Smart Contracts Market Size, Share Growth Status, Emerging Technology, Key Players, Industry Challenges, and Forecast till 2031 | EOS, Tron, Ginete Technologies, Hedra Hashgraph, Hyperledger

Market Overview:

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They are triggered automatically by blockchain when conditions written in the code are met.

Market Dynamics:

Smart contracts allow execution of transactions directly between peers on a distributed system without the need of any intermediary. The increasing adoption of blockchain technology across industries has created the need for decentralized applications and smart contracts to operationalize transactions through distributed ledger without any central authority. Additionally, smart contracts make transaction data immutable and transparent by recording them on distributed blockchain networks. This eliminates the need for expensive transaction fees and delays associated with traditional systems. This improving efficiency is fueling adoption of smart contracts thereby driving growth of the market.

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Market Drivers:

Blockchain Technology Advancements are Driving Adoption of Smart Contracts

Blockchain technology has seen tremendous advancements over the past few years which is enabling the growth of smart contracts market. The development of Ethereum blockchain platform in 2015 brought smart contracts into mainstream which allowed developers to build decentralized applications on top of blockchain. Ethereum Virtual Machine supports turing complete programming which makes it easy to write sophisticated smart contracts for wide range of uses. Another major driver is the increasing adoption of blockchain beyond cryptocurrencies into various industries like finance, healthcare, supply chain etc. As blockchain finds more commercial applications, the need for automated smart contracts to enable trusted transactions is also rising. Many tech giants are heavily investing in R&D to make blockchain and smart contracts more enterprise ready which will accelerate the adoption rate in coming years.

Increased Focus on Data Privacy and Security is Leveraging the Use of Smart Contracts

With rising data breaches and privacy issues, there is a growing need for secure and trusted systems for managing digital transactions and assets. Traditional centralized systems are prone to single point of failure but decentralized nature of blockchain makes it highly secure and transparent. Smart contracts enable automating transactions without involving third parties through use of publicly shared transaction history and cryptographic security. This addresses the compliance and privacy requirements of many industries. For example, smart contracts allow creating healthcare records management system where patients can directly grant access to their records to doctors in a secure way. They also help enable trusted sharing of personal data with research organizations while protecting individual privacy. Overall, the demand for data security and privacy compliance is a major driver for increased reliance on smart contract technology.

Major Key Players:

EOS, Tron, Ginete Technologies, Hedra Hashgraph, Hyperledger, IBM, Icertis, NEM, Neo, OpenXcell, Stellar, Waves, Thomson Reuters, Monax Industries, Blockstream, Coinbase, BlockCypher and Monetas.

Detailed Segmentation:

On the basis of contract type, the global smart contract market is segmented into:
Smart Legal Contracts
Decentralized Autonomous Organizations (DAO) Contracts
Application Logic Contacts (ALC)
Distributed Applications (DApps)

On the basis of platform, the global smart contract market is segmented into:
Ethereum
EOS
Hedera
Neo
Tron

On the basis of End-user industry, the global smart contract market is segmented into:
Banking and Insurance
Healthcare
Transportation/Logistics
Government
Automotive
Sports and Entertainment

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Restrains:

Lack of Standards and Interoperability Hampers Widespread Adoption of Smart Contracts

Despite the advantages, lack of standards and interoperability between different blockchain platforms pose a challenge for smart contracts market growth. Smart contracts developed on one blockchain like Ethereum may not be compatible to run on other ledgers like Hyperledger, Corda etc. due to differences in programming languages and consensus mechanisms. For smart contracts to be truly useful, they need to be portable and universal which is still lacking. Absence of standards also create difficulty in auditing smart contracts for security vulnerabilities. There are ongoing industry efforts through organizations like Ethereum Enterprise Alliance to develop frameworks for security, privacy and standardization but it will take time for interoperable solutions to emerge. Overall, lack of standards creates lock-in effect for developers and restricts smart contracts utilization across different blockchain platforms in a plug-and-play manner.

Opportunity:

Growing Demand for Blockchain Experts Spurs Job and Learning Opportunities

With more enterprises and startups working on blockchain projects, there exists a huge gap between demand and supply of blockchain developers and experts. Smart contracts development requires strong programming skills along with understanding of cryptography, distributed systems, and blockchain technology. However, the talent pool of blockchain and smart contract experts is still limited. This skill shortage presents a big opportunity for learning institutions, training providers and individuals to offer educational programs focused on blockchain. There is a growing market for online courses, certification, bootcamps and even post-graduate academic programs in blockchain, cryptocurrency and smart contracts. Job prospects are also very high for individuals who upskill in this domain. The demand-supply imbalance in the talent market will spur more learning and jobs opportunities in coming years.

Trends:

Rising Investments in Blockchain Startups indicates Growing Acceptance of Smart Contract Use Cases

Investment trends indicate growing mainstream acceptance of blockchain technology. Global VC funding in blockchain startups has significantly risen over the past few years, with 2019 seeing over $850 million in investments. While early investments went into cryptocurrency exchanges and infrastructure projects, recent years have seen more funding flowing into startups developing blockchain use cases with focus on enabling decentralized applications using smart contracts. This includes areas such as digital identity, supply chain management, real estate records, online voting etc. Major enterprise blockchain platforms have also received funding to further innovate their platforms to support smart contracts better. The rising investments highlight growing industry confidence that blockchain has moved beyond experimental phase and smart contracts can deliver real business value when applied to solve problems in various domains.

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𝗙𝗔𝗤'𝗦:

What is the projected size of the Smart Contracts Market by 2031?
Which major countries will experience the greatest impact from the Smart Contracts Market?
Which regional market in the Smart Contracts Market is the largest?
Which leading companies dominate the majority of the Smart Contracts Market?
Which geographic market within the Smart Contracts Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Smart Contracts Market?
What are the current trends and future predictions for the global Smart Contracts Market industry?
What are the key strategies employed in the Smart Contracts Market?
What are the main growth prospects for the Smart Contracts Market?

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