Smart Contracts Market Size, Share, Forecast, & Trends Analysis by Type, Platform, Model, Organization Size, Application, End User, and Geography

Description

List of Tables

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

The research 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', provides an in-depth analysis of the smart contracts market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The smart contracts market is projected to reach $8.7 billion by 2031, at a CAGR of 26.4% from 2024 to 2031.

The growth of this market is attributed to the increasing use of smart contracts on a blockchain in the BFSI sector, growing cross-border transactions and international trade, and the rise in digital transformation initiatives. However, the lack of international regulations and security concerns restrain the market's growth. Furthermore, the integration with emerging technologies such as AI & ML and the development of user-friendly interfaces are expected to create significant opportunities for this market. However, the shortage of skilled it professionals and scalability limitations are some challenges to this market's growth. Additionally, hybrid blockchain solutions and integration of Oracle services are prominent trends in this market.

The smart contracts market is segmented by type (smart legal contracts, decentralized autonomous organizations (DAO), application logic contracts (ALC)), platform (ethereum, hyperledger, counterparty, polkadot, other smart contract platforms), model (external models, internal models), organization size (large enterprises, small and medium-sized enterprises), application (record storage, commercial activities, supply chain, trade, mortgages, property purposes, employment contract, copyright protection, health services, electoral processes, insurance claims, other applications), end user (government, BFSI, healthcare, agriculture, transportation/logistics, automotive, real state, legal affairs, education, other end users). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the smart contracts market is segmented into smart legal contracts, decentralized autonomous organizations (DAO), and application logic contracts (ALC). In 2024, the smart legal contracts segment is expected to account for the largest share of over 43.0% of the smart contracts market. This segment's large market share can be attributed to the increasing need for self-executing contracts within legal departments, the rising need for organizations to automate routine tasks to reduce legal and operational expenses, and the growing use of smart legal contracts for managing supply chains. Moreover, this segment is expected to register the highest CAGR during the forecast period.

Based on platform, the smart contracts market is segmented into Ethereum, hyperledger, counterparty, polkadot, and other smart contract platforms. In 2024, the ethereum segment is expected to account for the largest share of over 65.0% of the smart contracts market. Moreover, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing use of Ethereum-based decentralized applications (dApps), rising demand for Ethereum platforms for applications in finance, gaming, and supply chain management, increasing adoption of blockchain solutions, and growing institutional investment in blockchain technology.

Based on model, the smart contracts market is segmented into external models and internal models. In 2024, the external models segment is expected to account for the larger share of over 68.0% of the smart contracts market. This segment's large market share can be attributed to the rising security risks such as data tampering and manipulation in large enterprises, growing demand for external solutions to manage complex agreement terms, and rising preference for external models for legal contracts. However, the internal models segment is expected to register the highest CAGR during the forecast period.

Based on organization size, the smart contracts market is segmented into large enterprises and small and mid-sized enterprises (SMEs). In 2024, the large enterprises segment is expected to account for the larger share of over 70.0% of the smart contracts market. This segment's large market share can be attributed to the rising security risks such as data tampering, fraud, and disputes in business operations, growing demand for self-executing contracts, and increasing adoption of smart contracts by large enterprises to automate operational processes. However, the small and medium-sized enterprises segment is expected to register the highest CAGR during the forecast period.

Based on application, the smart contracts market is segmented into record storage, commercial activities, supply chain, trade, mortgages, property purposes, employment contracts, copyright protection, health services, electoral processes, insurance claims, and other applications. In 2024, the trade segment is expected to account for the largest share of over 33.0% of the smart contracts market. This segment's large market share can be attributed to the growing adoption of Ethereum by large enterprises for trading, rising strategic development of finance-focused blockchain solutions by major industry players, and increasing demand for streamlining complex trade processes across various sectors such as logistics, BFSI, and legal affairs. However, the supply chain segment is expected to register the highest CAGR during the forecast period.

Based on end user, the smart contracts market is segmented into government, BFSI, healthcare, agriculture, transportation/logistics, automotive, real estate, legal affairs, education, and other end users. In 2024, the BFSI segment is expected to account for the largest share of over 34.0% of the smart contracts market. This segment's large market share can be attributed to the rising demand for smart contracts in financial applications such as loan origination and insurance claims, the increasing need for smart contracts within the BFSI sector to provide a high level of security against cyber threats, and integration of advanced technologies to streamline and expedite transaction processes. However, the legal affairs segment is expected to register the highest CAGR during the forecast period.

Based on geography, the smart contracts market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 42.0% of the smart contracts market. The region's large share is attributed to the presence of leading market players in the region, growing government initiatives to promote blockchain technology adoption, increasing adoption of digital assets and blockchain technologies by large enterprises, and utilization of smart contracts in supply chain management. However, Asia-Pacific is expected to register the highest CAGR of over 28.0% during the forecast period.

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:

Which are the high-growth market segments in type, platform, model, organization size, application, and end-user?
What is the historical market size for smart contracts across the globe?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, opportunities, and challenges in the smart contracts market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the smart contracts market?
What are the recent developments in the smart contracts market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the smart Contracts market, and how do they compete with other players?

