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Leading Growth Driver in the Smart Contracts Market in 2025: Digital Transformation In BFSI Driving The Smart Contract Market's Growth Driver's Influence
Smart Contracts Market
The anticipated digital shift in the Banking, Financial Services, and Insurance (BFSI) sectors is anticipated to act as a catalyst for the expansion of the smart contract market. BFSI's digital change includes incorporating digital strategies and technologies to enrich customer interaction, streamline procedures, and boost industry competitiveness. Process automation and slimming down are among the top priorities of BFSI's digital transformation initiatives, and smart contracts enable the automatic execution based on pre-set conditions. This results in more efficient transaction, claim, and settlement processing, thereby reducing the need for paperwork and manual involvement. For example, Alkami Technology Inc, a cloud-based digital banking solution provider in the United States, disclosed in a report in May 2023 that in fiscal year 2022, mid-tier banks and credit unions saw a substantial rise in digital transformation investment reaching nearly $425,000 per $1 billion in assets, compared to 2021's $200,000 per $1 billion in assets. Furthermore, peer-to-peer (P2P) payment adoption surged among digital banking users in 2022, from 12% to 25%. Thus, digital transformation within the banking, financial services, and insurance sectors is expected to propel the smart contracts market's growth. IoT device expansion stimulates the growth of the smart contracts market
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How will the growth rate of the smart contracts market shape industry trends by 2034?
Experiencing significant growth over recent years, the smart contracts market is projected to expand from its 2024 size of $2.63 billion to reach $3.21 billion by 2025, reflecting a compound annual growth rate (CAGR) of 22.0%. Factors contributing to its historic growth include the emergence of decentralized applications, heightened security issues, the proliferation of initial coin offerings, regulatory conformity requirements, and initiatives aimed at interoperability.
In the coming years, it is projected that there will be a significant spike in the market size of smart contracts, with expectations to reach $7.45 billion in 2029, marking a compound annual growth rate (CAGR) of 23.4%. This anticipated rise throughout the forecasted period can be linked to factors such as the increased compatibility with cross-chains, expansion of the NFT ecosystem, the influence of quantum computing, the focus on energy efficiency, the development of global standards, and the standardization of smart contract templates. The forecast period also presents key trends such as the mash-up with traditional legal systems, assimilation of decentralized finance (defi), oracles integrating real-world data, the role of NFTs and smart contracts in the realm of creative industries, and the conjunction with the internet of things (IoT).
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What trends are poised to drive the future success of the smart contracts market?
Top-tier firms in the smart contract market prioritize the creation of inventive self-service and serverless platforms like Chainlink Functions to deliver dependable customer service. Chainlink Functions is a pioneering cloud computing platform without the need for server management, offering developers a platform to build and launch applications. In March 2023, Chainlink, a company in the UK that supplies real-life data to blockchain-based smart contracts, introduced Chainlink Functions. It's a self-service, serverless platform enabling developers to connect their smart contracts and decentralized apps (dApps) to the Web 2.0 application programming interface. This newly introduced platform empowers builders with the capacity to execute tailored calculations on Web 2.0 APIs via its network in a matter of minutes. To simplify developers' transition to the Web3 zone, it accepts commonly used programming languages such as JavaScript.
Which primary segments of the smart contracts market are driving growth and industry transformations?
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
Subsegments:
1) By Smart Legal Contracts: Standardized Legal Contracts, Customized Legal Contracts
2) By Decentralized Autonomous Organizations (DAO): Investment DAOs, Service DAOs, Grant DAOs
3) By Application Logic Contracts (ALC): Financial Contracts, Supply Chain Contracts, Insurance Contracts
4) By Distributed Applications (DApps): Gaming DApps, Finance DApps (DeFi), Social DApps
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North America was the largest region in the smart contracts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart contracts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the smart contracts market landscape?
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
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What Is Covered In The Smart Contracts Global Market Report?
•Market Size Forecast: Examine the smart contracts market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart contracts market for a structured understanding.
•Key Players Overview: Analyze major players in the smart contracts market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart contracts market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart contracts market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart contracts market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart contracts market.
•Competitive Landscape: Review strategic developments in the smart contracts market, including expansions, agreements, and new product launches.
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