisitions, mergers, joint ventures, collaborations, partnerships, strategic alliances, contracts, extensive R&D, new product launches and new product development, and geographic expansions to stay at the forefront and also cater to consumers growing needs.

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