Smart Contracts Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Smart Contracts Market
The global smart contracts market size was valued at USD 1.71 billion in 2023, and the market is now projected to grow from USD 2.14 billion in 2024 to USD 12.55 billion by 2032, exhibiting a CAGR of 24.7% during the forecast period (2024-2032).
During the COVID-19 pandemic outbreak, owing to the sudden surge in public’s adoption of smart contracts, the market went towards a boom. The covid 19 outbreak thus supported the expansion of smart contracts market. Numerous health care centers faced an increase in rate of adoption of smart contracts focused at addressing problems, for instance the management of information relating to patients and payments made by them. It is hence safe to say that the pandemic supported the smart contracts market growth.
A smart contract is a computer software that automatically completes the assigned tasks without the involvement of any other third parties. There are several factors contributing to the growth of smart contracts market, for instance, blockchain technology, online banking, internet of things and others. However, the arrival of decentralized applications (DApps), is the most significant driving factor of the smart contracts market share.
The surging integration of smart contracts with internet of things (IoS) is the latest trend that will push the smart contracts market growth. Smart contracts encompass a wide variety of technology and industries, which isn't always confined handiest to financial dealings. This integration has opened multiple opportunities for automation and improved performance. Businesses can set up self-pushed agreements that set off actions primarily based on real-time data from sensors.
Comprehensive Analysis of Smart Contracts Market
The smart contracts market is seen rising at a fast pace owing to its market segmentation. These market segmentations are bifurcated into platform analysis, blockchain analysis, enterprise analysis, end-user analysis, and region. As per platform analysis, Ethereum platform takes lead. In terms end user, BFSI segment holds the largest market share. However, based on blockchain, the hybrid segment is expected to give the highest CAGR. By enterprise analysis, large enterprises segment dominated the smart contracts marketplace in 2022.
Based on regional analysis, the North American regional market dominates the global smart contracts industry. The north American region held the highest market share in 2023 owing to a robust tech ecosystem and adequately skilled manpower.
The key market players are focusing on overtaking local and small firms in order to capture market share and expand their operations. The industry players opt for mergers and acquisitions in order to increase their reach. These companies include, Blockstream Corporation Inc. (Canada), ScienceSoft USA Corporation (U.S.), Innowise Group (U.S.), Vention (Canada), Ava Labs (U.S.), IBM Corporation (U.S.), Chainlink Foundation (U.S.), 4soft (Poland), Eleks, Inc. (Estonia), Algorand (U.S.).
In August 2023, a multichannel mobile based smart contract wallet company, ‘Obvious’ inaugurated an account concept based smart contract wallet. This wallet is driven by Biconomy Account Abstraction Stack. This will allow automated transactions, simplification of complex economic interactions, and deployment of adapted regulations.
Segmentation Table
Smart contracts Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 24.7% from 2024-2032
Unit Value (USD Billions)
Segmentation By Platform, By Blockchain Type, By Enterprise Type, By End-Users, By Region
By Platform Ethereum
Cardano
Solana
BNB Smart Chain
Others (Polkadot)
By Blockchain Type Public
Private
Hybrid
By Enterprise Type Large Enterprises
Small & Medium Enterprises (SMEs)
B End-Users BFSI
Transportation and Logistics
Healthcare
Government and Public
Real Estate
Others (Retail and Education)
By Region North America (By Platform, Blockchain Type, Enterprise Type, End-User, Country)
- U.S. (By End-Users)
- Canada (By End-Users)
- Mexico (By End-Users)
South America (By Platform, Blockchain Type, Enterprise Type, End-User, Country)
- Brazil (By End-Users)
- Argentina (By End-Users)
- Rest of South America (By End-Users)
Europe (By Platform, Blockchain Type, Enterprise Type, End-User, Country)
- U.K. (By End-Users)
- Germany (By End-Users)
- Italy (By End-Users)
- France (By End-Users)
- Spain (By End-Users)
- Russia (By End-Users)
- Benelux (By End-Users)
- Nordics (By End-Users)
- Rest of Europe (By End-Users)
Middle East & Africa (By Platform, Blockchain Type, Enterprise Type, End-User, Country)
- Turkey (By End-Users)
- Israel (By End-Users)
- GCC (By End-Users)
- North Africa (By End-Users)
- South Africa (By End-Users)
- Rest of Middle East & Africa (By End-Users)
Asia Pacific (By Platform, Blockchain Type, Enterprise Type, End-User, Country)
- China (By End-Users)
- Japan (By End-Users)
- India (By End-Users)
- South Korea (By End-Users)
- ASEAN (By End-Users)
- Oceania (By End-Users)
- Rest of Asia Pacific (By End-Users)
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Smart Contracts Key Players Market Share/Ranking, 2023
- 5. Global Smart Contracts Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Platform (USD)
- 5.2.1. Ethereum
- 5.2.2. Cardano
- 5.2.3. Solana
- 5.2.4. BNB Smart Chain
- 5.2.5. Others (Polkadot, etc.)
