Smart Contracts Market 2021 Global Key Leaders: GoCoin Pte. Ltd, BitPay, Coinify ApS, Chain, BlockCypher, Bitfinex, Coinbase, Blockstream Corporation

Smart Contracts Market Overview:
The global smart contracts market is predicted to touch USD 300 million at a whopping 32% CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. Smart contracts, simply put, are programmable contracts that allow the verifiable, immutable, and secure records of every contract and transaction. Multisig 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.

Various factors are propelling the Smart Contracts Market. As per the current MRFR report, such factors include increasing use of smart contracts in different industries like real estate, insurance, government, banking, and supply chain, the rising popularity of blockchain technology, fall in operational cost due to use of blockchain technology, presence of excellent digital characteristics, user-friendly, offers transparent agreements between records and parties, freedom of autonomy, and sufficient backup & safety.

On the contrary, scarcity of expertise, lack of awareness, and the recent COVID-19 impact are factors that may limit the global smart contracts market growth over the forecast period.

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Major Key Players:
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.

Market 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:
Based on the region, the global smart contracts market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, Europe will lead the market over the forecast period. Rapid digitalization in European industries and several European companies integrating digital solutions for increasing their competitiveness are adding to the global smart contracts market growth in the region. In this region, market players are focusing actively on implementing strategies and on product innovation, which enables them to consolidate their market position. Most companies are investing in mergers & acquisitions too. Besides, collaborations and partnerships have also increased, which is adding to the market growth.

This is followed by North America, which is predicted to have substantial growth over the forecast period. Increasing adoption of digitalization in Japan, the UK, the US, and China, coupled with the presence of top blockchain technology providers, is adding to the global smart contracts market growth in the region. Besides, the new entrants and the various diversified and dynamic national & global organizations form a crucial part of the competitive landscape in the market. The US has the largest share in the market for the presence of a huge IT sector.

The global smart contracts market in the APAC region is predicted to grow at a fast pace during the forecast period, and that in the RoW is predicted to have sound growth over the forecast period.

Table of Contents:
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Smart Contracts
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…

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List of Tables:
Table 1 Smart Contracts Market, By Blockchain Platform
Table 2 Smart Contracts Market, By Technology
Table 3 Smart Contracts Market, By End Users
Continued…

List of Figures:
Figure 1 Research Blockchain Platform
Figure 2 Smart Contracts Market, By Blockchain Platform (%)
Figure 3 Smart Contracts Market, By Technology (%)
Continued…

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This release was published on openPR.