Smart Contracts Market Report 2020 Trends, Expected Growth and its Factors, CAGR, Industry Size, Business Prospects and Forecast 2023

As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.

The smart contracts is one of the application of the Blockchain technology that lets the organizations, government, legal bodies and even individuals to exchange the monetary values, properties, shares, bonds involving a value and a contract in a clear way avoiding any conflict without the need of a middlemen. The factor that hold the growth of the smart contract is the tendency of it to define the rules and regulations of an agreement but also automatically enforce any of the obligations. The smart contract can be used for any of the situations like from financial, insurance premiums, contract breaches, property law and much more.

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The smart contract has shown a descent growth and is expected to grow significantly in the forecasted period catering the end users like banking, government, insurance, real estate, supply chain among others. For government smart contracts can prove a next advanced step towards voting and other legal formalities and tenders issued by the government. These may include any agreement made between the government and the private or public enterprises.The working of smart contract is all digitized and removes the need of the broker or a lawyer as a middleman. The two contract parties match to the terms of the contract set. The contract is registered in a database and all the legal clearing is made automated. The asset in the contract is digitized and payment is done through the digital or crypto-currencies. The smart contract gives the parties of the agreement a freedom of autonomy, backup, safety, speed and accuracy.

The market for smart contracts is segmented on the basis of Blockchain platform, technology, end user and by region. On the basis of Blockchain platform, the segmentation is further divided into Bitcoin, Sidechains, NXT and Ethereum. Ethereum is the most advanced for coding and processing of the smart contracts and accounts for the large share followed by Bitcoin and NXT. On the basis of technology, the segmentation is done on the basis of Ethereum, Rootstock (RSK), Namecoin, Ripple among others. The market holds many of the end users such as banking, government, management, supply chain, automobile, real estate, insurance and healthcare.

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On the basis of region, the market is segmented under North America, Europe, Asia pacific and rest of the world. The market for smart contracts is led by Europe. However North America show a significant growth in the forecasted period. This is majorly increased adoption towards digitization in countries like U.S, China, U.K and Japan. Various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape.

The leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.The global smart contracts market is expected to reach approximately 300 USD Million by the end of 2023 with 32% CAGR during the forecasted period from 2017 – 2023.

Segments

For the purpose of this study, Market Research Future has segmented the market of smart contracts into Blockchain platform, technology, end – users, and region.

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Blockchain Platform

Bitcoin

Sidechains

NXT

Ethereum

Technology

Ethereum

Rootstock (RSK)

Namecoin

Ripple

Others

End – User

Banking

Government

Management

Supply chain

Automobile

Insurance

Real estate

Healthcare

Region

North America

Europe

Asia pacific

Rest of the world.

Intended Audience

Storage providers

Network providers

Banking Institutions

Insurance providers

Higher management

Research firms

Software investors

Software Developers

IT enablers

Database solutions

Cloud providers

Insurance companies

Banks

Automotive and transportation

Telecommunication companies

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