- 5.3. By Blockchain Type (USD)
- 5.3.1. Public
- 5.3.2. Private
- 5.3.3. Hybrid
- 5.4. By Enterprise Type (USD)
- 5.4.1. Large Enterprises
- 5.4.2. Small & Medium Enterprises (SMEs)
- 5.5. By End-Users (USD)
- 5.5.1. BFSI
- 5.5.2. Transportation and Logistics
- 5.5.3. Healthcare
- 5.5.4. Government and Public
- 5.5.5. Real Estate
- 5.5.6. Others (Retail, Education, etc.)
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Smart Contracts Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Platform (USD)
- 6.2.1. Ethereum
- 6.2.2. Cardano
- 6.2.3. Solana
- 6.2.4. BNB Smart Chain
- 6.2.5. Others (Polkadot, etc.)
- 6.3. By Blockchain Type (USD)
- 6.3.1. Public
- 6.3.2. Private
- 6.3.3. Hybrid
- 6.4. By Enterprise Type (USD)
- 6.4.1. Large Enterprises
- 6.4.2. Small & Medium Enterprises (SMEs)
- 6.5. By End-Users (USD)
- 6.5.1. BFSI
- 6.5.2. Transportation and Logistics
- 6.5.3. Healthcare
- 6.5.4. Government and Public
- 6.5.5. Real Estate
- 6.5.6. Others (Retail, Education, etc.)
- 6.6. By Country (USD)
- 6.6.1. U.S.
- 6.6.1.1. By End-Users
- 6.6.2. Canada
- 6.6.2.1. By End-Users
- 6.6.3. Mexico
- 6.6.3.1. By End-Users
- 7. South America Smart Contracts Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Platform (USD)
- 7.2.1. Ethereum
- 7.2.2. Cardano
- 7.2.3. Solana
- 7.2.4. BNB Smart Chain
- 7.2.5. Others (Polkadot, etc.)
- 7.3. By Blockchain Type (USD)
- 7.3.1. Public
- 7.3.2. Private
- 7.3.3. Hybrid
- 7.4. By Enterprise Type (USD)
- 7.4.1. Large Enterprises
- 7.4.2. Small & Medium Enterprises (SMEs)
- 7.5. By End-Users (USD)
- 7.5.1. BFSI
- 7.5.2. Transportation and Logistics
- 7.5.3. Healthcare
- 7.5.4. Government and Public
- 7.5.5. Real Estate
- 7.5.6. Others (Retail, Education, etc.)
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.1.1. By End-Users
- 7.6.2. Argentina
- 7.6.2.1. By End-Users
- 7.6.3. Rest of South America
- 8. Europe Smart Contracts Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Platform (USD)
- 8.2.1. Ethereum
- 8.2.2. Cardano
- 8.2.3. Solana
- 8.2.4. BNB Smart Chain
- 8.2.5. Others (Polkadot, etc.)
