Smart Contracts Market to expand at a CAGR of 21.40% by 2030

The global smart contracts market is expected to reach roughly USD 8.3 billion by the end of 2030, with a 21.40% CAGR from 2022 to 2030. Smart contracts are a Blockchain technology application that allows organisations, governments, legal bodies, and even individuals to exchange monetary values, properties, shares, and bonds encompassing a value and a contract in a clear way without the need for a middleman.

The ability of smart contracts to define the rules and regulations of an agreement while also automatically enforcing any of the obligations is one of the factors driving their growth.

The smart contract can be used in a variety of situations, including financial transactions, insurance premiums, contract breaches, property law, and much more. The smart contract market has grown steadily and is expected to expand significantly in the forecasted period, catering to end users such as banking, government, insurance, real estate, and supply chain, among others. Smart contracts could be the next step forward for the government in terms of voting and other legal formalities and tenders issued by the government. Any agreement reached between the government and private or public enterprises falls into this category.

The operation of a smart contract is completely digitised, eliminating the need for a broker or a lawyer to act as a middleman. The contract terms are met by the two contract parties. The contract is stored in a database, and all legal procedures are automated. The contract's asset is digitised, and payment is made using digital or crypto-currencies. The smart contract provides the agreement's parties with autonomy, backup, safety, speed, and accuracy.

The smart contracts market is segmented on the basis of technology, Blockchain platform, end user, and region. On the basis of Blockchain platform, the segmentation is further divided into Sidechains, Bitcoin, NXT, and Ethereum.

On the basis of technology, the segmentation is done on the basis of Rootstock (RSK), Ethereum, Namecoin, and Ripple among others. Based on end user, the market is segmented into government, banking, management, automobile, supply chain, insurance, real estate, and healthcare.

On the basis of region, the smart contracts market is segmented under North America, Europe, Asia pacific and rest of the world. Europe dominates the smart contract market. However, North America is expected to grow significantly during the forecasted period. Countries such as the United States, China, the United Kingdom, and Japan have significantly increased their adoption of digitization. A competitive landscape is formed by various dynamic and diverse international organisations, domestic organisations, and new entrants.

Leaders are constantly innovating and seeking market expansion through various strategic mergers and acquisitions, innovation, increased investments in RD, and a cost-effective product portfolio.

The global smart contracts market holds players like Monax Industries Limited, Monetas, Blockstream Corporation, Coinbase, Inc, Bitfinex, BlockCypher, Inc, Chain, Inc., Coinify ApS, BitPay, Inc, and GoCoin Pte. Ltd.

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