Smart Contracts Global Market Revenue to Boost Cross $5.99 Billion, At a Booming 22.8% Growth Rate by 2028 | Amazon.com Inc., Oracle Corporation, Apriorit Inc., AVA Labs Inc., Quytech

"The Business Research Company recently released a comprehensive report on the Global Smart Contracts Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the smart contracts market size has grown exponentially in recent years. It will grow from Customise$2.14 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. Customise The growth in the historic period can be attributed to decentralized applications, increased security concerns, rise of initial coin offerings, regulatory compliance needs, interoperability initiatives..

The smart contracts market size is expected to see exponential growth in the next few years. It will grow to Customise$5.99 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. Customise The growth in the forecast period can be attributed to cross-chain compatibility, nft ecosystem expansion, quantum computing impact, energy efficiency concerns, global standards development, standardization of smart contract templates.. Major trends in the forecast period include integration with traditional legal systems, decentralized finance (defi) integration, oracles for real-world data integration, nfts and smart contracts in the creative industry, integration with internet of things (iot)..

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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., LabrysCustomise

Smart Contracts Market 2024 Key Insights:

• The smart contracts market is expected to grow to $5.99 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%.
• CustomiseDigital Transformation In BFSI Driving The Smart Contract Market's GrowthCustomise
• CustomiseInnovative Self-Service And Serverless Platforms For Seamless Smart Contract DevelopmentCustomise
• CustomiseNorth AmericaCustomise was the largest region in the smart contracts market in 2023

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