BANGALORE, India, March 5, 2021 /PRNewswire/ -- The Smart Contracts Market is Segmented Type (Bitcoin, Sidechains, NXT, Ethereum), Application(Banking, Government, Management, Supply Chain, Automobile, Real Estate, Insurance, Healthcare) : Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Software & Services Category.
The global Smart Contracts market size is projected to reach USD 345.4 Million by 2026, from USD 106.7 Million in 2019, at a CAGR of 18.1% during the forecast period 2021-2026.
Major factors driving the growth of smart contract market size are, increasing adoption of various applications in industries such as supply chain, banking, government, insurance, and real estate. Furthermore, the rising popularity of Blockchain technology is fueling the demand for the Smart Contracts Market.
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TRENDS INFLUENCING THE GROWTH OF SMART CONTRACT MARKET SIZE
Government bodies across the world are implementing smart contracts that require less human involvement and dramatically reduce the cost of contract handling. This, in turn, is projected to increase the growth of smart contract market size during the forecast period.
Smart contracts are an emerging technology that can increase efficiency in various industries. It offers advantages such as Cost-effective, Time-Saving, Secure, Transparency and Accuracy. These advantages are, in turn, expected to drive the growth of smart contract market size. As technology matures, more organizations are expected to take advantage of it to reduce costs and enable fast and secure transactions.
Smart contracts are developed using blockchain technology, and since there is a lack of standardization and interchangeability of the blockchain platforms, it creates a challenge in developing smart contracts and may lead to errors. This is expected to hinder the growth of the global smart contract market size over the forecast period.
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SMART CONTRACT MARKET SHARE ANALYSIS
Based on type, Ethereum is the most advanced technology used for coding and processing smart contracts. Thus it is expected to hold the largest Smart Contracts Market share during the forecast period.
Based on region, North America is expected to grow at the highest CAGR during the forecasted period due to the increasing adoption of digitalization in the region. The market growth is also boosted by the presence of diversified international organizations and domestic organizations in the region.
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Market segment by Regions/Countries, this report covers
- North America
- Europe
- China
- Japan
- Southeast Asia
- India
- Central & South America.
Market segment by Type, the product can be split into
- Bitcoin
- Sidechains
- NXT
- Ethereum.
Market segment by Application, split into
- Banking
- Government
- Management
- Supply Chain
- Automobile
- Real Estate
- Insurance
- Healthcare.
The key players covered in this study
- Monax Industries
- Monetas
- Blockstream
- Coinbase
- Bitfinex
- BlockCypher
- Chain
- Coinify ApS
- BitPay
- GoCoin.
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SIMILAR REPORTS :
- Smart Contracts in Healthcare market size is projected to reach USD 73 Million by 2026, from USD 13 Million in 2019, at a CAGR of 27.3% during 2021-2026.
- Sharing Economy Based On Smart Contracts Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type (Entity, Non-entity), By Application (P2P Online Loan, Used Car Sales, Item Rental) and Regional Opportunity Analysis and Industry Forecast.
- Cryptocurrency Hardware Wallet market size is projected to reach USD 30990 million by 2026, from USD 358.5 Million in 2019, at a CAGR of 88.1% during the forecast period 2021-2026. Based on regions, most of the hardware wallet vendors are distributed in North America and Europe. In 2018, total USA cryptocurrency hardware wallet market size is estimated to be 73.91 Million USD, which is forecast to reach 4188.72 million USD by the end of 2025, growing at a CAGR of 90.87%. Total Europe cryptocurrency hardware wallet market size is estimated to be 77.54 Million USD, and the market is forecast to reach 4703.23 million USD by the end of 2025, growing at a CAGR of 92.27%.
- Blockchain Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type (Public Blockchain, Private Blockchain), By Application (Financial Services, Non-financial Sector) and Regional Opportunity Analysis and Industry Forecast.
- Cryptocurrency market size is projected to reach USD 1087.7 Million by 2026, from USD 852.3 Million in 2019, at a CAGR of 3.5% during the forecast period 2021-2026.
- The global market size of Cryptocurrency Exchanges in 2019 is about USD 14.6 Billion, in the following years, the CAGR will be 14.6% from 2021 to 2026.
The industry's leading producers are Binance and Coinbase, which accounted for 12.66% and 7.27% of revenue in 2019.
Segment by Type, the Cryptocurrency Exchanges market is segmented into Cloud-Based, Web-Based, etc. Segment by Application, the Cryptocurrency Exchanges market is segmented into Large Enterprises, SMEs, etc.
The major vendors include Binance, Coinbase, Poloniex, LocalBitcoins, BTCC, Bittrex, Kucoin, Bitfinex, Kraken, etc.
- Cryptocurrency and Blockchain Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type (Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dashcoin, Others), By Application (Transaction, Investment, Others) and Regional Opportunity Analysis and Industry Forecast.
- Blockchain-as-a-Service Market size is expected to grow from USD 755.34 Million in 2019 to USD 9,334.19 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 52.05%.
- Bitcoin Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type (Exploring, Payment, E-commerce), By Application (Exchanging, Investment) and Regional Opportunity Analysis and Industry Forecast.
- Cryptocurrency Software Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type (Cloud Based, Web Based), By Application (Large Enterprises, SMEs) and Regional Opportunity Analysis and Industry Forecast.
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