Global Smart Contracts Market to Reach USD 9850 Million by 2030 with 24% CAGR | Revolutionizing Contract Management, Exploring the Opportunities and Trends Report by Zion Market Research

NEW YORK, March 8, 2023 /PRNewswire/ -- As per Zion Market Research study, The global smart contracts market size was worth around USD 1750 Million in 2022 and is predicted to grow to around USD 9850 Million by 2030 with a compound annual growth rate (CAGR) of roughly 24% between 2023 and 2030.

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Smart Contracts Market: Overview

Smart contracts are advanced computer programs or transactional protocols dealing with the automatic and computerized execution or control of legally applicable actions or events as per contractual terms. Transaction Protocol Data Unit (TPDU) is a protocol based on packet switching and is designed to aid financial transactions that are processed over an X.25 network. Smart contracts are designed to eliminate any middlemen, reduce the number of mediators, avoid losses related to fraud, and eliminate extra costs, or any other unwanted accidental exceptions.

Cryptocurrencies play a crucial role in the use of smart contracts. The one developed by Ethereum, a decentralized, open-source blockchain is considered the most fundamental building block of applications related to decentralized finance (Defi). Vending machines are sometimes mentioned as the oldest and most commonly found form of smart contract implementation. However, smart contracts do not enjoy the authority of actual legal documents and are not considered as legally-binding documents by many institutes.

A large section of legal personnel considers smart contracts just a means of performing obligations that are derived from other agreements like technological methods associated with payments or other commitments related to the transfer of cryptocurrencies or tokens. Many scholars also argue that the declarative nature of the computer program associated with smart contracts may influence the validity of smart contracts. Ethereum smart contracts are written in a Turing-complete programming language Solidity and are compiled into low-level p-code which is then executed by Ethereum Virtual Machine. However, due to halting problems, the Turing-completeness process may be considered risky by many scholars and is avoided by Vyper language. 

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Key Industry Insights & Findings of the Smart Contracts Market Reports:

• As per the analysis shared by our research analyst, the global smart contracts market is estimated to grow annually at a CAGR of around 24% over the forecast period (2023-2030).
• In terms of revenue, the global smart contracts market size was valued at around USD 1750 million in 2022 and is projected to reach USD 9850 million, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on end-user industry segmentation, the government was predicted to show maximum market share during the forecast period
• Based on technology segmentation, Ethereum was the leading revenue-generating segment in 2022.
• On the basis of region, North America was the leading revenue generator in 2022.

Zion Market Research published the latest report titled "Smart Contracts Market By End-user Industry (Healthcare, Banking & Insurance, Transportation/Logistics, Automotive, Government, Sports & Entertainment), By Technology (Ripple, Namecoin, and Ethereum), By Platform (Sidechains, Ethereum, Bitcoin, and NXT), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030" into their research database.

Industry Dynamics:

Smart Contracts Market: Growth Drivers

• Rise in adoption of smart contracts across sectors to propel market growth.

The global contracts market cap is expected to witness significant growth owing to the rising population and adoption of smart contracts across sectors like banking, supply chain, real estate, insurance, and government. As per Statista, over USD 6.6 billion was spent on blockchain solutions in 2021. These transaction protocols have proven to be extremely useful in the banking sector which is an exponentially growing segment and one of the largest consumers of smart contracts.

Many banks use blockchain technology or smart contracts to avoid identity theft which is a highly prevalent problem in the sector causing banks to lose billions of money. In order to prevent identity theft or to prevent cybercriminals from gaining access to the personal data of bank customers, smart contracts can provide the necessary solution including a highly regulated electronic signature service thus creating an extra layer of protection.

Smart contracts can also be used to automate and standardize operational procedures like Know Your Customer (KYC) processes thus reducing manual work and optimizing the efficiency of the process. These technologically driven contracts also aid communication and transparency in banking transactions by allowing for monitoring everything related to account openings or everyday financial transactions. Such massive applications in one of the strongest industries are expected to aid global market expansion. 

Smart Contracts Market: Restraints

• The advanced coding used in creating smart contracts to restrict the market growth.

Smart contracts are exceptionally advanced tools driven by complex programming languages or coding methods. Any small error in the code may result in complete failure of the development of the smart contract. Tracking and changing the erroneous code may become extremely time-consuming. There is also a lack of standardization or interchangeability of the programming code in the development process resulting in the creation of multiple loopholes which is anticipated to restrict smart contract industry growth trends during the forecast period. 

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Smart Contracts Market: Opportunities

• Benefits offered by smart contracts in every sector to provide expansion opportunities.

