The global smart contracts market revenue was around US$ 249.7 million in 2023 and is estimated to reach US$ 2,575.9 million by 2032, growing at a compound annual growth rate (CAGR) of 29.6% during the forecast period from 2024 to 2032.

Smart contracts are a usage of blockchain technology that makes it clear for governments, organizations, corporations, and individuals to trade property, money, stocks, bonds, and contracts that have to do with money. People require a go-between. One thing that allows smart contracts to rise is that they tend to put out the rules of the contract but automatically bring out their obligations. Smart contracts can be utilized for insurance premiums, finance, contract breaches, property law, and many other things.

Factors Influencing Market Growth

- The rise in the adoption of blockchain technology and the increase in demand for smart contracts in educational institutions is increasing the growth of the smart contracts market.

- The rise in demand for digital and automation transformation technology is positively influencing the growth of the smart contracts market.

- The lack of standardization, scalability, and the presence of legal and regulatory delays is hindering the growth of the smart contracts market.

- The growing adoption of different applications in industries is anticipated to offer remunerative opportunities for the development of the smart contracts market during the forecast period.

Impact of COVID-19

The impact of the COVID-19 pandemic positively influenced the growth of the smart contracts market. With the COVID-19 pandemic forcing many businesses to function remotely, there has been substantial growth in the adoption of digital technologies. Smart contracts offer an efficient and secure way to automate business functions and lower the requirement for manual intervention, making them a natural fit for businesses aiming to function remotely.

Also, the COVID-19 pandemic led to a greater need for contactless transactions as people aim to reduce physical contact and avoid spreading the virus.

Regional Analysis

In 2023, North America dominated the global smart contracts market in terms of revenue and is anticipated to maintain its position during the forecast period because of the growing technological and innovation progression in this region. In addition, companies are paying attention to establishing product platforms and developing collaborations to keep their market position in this region.

Also, Asia-Pacific is anticipated to notice significant growth during the forecast period because of the rising acquisitions and mergers activities, and the rising adoption of digital platforms in the Asia-Pacific region.

Leading Companies

The leading prominent companies profiled in the global smart contracts market are: -

- ScienceSoft USA Corporation
- Innowise group
- IBM Corporation
- Tata Consultancy Services
- BlockCypher
- Blockstream Corporation Inc.
- Monax Industries Limited
- BitPay, Inc.
- Chain, Inc.
- Coinbase
- Other prominent key players

Segmentation Outline

The global smart contracts market segmentation focuses on Contract Type, Platform, Enterprise Size, End User, and Region.

Segmentation based on Contract Type

- Smart Legal Contract
- Decentralized Autonomous Organizations (DAOs)
- Enterprise Size Logic Contracts (ALC)
- Distributed Enterprise Size (DApp)

Segmentation based on Platform

- Ethereum
- Bitcoin
- Sidechains
- NXT
- Others

Segmentation based on Enterprise Size

- Large Enterprise
- Small and Medium-sized Enterprises

Segmentation based on End User

- BFSI
- Retail
- Healthcare
- Real Estate
- Logistics
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa