Press release
Smart Contracts Market to Reach $5.99 Billion by 2028 with 22.8% CAGR Driven by BFSI Digital Transformation
Smart Contracts Market Report
As per the report, the smart contracts market size has grown exponentially in recent years. It will grow from $2.14 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The smart contracts market size is expected to see exponential growth in the next few years. It will grow to $5.99 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%.
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Digital Transformation In BFSI Driving The Smart Contract Market's Growth
A digital transformation within the Banking, Financial Services, and Insurance (BFSI) industries is expected to propel the growth of the smart contract market going forward. Digital transformation within Banking, Financial Services, and Insurance (BFSI) refers to integrating digital technologies and strategies to enhance customer experiences, streamline operations, and improve competitiveness in the industry. Digital transformation initiatives in BFSI prioritize process automation and streamlining, with smart contracts automating executions based on predefined conditions, facilitating more efficient processing of transactions, claims, and settlements, thereby reducing paperwork and manual intervention. For instance, In May 2023, according to a report published by Alkami Technology Inc., a US-based company providing cloud-based digital banking solutions for financial institutions, in fiscal year 2022, mid-size banks and credit unions significantly increased digital transformation investments, reaching nearly $425,000 per $1 billion in assets, compared to $200,000 per $1 billion in assets in fiscal 2021. Moreover, the adoption of Peer-to-peer (P2P) payments increased among digital banking users in 2022, rising from 12% to 25%. Therefore, digital transformation Within the banking, financial services, and insurance industries will drive the growth of the smart contract market.
Innovative Self-Service And Serverless Platforms For Seamless Smart Contract Development
Major companies operating in the smart contract market focus on developing innovative self-service and serverless platforms, such as Chainlink Functions, to provide reliable customer service. Chainlink Functions is a self-service, serverless cloud computing platform allowing developers to create and deploy applications without managing infrastructure. For instance, in March 2023, Chainlink, a UK-based provider of real-world data to smart contracts on the blockchain, launched Chainlink Functions, a serverless and self-service platform for developers to connect its smart contracts and decentralized applications (dApps) to Web 2.0 application programming interface. The new platform allows builders to run customizable computations on Web 2.0 APIs through its network within minutes. It supports more widely recognized programming languages such as JavaScript to make it easier for developers to enter the Web3 area.
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
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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
Contents of the report:
1. Executive Summary
2. Smart Contracts Market Report Structure
3. Smart Contracts Market Trends And Strategies
4. Smart Contracts Market - Macro Economic Scenario
5. Smart Contracts Market Size And Growth
…..
27. Smart Contracts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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