Some of the most common and regular benefits offered by smart contracts include high speed and extremely secure ways of transaction that save cost and time. These basic benefits are offered in every sector and if this technology can be customized to meet the exceptional needs of different industries, the system has the potential to dominate the technology market. Smart contracts eliminate the need for human intervention in repetitive operations thus allowing them the time to work on high-quality work which is projected to provide global smart contract market expansion opportunities. 

Smart Contracts Market: Challenges

• Lack of skilled professionals to challenge market cap growth.

There is a significant dearth in the availability of skilled professionals capable of handling and maintaining such advanced engineering which may create challenging situations for smart contract industry growth. Skilled professionals are needed to not just develop more technologies but to also aid the upgrading of existing technology and make them more user-friendly. Even the institutes deploying smart contracts need in-house personnel to help them navigate through the deployment process to improve overall effectiveness. 

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Global Smart Contracts Market: Segmentation

• The global market is segmented based on end-user, technology, platform, and region.

Based on the end-user industry, the global market segments are healthcare, banking and insurance, transportation/logistics, automotive, government, and sports & entertainment. The largest market share was held by the government sector in the year 2022 with over 36.67% and a market value of USD 53 million. The supply chain managed to generate a market value of USD 37 million in 2020

By technology, the global market segments are ripple, namecoin, and Ethereum. In 2022, Ethereum led the segmental growth with around 43% of the global market share and a value of USD 62.35 million.

By platform, the global market is segmented into sidechains, Ethereum, bitcoin, and NXT. Ethereum generated a revenue of USD 52.6 million and held a market share of 36.3% in 2022. Bitcoin was the second in the segment with an overall value of USD 42 million, in the same year.

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List of Key Players in Smart Contracts Market:

• Oracle
• IBM
• Waves
• GoCoin
• AWS
• Algorand
• Tata Consultancy Services
• Stratis
• Monax Industries
• Solana
• Infosys
• Avalanche
• RSK
• Nem
• Chainlink

Key questions answered in this report:

• What are the growth rate forecast and market size for Smart Contracts Market?
• What are the key driving factors propelling the Smart Contracts Market forward?
• What are the most important companies in the Smart Contracts Market Industry?
• What segments does the Smart Contracts Market cover?
• How can I receive a free copy of the Smart Contracts Market sample report and company profiles?

Report Scope:

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Recent Developments

• In March 2022, Grayscale Investment, a leading digital currency asset manager, announced the launch of funds aimed at the development of smart contract platforms which will contain 7 Ethereum competitors like Solano (SOL), Polkadot (DOT), Avalanche (AVAX), Cardona (ADA), Alogrand (ALGO), Polygon (MATIC), and Stellar (XLM). Grayscale announced the inclusion of Ethereum because of the growing demand in the industry for other blockchain networks.
• In September 2021, Cardona managed to successfully launch smart contracts after years of hard work. The company introduced Plutus-powered smart contracts scripts to the world. The completed Alonzo hard fork was due in the long-awaited smart work functionality of Cardona.
• In June 2020, Data Gumbo and PrairieDog Venture collaborated to aid the use of smart contracts for changing capital projects. The collaboration intends to address industry concerns related to informational and transactional friction concerning capital projects, maintenance, and turnarounds across commercial, infrastructural, and industrial sectors.

Regional Dominance:

• North America to generate the highest revenue during the forecast period.

The global smart contracts market is expected to be dominated by North America with the largest global market share of 43.5%. In 2020, North America owned over 41% of global market revenue and within two years the market share jumped by almost 2%. This growth can be attributed to the presence of multiple key players in the region and an overall high rate of acceptance of advanced technologies as compared to other economies.

The US government along with private sector players are known to invest in upgrading technologies and almost all of the major players have originated in the US. In 2020, as per a CNBC report, American citizens earned over 4 billion. This is an indication of high digital technology penetration depth in the North American market

Asia-Pacific is also anticipated to generate high revenues majorly driven by countries like India, China, Singapore, Japan, and South Korea. The regions have been moving towards infrastructural developments where smart contacts can play a crucial role. Asian countries have always shown less resistance to the adoption of cryptocurrencies or digital technology as compared to other regions. This positive approach may aid regional growth during the forecast period.

Global Smart Contracts Market is segmented as follows:

Smart Contracts Market: By End-User Industry Outlook (2023-2030)

• Healthcare
• Banking & Insurance
• Transportation/Logistics
• Automotive
• Government
• Sports & Entertainment

Smart Contracts Market: By Technology Outlook (2023-2030)

• Ripple
• Namecoin
• Ethereum

Smart Contracts Market: By Platform Outlook (2023-2030)

• Sidechains
• Ethereum
• Bitcoin
• NXT

Smart Contracts Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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