- 8.3. By Blockchain Type (USD)
- 8.3.1. Public
- 8.3.2. Private
- 8.3.3. Hybrid
- 8.4. By Enterprise Type (USD)
- 8.4.1. Large Enterprises
- 8.4.2. Small & Medium Enterprises (SMEs)
- 8.5. By End-Users (USD)
- 8.5.1. BFSI
- 8.5.2. Transportation and Logistics
- 8.5.3. Healthcare
- 8.5.4. Government and Public
- 8.5.5. Real Estate
- 8.5.6. Others (Retail, Education, etc.)
- 8.6. By Country (USD)
- 8.6.1. U.K.
- 8.6.1.1. By End-Users
- 8.6.2. Germany
- 8.6.2.1. By End-Users
- 8.6.3. France
- 8.6.3.1. By End-Users
- 8.6.4. Italy
- 8.6.4.1. By End-Users
- 8.6.5. Spain
- 8.6.5.1. By End-Users
- 8.6.6. Russia
- 8.6.6.1. By End-Users
- 8.6.7. Benelux
- 8.6.7.1. By End-Users
- 8.6.8. Nordics
- 8.6.8.1. By End-Users
- 8.6.9. Rest of Europe
- 9. Middle East & Africa Smart Contracts Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Platform (USD)
- 9.2.1. Ethereum
- 9.2.2. Cardano
- 9.2.3. Solana
- 9.2.4. BNB Smart Chain
- 9.2.5. Others (Polkadot, etc.)
- 9.3. By Blockchain Type (USD)
- 9.3.1. Public
- 9.3.2. Private
- 9.3.3. Hybrid
- 9.4. By Enterprise Type (USD)
- 9.4.1. Large Enterprises
- 9.4.2. Small & Medium Enterprises (SMEs)
- 9.5. By End-Users (USD)
- 9.5.1. BFSI
- 9.5.2. Transportation and Logistics
- 9.5.3. Healthcare
- 9.5.4. Government and Public
- 9.5.5. Real Estate
- 9.5.6. Others (Retail, Education, etc.)
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.1.1. By End-Users
- 9.6.2. Israel
- 9.6.2.1. By End-Users
- 9.6.3. GCC
- 9.6.3.1. By End-Users
- 9.6.4. North Africa
- 9.6.4.1. By End-Users
- 9.6.5. South Africa
- 9.6.5.1. By End-Users
- 9.6.6. Rest of Middle East & Africa
- 10. Asia Pacific Smart Contracts Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Platform (USD)
- 10.2.1. Ethereum
- 10.2.2. Cardano
- 10.2.3. Solana
- 10.2.4. BNB Smart Chain
- 10.2.5. Others (Polkadot, etc.)
- 10.3. By Blockchain Type (USD)
- 10.3.1. Public
- 10.3.2. Private
- 10.3.3. Hybrid
- 10.4. By Enterprise Type (USD)
- 10.4.1. Large Enterprises
- 10.4.2. Small & Medium Enterprises (SMEs)
- 10.5. By End-Users (USD)
- 10.5.1. BFSI
- 10.5.2. Transportation and Logistics
- 10.5.3. Healthcare
- 10.5.4. Government and Public
- 10.5.5. Real Estate
- 10.5.6. Others (Retail, Education, etc.)
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.1.1. By End-Users
- 10.6.2. Japan
- 10.6.2.1. By End-Users
- 10.6.3. India
- 10.6.3.1. By End-Users
- 10.6.4. South Korea
- 10.6.4.1. By End-Users
- 10.6.5. ASEAN
- 10.6.5.1. By End-Users
- 10.6.6. Oceania
- 10.6.6.1. By End-Users
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Blockstream Corporation Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. ScienceSoft USA Corporation.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Innowise Group.
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Vention
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Ava Labs
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. IBM Corporation
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Chainlink Foundation
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. 4soft
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Eleks, Inc.
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Algorand
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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