Press release
Smart Contracts Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Smart Contracts Market
What Is the Expected Smart Contracts Market Size During the Forecast Period?
The market size for smart contracts has seen significant expansion over the past years. It's projected to rise from $2.63 billion in 2024 to $3.21 billion in 2025, with a compound annual growth rate (CAGR) of 22.0%. The growth during the historic period can be credited to several factors including the emergence of decentralised applications, enhanced security needs, the uptick in initial coin offerings, regulatory compliance requirements, and initiatives related to interoperability.
The market for smart contracts is anticipated to surge enormously in the forthcoming years, eventually reaching $7.45 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 23.4%. The expected growth during this forecast period can be credited to aspects like cross-chain agreement, enlargement of NFT ecosystems, the effect of quantum computing, concerns regarding energy efficiency, formulation of international standards and the standardization of smart contract templates. The projection period also showcases significant trends including the amalgamation with conventional legal systems, integration with decentralized finance (defi), oracles for the incorporation of real-world data, NFTs, and smart contracts within the creative industry and the combining with Internet of Things (IoT).
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What Are the High-Growth Segments in the Smart Contracts Market?
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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What Key Drivers Are Expected to Influence Future Smart Contracts Market Growth?
The surge of digital transformation within sectors like Banking, Financial Services, and Insurance (BFSI) is anticipated to fuel the expansion of the smart contract market. The term 'digital transformation in BFSI' denotes the incorporation of digital technology and strategies to boost customer experiences, optimize operations, and heighten competitiveness within the sector. The emphasis of digital transformation programs within BFSI is on process automation and streamlining, and smart contracts play a central role in this by automating execution based on certain stipulations, enabling more effective transaction, claim, and settlement processing. This in turn minimizes paperwork and the need for human interference. A reported shared by Alkami Technology Inc., a provider of cloud-based digital banking solutions based in the U.S, in May 2023 revealed that in fiscal year 2022, medium-sized banks and credit unions dramatically bolstered their investments in digital transformation, hitting close to $425,000 per $1 billion in assets, in contrast to $200,000 per $1 billion in assets in fiscal 2021. Moreover, 2022 saw a noticeable rise in the adoption of Peer-to-peer (P2P) payments among digital banking users, from 12% to 25%. Consequently, digital transformation within Banking, Financial services, and Insurance is poised to stimulate the growth of the smart contract market. The proliferation of Internet of Things (IoT) devices is set to stimulate the growth of the smart contracts market. IoT devices are an interconnected network of physical items equipped with sensors, software, and various other technologies designed to gather and exchange data with other devices and systems via the internet. Smart contracts can authenticate and verify the data generated by IoT sensors, thus ensuring their integrity and preventing any distortions. For instance, the mobile communication association based in the UK, GSMA Intelligence, stated in August 2022 that the number of IoT connections is predicted to reach 23.3 billion by 2025, up from 15.1 billion in 2021. As such, the growing demand for IoT devices is expected to spur the growth of the smart contracts market.
Which Companies Hold the Largest Share Across Different Smart Contracts Market Segments?
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
What Are the Latest Developing Trends in the Smart Contracts Market?
Major corporations in the smart contract market prioritize the creation of innovative self-service and serverless platforms like Chainlink Functions to provide dependable customer service. Chainlink Functions is a serverless cloud computing platform dedicated to self-service which makes it possible for developers to construct and deploy applications without the need to manage infrastructure. In March 2023, for example, Chainlink, a UK firm providing real-world data to blockchain-based smart contracts, introduced Chainlink Functions. This new, self-service, serverless platform helps developers link their smart contracts and decentralized applications (dApps) to the Web 2.0 application programming interface. Featuring the capacity to perform tailorable computations on Web 2.0 APIs through its network in a matter of minutes, the new platform supports more universally accepted programming languages like JavaScript to simplify developers' transition into the Web3 zone.
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What Are the Emerging Geographies for The Smart Contracts Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Contracts Market?
2. What is the CAGR expected in the Smart Contracts Market?
3. What Are the Key Innovations Transforming the Smart Contracts Industry?
4. Which Region Is Leading the Smart Contracts Market?
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