Scope of the Report:

Smart Contracts Market Assessment-by Type

Smart Legal Contracts
Decentralized Autonomous Organizations (DAO)
Application Logic Contracts (ALC)

Smart Contracts Market Assessment-by Platform

Ethereum
Hyperledger
Counterparty
Polkadot
Other Smart Contract Platform

Smart Contracts Market Assessment-by Model

External Models
Internal Models

Smart Contracts Market Assessment-by Organization Size

Large Enterprises
Small and Mid-sized Enterprises (SMEs)

Smart Contracts Market Assessment-by Application

Record Storage
Commercial Activities
Supply Chain
Trade
Mortgages
Property Purposes
Employment Contract
Copyright Protection
Health Services
Electoral Processes
Insurance Claims
Other Applications

Smart Contracts Market Assessment-by End-use Industry

Government
BFSI
Healthcare
Agriculture
Transportation/Logistics
Automotive
Real State
Legal Affairs
Education
Other End-use Industries

Smart Contracts Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Rest of Asia- Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- UAE
- Israel
- Rest of Middle East & Africa

Product Code: MRICT - 1041311

1. Market Definition & Scope

1.1. Market Definition
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, By Contract Type
3.3. Market Analysis, By Contract Platform
3.4. Market Analysis, By Model
3.5. Market Analysis, By Organization Size
3.6. Market Analysis, By Application
3.7. Market Analysis, By End User
3.8. Market Analysis, By Geography
3.9. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Increasing Use of Smart Contracts on A Blockchain in BFSI Sector
  - 4.2.1.2. Growing Cross-border Transactions and International Trade
  - 4.2.1.3. Rise in Digital Transformation Initiatives
- 4.2.2. Restraints
  - 4.2.2.1. Lack of International Regulations
  - 4.2.2.2. Security Concerns
- 4.2.3. Opportunities
  - 4.2.3.1. Integration with Emerging Technologies such as AI & ML
  - 4.2.3.2. Development of User-friendly Interfaces
- 4.2.4. Challenges
  - 4.2.4.1. Shortage of Skilled IT Professionals
  - 4.2.4.2. Scalability Limitations
4.3. Key Trends
- 4.3.1. Hybrid Blockchain Solutions
- 4.3.2. Integration of Oracle Services
4.4. Case Studies
4.5. Value Chain Analysis

5. Smart Contracts Market Assessment-by Type

5.1. Overview
5.2. Smart Legal Contracts
5.3. Decentralized Autonomous Organizations (DAO)
5.4. Application Logic Contracts (ALC)

6. Smart Contracts Market Assessment-by Platform

6.1. Overview
6.2. Ethereum
6.3. Hyperledger
6.4. Counterparty
6.5. Polkadot
6.6. Other Smart Contract Platforms

7. Smart Contracts Market Assessment-by Model

7.1. Overview
7.2. External Models
7.3. Internal Models

8. Smart Contracts Market Assessment-by Organization Size

8.1. Overview
8.2. Large Enterprises
8.3. Small and Medium-sized Enterprises

9. Smart Contracts Market Assessment-by Application

9.1. Overview
9.2. Record Storage
9.3. Commercial Activities
9.4. Supply Chain
9.5. Trade
9.6. Mortgages
9.7. Property Purposes
9.8. Employment Contract
9.9. Copyright Protection
9.10. Health Services
9.11. Electoral Processes
9.12. Insurance Claims
9.13. Other Applications

10. Smart Contracts Market Assessment-by End User

10.1. Overview
10.2. Government
10.3. BFSI
10.4. Healthcare
10.5. Agriculture
10.6. Transportation/Logistics
10.7. Automotive
10.8. Real Estate
10.9. Legal Affairs
10.10. Education
10.11. Other End Users

11. Smart Contracts Market-by Geography

11.1. Overview
11.2. North America
- 11.2.1. U.S.
- 11.2.2. Canada
11.3. Europe
- 11.3.1. Germany
- 11.3.2. U.K.
- 11.3.3. France
- 11.3.4. Italy
- 11.3.5. Spain
- 11.3.6. Rest of Europe
11.4. Asia-Pacific
- 11.4.1. Japan
- 11.4.2. China
- 11.4.3. India
- 11.4.4. South Korea
- 11.4.5. Australia & New Zealand
- 11.4.6. Rest of Asia-Pacific
11.5. Latin America
- 11.5.1. Mexico
- 11.5.2. Brazil
- 11.5.3. Rest of Latin America
11.6. Middle East & Africa
- 11.6.1. UAE
- 11.6.2. Israel
- 11.6.3. Rest of Middle East & Africa

12. Competition Analysis

12.1. Overview
12.2. Key Growth Strategies
12.3. Competitive Benchmarking
12.4. Competitive Dashboard
- 12.4.1. Industry Leaders
- 12.4.2. Market Differentiators
- 12.4.3. Vanguards
- 12.4.4. Emerging Companies
12.5. Market Ranking by the Key Players

13. Company Profiles

13.1. IBM Corporation
13.2. Oracle Corporation
13.3. Chainlink
13.4. Infosys Limited
13.5. Stratis Group Ltd.
13.6. Amazon Web Services, Inc.
13.7. TATA Consultancy Services Limited
13.8. Solana Foundation
13.9. Shardeum
13.10. Ethereum Foundation
13.11. Avalanche (BVI), Inc.
13.12. Algorand Foundation Ltd.
13.13. Stellar Development Foundation
13.14. Blockstream Corporation Inc.
13.15. Waves Technologies

(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)

14. Appendix

14.1. Available Customization
14.2. Related Reports