Global Smart Contract Platform Market by Type (Cloud Based, On Premises), By Application (IT and Telecom, BFSI, Logistics & Transportation, Industrial, Healthcare, Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

                                          

                                                                                       
Market Overview:

The global smart contract platform market is expected to grow from USD 1.5 billion in 2018 to USD 7.7 billion by 2030, at a CAGR of 23.8% during the forecast period. The growth of this market can be attributed to the increasing demand for smart contracts across industries and the growing number of blockchain applications. Based on type, the global smart contract platform market is segmented into cloud-based and on-premises platforms. The cloud-based segment is expected to account for a larger share of the global market in 2018 owing to its advantages such as low cost, easy deployment, and scalability.



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Product Definition:

A Smart Contract Platform is a technology that allows for the creation of contracts that are self-executing, meaning they will automatically execute when certain conditions are met. This removes the need for third-party intermediaries such as lawyers or notaries, and can reduce transaction costs. Smart Contract Platforms are important because they can help to streamline business processes and make them more efficient.

Cloud Based:

Cloud-based solutions are software-as-a-service (SaaS) applications that store data on a remote server using the internet. The information is stored in the cloud and can be accessed by any person or device connected to the internet. Cloud services offer various advantages such as scalability, flexibility, and cost effectiveness which has led to its increased popularity among small businesses and large enterprises across different industry verticals.

On Premises:

On Premises (OP) is a term used for the software and hardware systems that are present on the customer premises. It can be in physical form or as a virtual system. OP includes all kinds of software and computer hardware/software solutions, which are connected to the blockchain network by using API (Application Programming Interface) connectivity. The most common types of OP include Bitcoin miners, mining pools, full nodes, light clients and SPV clients among others.

Application Insights:

The banking, financial services, and insurance (BFSI) segment accounted for the largest market share in 2017. The BFSI sector is one of the leading adopters of smart contracts due to its critical nature and need for automation. Furthermore, with a rise in cyberattacks and data breaches across various organizations globally, there is an increased demand to use smart contract technology within the sector to reduce counterparty risks.

The IT & telecommunication segment is expected to witness significant growth over the forecast period owing to increasing adoption of blockchain platforms by major companies worldwide such as IBM Corporation., Microsoft Corporation., Google Inc., etc. Moreover, many governments are supporting initiatives that will encourage businesses and enterprises within their respective nations adopt these technologies thereby driving growth over the forecast period.

Regional Analysis:

The North American regional market dominated the global smart contract platform industry in terms of revenue share in 2016. The growth can be attributed to the presence of a large number of IT and telecom companies, which are early adopters of emerging technologies. Furthermore, government initiatives encouraging digitalization and e-governance are expected to drive demand for smart contracts over the next eight years.

Asia Pacific is projected to emerge as the fastest-growing region over the forecast period owing to increasing adoption by enterprises operating across various industries such as banking & financial services, energy & utilities, healthcare & life sciences, manufacturing and others. This can be attributed to growing regulatory inclination towards supporting innovative technologies that enhance productivity while reducing costs associated with manual processes or transactions. Moreover rising awareness regarding potential benefits offered by these platforms is further expected fuel demand during future years.

Growth Factors:

Increasing demand for Smart Contract Platform from the BFSI sector for automating the contract management process.
Proliferation of blockchain technology and increasing number of startups and enterprises exploring its potential applications.
Rising demand for Smart Contract Platform from the e-commerce sector to streamline the order fulfillment process.
Growing popularity of decentralized applications (dApps) among end users and developers alike.


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Scope Of The Report
Report Attributes
Report Details
Report Title
Smart Contract Platform Market Research Report
By Type
Cloud Based, On Premises
By Application
IT and Telecom, BFSI, Logistics & Transportation, Industrial, Healthcare, Others
By Companies
æternity blockchain, AlphaPoint, AnChain.AI, BigchainDB, Bison Trails Co., Block Notary, BlockApps, BlockCAT Technologies, Blockstream, Brickblock Digital Services, ChromaWay, Chronicled, CloudFabrix Software, Corda, Credits, DigiByte Holdings, Digital Asset, Ethereum, Hyperledger, IBM, Icertis, Kadena, Microsoft, Monax, Neo Team, OpenLaw, Polymath, Riverr Pte. Ltd., Sanjh, Symbiont
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
235
Number of Tables & Figures
165
Customization Available
Yes, the report can be customized as per your need.

Global Smart Contract Platform Market Report Segments:
The global Smart Contract Platform market is segmented on the basis of:
Types
Cloud Based, On Premises
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
IT and Telecom, BFSI, Logistics & Transportation, Industrial, Healthcare, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
æternity blockchain
AlphaPoint
AnChain.AI
BigchainDB
Bison Trails Co.
Block Notary
BlockApps
BlockCAT Technologies
Blockstream
Brickblock Digital Services
ChromaWay
Chronicled
CloudFabrix Software
Corda
Credits
DigiByte Holdings
Digital Asset
Ethereum
Hyperledger
IBM
Icertis
Kadena
Microsoft
Monax
Neo Team
OpenLaw
Polymath
Riverr Pte. Ltd.
Sanjh
Symbiont



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Highlights of The Smart Contract Platform Market Report:
The market structure and projections for the coming years.
Drivers, restraints, opportunities, and current trends of market.
Historical data and forecast.
Estimations for the forecast period 2030.
Developments and trends in the market.
By Type:
Cloud Based
On Premises
By Application:
IT and Telecom
BFSI
Logistics & Transportation
Industrial
Healthcare
Others
Market scenario by region, sub-region, and country.
Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Contract Platform Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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Correctly Positioning New Products
Market Entry Strategies
Business Expansion Strategies
Consumer Insights
Understanding Competition Scenario
Product & Brand Management
Channel & Customer Management
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8 Reasons to Buy This Report
Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
Implemented Robust Methodology to Prepare the Report
Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
Provides Information About the Top-winning Strategies Implemented by Industry Players.
In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
Customization of the Report Available

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