Smart Contracts Market is estimated to grow at a CAGR of 32% by Forecast to 2023

Market Highlights:

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.

 

Even though the growth of market is significant, there also arises the challenges of software code error or bugs and how should the government regulate the contracts. With the increase of smartphone ownership over the past few years, the penetration of internet usage has also grown exponentially.

 

The factor that hold the growth of the Smart Contract Market is the tendency of it to define the rules and regulations of an agreement but also automatically enforce any of the obligations.

 

Major Key Players:

  • Monax Industries Limited (U.K.)
  • Monetas (Switzerland)
  • Blockstream Corporation (U.S.)
  • Coinbase, Inc (U.S.)
  • Bitfinex (Hong Kong)
  • BlockCypher, Inc (U.S.)
  • Chain, Inc.(U.S.)
  • Coinify ApS (Denmark)
  • BitPay, Inc (U.S.)
  • GoCoin Pte. Ltd (Singapore)

 

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Regional Analysis:

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

 

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. Countries like U.S. UK and Canada are the early adopters of the technology. Asia Pacific includes some of the emerging economies, such as India, China, and Australia, showing a significant growth in crypto currency and Blockchain technology start-ups. Many startups are beings established delivering the solutions related to the Blockchain technology.

 

This is majorly increased adoption towards digitization in countries like China, India and Japan of the businesses by small, medium, and large enterprises in the region. 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.

 

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.

 

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.

 

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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

 

About Market Research Future:

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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

 

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