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Smart Contracts Market on Track for Strong Growth, Estimated to Grow at 23.6% CAGR Through 2029
Smart Contracts
Smart Contracts Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of smart contracts has seen a significant expansion in the past years. It is anticipated to rise from $2.63 billion in 2024 to $3.2 billion in 2025, marking a compound annual growth rate (CAGR) of 21.5%. The growth observed in the historical period is primarily due to factors such as the advent of decentralized applications, heightened security concerns, the surge in initial coin offerings, compliance requirements, and interoperability initiatives.
Smart Contracts Market Size Forecast: What's the Projected Valuation by 2029?
The size of the smart contracts market is projected to undergo substantial growth in the upcoming years, reaching an expected value of $7.47 billion by 2029 with an estimated compound annual growth rate (CAGR) of 23.6%. Factors contributing to this growth in the projected period include the compatibility across chains, the expansion of the NFT ecosystem, the influence of quantum computing, concerns about energy efficiency, the creation of global standards, and the standardization of smart contract templates. Some key trends to watch in this period include integration with conventional legal structures, integration with decentralized finance (defi), oracles for incorporating real-world data, the use of NFTs and smart contracts in the creative sector, and the integration with Internet of Things (IoT).
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What Are the Drivers Transforming the Smart Contracts Market?
The smart contract market's expansion is projected to be driven by a digital transformation within the Banking, Financial Services, and Insurance (BFSI) sectors. This transformation involves the integration of digital technologies and strategies in these industries to elevate customer experiences, streamline operations, and bolster competitiveness. Process automation and streamlining are high on the agenda of digital transformation endeavors in the BFSI sector, with smart contracts automating implementations based on predetermined conditions, permitting for more effective handling of transactions, claims, and settlements, thereby minimizing paperwork and manual involvement. For example, a study by Alkami Technology Inc., a provider of cloud-based digital banking solutions in the US, reported that in the 2022 fiscal year, medium-sized banks and credit unions noticeably increased their digital transformation investments to roughly $425,000 per $1 billion in assets from $200,000 per $1 billion in assets in fiscal 2021. In addition, Peer-to-peer (P2P) payment adoption saw a growth amongst digital banking users in 2022, climbing from 12% to 25%. Consequently, the digital transformation in the BFSI industries will act as a catalyst for the smart contract market's growth.
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What Long-Term Trends Will Define the Future of the Smart Contracts Market?
The key focus for most significant players in the smart contract market is the creation of inventive self-service and serverless platforms, including Chainlink Functions, aiming to provide dependable client service. Chainlink Functions, a serverless and self-service cloud computing platform, provides developers with the freedom to develop and launch applications without the need for infrastructure management. For example, in March 2023, UK-based Chainlink, a company that feeds real-world data into blockchain-based smart contracts, debuted Chainlink Functions. This platform offers a serverless, self-service venue for developers to link their smart contracts and decentralized apps (dApps) to the Web 2.0 application programming interface. The innovative platform offers constructors the ability to perform custom computations on Web 2.0 APIs via its network in just a few minutes. With support for popular programming languages like JavaScript, it simplifies Web3 area entry for developers.
Which Segments in the Smart Contracts Market Offer the Most Profit Potential?
The smart contractsmarket 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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Which Firms Dominate the Smart Contracts Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Smart Contracts Market?
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
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