Smart Contracts Market Highlights:
Smart contracts are automated, self-executing contracts in which the terms and conditions are written into lines of code. These contracts eliminate the need for middlemen such as brokers and lawyers and provide a high level of transparency in the transaction. Smart contracts were proposed by Nick Szabo in 1996, but the theory received commercial success after the Ethereum, the second most popular blockchain project supported its case. Market Research Future (MRFR) has recently published an exhaustive report on the global smart contracts market which is a compilation of all the pertinent trends and factors that can affect the growth of the market in the coming years. MRFR's analysis has projected that the smart contracts market is likely to reach USD 300 Mn at a CAGR of 32% over the forecast period of 2017-2023.
Smart contracts facilitate transactions to be carried out without the need for a central authority, legal system, or external enforcement, which increases transaction management efficiency as well as efficiency in the settlement process, moreover, the absence of any third party reduces the total cost of ownership. Smart Contracts Market have no room for interpretation, which has increased their popularity. They are irreversible, reliable, and robust, which has led to their gradual adoption across diverse industry verticals. The augmenting need to reduce fraudulent activities, tackle cyberattacks, and simplify business processes is fostering the growth of the smart contracts market.
Smart contracts are likely to impact a number of industries in the coming years. The real-estate industry and the insurance industry are among the key end users. In the insurance industry, smart contracts facilitate processing of claims, loan disbursement, tracking of paybacks, verification of credit rating, and others. Smart contracts in the insurance industry help to reduce distribution cost and automate more of complex processes.
The growing trend and adoption of Blockchain-as-a-Service model and rising cryptocurrencies market cap are other factors which are likely to fuel the growth of the smart contracts market. On the other hand, the growth of the smart contracts market can be impeded by the disapproving regulatory landscape.
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Competitive Landscape:
Chain, Inc.(U.S.), BitPay, Inc (U.S.), Bitfinex (Hong Kong), Coinify ApS (Denmark), Monetas (Switzerland), Coinbase, Inc (U.S.), BlockCypher, Inc (U.S.), Blockstream Corporation (U.S.), GoCoin Pte. Ltd (Singapore), and Monax Industries Limited (U.K.) are the key players in the smart contracts market.
Segmentation:
The global smart contracts market has been segmented based on blockchain platform, technology, and end user.
- By blockchain platform, the smart contracts market has beans segmented into Bitcoin, Sidechains, NXT, Ethereum. The Ethereum segment accounts for the most significant share of the market since it is the most advanced for processing and coding. The Bitcoin and NXT segments follow the Ethereum segment closely.
- By technology, the smart contracts market has been segmented into Ethereum, Rootstock (RSK), Namecoin, and Ripple.
- By end user, the smart contracts market has been segmented into Banking, Government, Management, Supply Chain, Automobile, Real Estate, Insurance, and Healthcare.
Regional Analysis:
Region-wise, the smart contracts market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Europe is the principal smart contracts market. The influx of a number of smart contracts startups in the region along with the presence of some leading vendors in the region is boosting the growth of the market.
North America market is slated to assume the leading position in the global smart contracts market. The region being an early adopter of the latest technologies, has embraced smart contracts at a torrid pace. The presence of developed capital markets and robust financial setup, the region provides a conducive environment for the growth of the market. The US is home to a number of leading market behemoths, which gives the region leverage over others. The US and Canada are the key contributors to the North America market.
The APAC smart contracts market is on an upward growth trajectory and is driven by accelerated adoption of the technology in the emerging economies of the region.
Table of Contents:
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Smart Contracts
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…
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List of Tables:
Table 1 Smart Contracts Market, By Blockchain Platform
Table 2 Smart Contracts Market, By Technology
Table 3 Smart Contracts Market, By End Users
Continued…
List of Figures:
Figure 1 Research Blockchain Platform
Figure 2 Smart Contracts Market, By Blockchain Platform (%)
Figure 3 Smart Contracts Market, By Technology (%)
Continued…
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