Press release
Smart Contracts Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Smart Contracts Market Size
The smart contracts market has grown significantly in recent years. It will grow from $2.63 billion in 2024 to $3.21 billion in 2025, at a CAGR of 22.0%. The growth can be attributed to the rise of decentralized applications, growing security concerns, the popularity of initial coin offerings, regulatory compliance needs, and efforts for better interoperability.
The smart contracts market is set for exponential growth, projected to reach $7.45 billion by 2029 at a CAGR of 23.4%. The market's growth is fueled by cross-chain compatibility, the expansion of the NFT ecosystem, the impact of quantum computing, energy efficiency concerns, and global standardization efforts. Major trends include the integration of traditional legal systems, decentralized finance (DeFi), smart contracts in the creative industry, the use of oracles for real-world data, and IoT integration.
What Factors Are Propelling the Expansion of the Smart Contracts Market?
Digital transformation in the Banking, Financial Services, and Insurance (BFSI) sector is expected to drive the smart contract market forward. Digital transformation in BFSI involves the adoption of advanced technologies to improve customer experiences, streamline processes, and enhance competitiveness. A key aspect of digital transformation is process automation, where smart contracts play a crucial role by automating transactions, claims processing, and settlements based on predefined conditions, reducing paperwork and manual intervention. For example, in May 2023, Alkami Technology Inc., a U.S.-based provider of cloud-based digital banking solutions, reported that mid-sized banks and credit unions increased digital transformation investments in fiscal 2022, reaching nearly $425,000 per $1 billion in assets, compared to $200,000 per $1 billion in 2021. Additionally, digital banking users adopting peer-to-peer (P2P) payments rose from 12% to 25% in 2022. As a result, digital transformation in BFSI is driving the smart contract market.
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Which Businesses Are at the Forefront of Smart Contracts Market Development?
Major companies operating in the smart contracts market report are Amazon.com Inc., International Business Machines Corporation, Oracle Corporation, Tata Consultancy Services Limited, Infosys Limited, ELEKS Ltd., Cygnet Infotech Pvt Ltd., ScienceSoft USA Corporation, R3 Corda, Dotsquares Ltd., Alchemy Insights Inc., Apriorit Inc., AVA Labs Inc., Quytech, ZirconTech LLC, SoluLab Inc., Innowise Group, Cubix, PrimaFelicitas Ltd., Sumatosoft, Infograins Software Solutions Pvt Ltd., Idealogic, Quant Network Limited, Monax Industries Ltd., Vention, Evercode Lab, EvaCodes, Second State Inc., Pragmatic DLT Inc., Labrys
What Are the Latest Innovations in the Smart Contracts Market?
Companies in the smart contract market are focusing on self-service and serverless platforms, such as Chainlink Functions, to enhance service reliability. Chainlink Functions is a cloud-based platform that enables developers to deploy applications without managing infrastructure. For example, in March 2023, Chainlink, a UK-based company providing real-world data to blockchain-based smart contracts, introduced Chainlink Functions. This platform allows developers to link smart contracts with Web 2.0 APIs, facilitating customizable computations and supporting widely used programming languages like JavaScript to simplify entry into the Web3 space.
How Is the Smart Contracts Market Segmented?
The smart contracts market covered in this report is segmented -
1) By Contract Type: Smart Legal Contracts, Decentralized Autonomous Organizations (DAO), Application Logic Contracts (ALC), Distributed Applications (DApps)
2) By Technology: Ethereum, Namecoin, Ripple, Rootstock (RSK), Other Technologies
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By End-Use: Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Real Estate, Logistics, Other End Uses
Subsegments:
1) By Smart Legal Contracts: Standardized Legal Contracts, Customized Legal Contracts
2) By Decentralized Autonomous Organizations (DAO): Investment DAOs, Service DAOs, Grant DAOs
3) By Application Logic Contracts (ALC): Financial Contracts, Supply Chain Contracts, Insurance Contracts
4) By Distributed Applications (DApps): Gaming DApps, Finance DApps (DeFi), Social DApps
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Where Is the Smart Contracts Market Growth Most Prominent?
North America was the largest region in the smart contracts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart contracts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Smart Contracts Global Market Report?
- Market Size Analysis: Analyze the Smart Contracts Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Contracts Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Contracts Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Contracts Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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