Smart Contracts Market: Drivers, Restraints, Opportunities, and Threats (2024 – 2032)

Author : Harsh Kolhe | Published On : 29 Jan 2024

Smart Contracts Market Overview

The global smart contracts market size is expected to grow from USD 1.9 billion in 2023 to USD 9.2 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 21.40% during the forecast period. Smart contracts are self-executing lines of code that run on the blockchain network upon meeting predetermined terms and conditions. The ability of smart contracts to enable automatic execution, reduction in errors and delays, lower operational costs, transparency and security is expected to drive market growth.

Industry Latest News

Some latest developments in the smart contracts industry include:

• January 2023 - Ernst & Young (EY) launched a suite of smart contract testing tools on the public Polygon blockchain to improve code security and reliability.
• November 2022 - SAP partnered with Chainlink to provide external data feeds to improve SAP Cloud Platform Workflow applications with smart contract capabilities.
• October 2022 - EY acquired FileVision, an Argentina-based smart contract development platform to enhance blockchain offerings for enterprises across industries.

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Market Opportunities

Major growth opportunities in the smart contracts market:

Supply Chain Automation - Self-executing SLA agreements improving supplier reliability and product traceability.

Insurance Claim Processing - Automating policy payment dispersals upon claim verification for faster settlement.

Identity & Access Management - Credential validation and permission based access to enterprise systems.

Financial Derivatives - Automated derivatives contracts reducing settlement time and costly middlemen.

Healthcare Data Monetization - Secure data sharing improving medical research through appropriate incentives.

Market Segmentation

Based on platform, the smart contracts market is segmented into Ethereum, Cardano, Solana, Polkadot, Algorand and others. Other segmentations include application, end-user vertical and geography. On basis of application, market is divided into NFTs, payments, digital identity, compliance management, supply chain management, and others. Key end-use industries adopting smart contracts are BFSI, healthcare, manufacturing, transportation & logistics, IT & telecom, retail and government.

Key Companies

Some of the major companies offering smart contracts companies and services include:

• Coinbase
• Polygon
• Hedera Hashgraph
• Chainlink
• IBM
• Microsoft
• Digital Asset
• Blockstream
• Symbiont
• OpenLaw
• Clause

Key players are focused on product innovation around security enhancements, ease of integration, developer tools and documentation to drive mainstream enterprise adoption of smart contracts technology across verticals.

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