Smart Contracts Market size worth $ 770.52 Million, Globally, by 2028 at 24.55% CAGR: Verified Market Research®

Increasing adoption of various applications in industries such as supply chain, banking, government, insurance, and real estate, and Blockchain technology are primary factors for driving the growth of the Global Smart Contracts Market.

Jersey City, New Jersey, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Smart Contracts Market” By Blockchain Platform (Bitcoin Ethereum, NXT, and Sidechains), By Technology (Ethereum, Namecoin, Ripple), By End-User (Automobile, Government, Supply Chain Management), and By Geography. According to Verified Market Research, the Global Smart Contracts Market size was valued at USD 144.95 Million in 2020 and is projected to reach USD 770.52 Million by 2028, growing at a CAGR of 24.55% from 2021 to 2028.

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Global Smart Contracts Market Overview

The use of smart contracts in automation includes self-executing computer programs, which makes it possible to automize processes, payments to enhance efficiency fuelling the global smart contracts market. Furthermore, rising government initiatives in blockchain technology boost the growth of the global smart contracts market. Using smart contracts results in the elimination of errors that occur due to the manual filling of numerous forms. The demand for smart contracts is growing rapidly due to the above-mentioned benefits, ultimately supporting the growth of the global smart contracts market. The rising application of smart contracts in various industries such as banks, government, healthcare, financial services companies, and supply chains are expected to fuel the market growth. Furthermore, due to privacy issues, only specified persons would have access to the documents. Similarly, smart contracts may be used to conduct research in a private and secure manner.

However, blockchain technology is involved in the smart contract but the lack of standardization and interchangeability of the blockchain technology creates a challenge in developing smart contracts and this factor is anticipated to hamper the growth of the global smart contracts market. Also, Smart contracts aren’t always able to manage confusing terms and conditions since contracts involve terms that aren’t always understood.

Key Players

The major players in the market are Coinbase, Coinify ApS, Chain, Inc., Blockstream Corporation, Monax Industries Limited, BitPay, Inc., and others.

Verified Market Research has segmented the Global Smart Contracts Market On the basis of Blockchain Platform, Technology, End-User, and Geography.

  • Smart Contracts Market, By Blockchain Platform
    • Bitcoin
    • Ethereum
    • NXT
    • Sidechains

  • Smart Contracts Market, By Technology
    • Ethereum
    • Namecoin
    • Ripple
    • Rootstock (RSK)
    • Others

  • Smart Contracts Market, By End-User
    • Automobile
    • Government
    • Supply Chain Management
    • Others

  • Smart Contracts Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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