Smart contracts refer to self-executing contracts with the terms of agreement between seller and buyer being directly written into lines of code. Generally, the code and the agreements contained therein exist across a distributed, decentralized blockchain network. A blockchain is nearly impossible to hack or shut down. Smart contracts were proposed by Nick Szabo in 1994. Smart contracts are computerized transaction protocols that execute terms of a contract.
MARKET SCOPE
The "Global Smart contract market Analysis to 2028" is a specialized and in-depth study of the Smart contract market with a special focus on the global market trend analysis. The report aims to provide an overview of the Smart contract market with detailed market segmentation by block chain platform, application, end-user, and geography. The global Smart contract market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Smart contract market players and offers key trends and opportunities in the Smart contract market.
MARKET SEGMENTATION
- The global Smart contract market is segmented on the basis of blockchain platform, application, and end-user.
- On the basis of blockchain platform, the market is segmented as BITCOIN, ethereum, NXT, sidechains.
- On the basis of application, the market is segmented as banking, government, management, supply chain, automobile.
- On the basis of end-users, the market is segmented as automobile, government, supply chain management, others.
MARKET DYNAMICS
Drivers:
- Digital Transformation within the BFSI Industry expected to drive the Market.
Restraints:
- Lack of Awareness & Knowledge and Low Flexibility Hindering the Smart Contracts Market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Smart contract market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Smart contract market in these regions.
IMPACT OF COVID-19 ON SMART CONTRACT MARKET
The outbreak of COVID-19 virus in December 2019 affected majority of the countries around the globe with the World Health Organization declaring it a public health emergency. The pandemic is expected to have negative impact on the global artificial intelligence powered video analytics market in 2020. With rise of the global health crisis, various enterprises are facing several challenges in operating business functions like production, sales, and after sales services, thus resulting in shutdown of business functions. However, video analysis and surveillance technology were able to make a significant growth in the market with the help of government initiatives, such as surveillance on public places for lockdown and social distancing measures, which played significant role in limiting the spread of disease.
MARKET PLAYERS
The report covers key developments in the Smart contract market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Smart contract market are anticipated to lucrative growth opportunities in the future with the rising demand for the Smart contract market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Smart contract market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Monax Industries
- Monetas
- Blockstream
- Coinbase
- Bitfinex
- BlockCypher
- Chain
- Coinify ApS
- BitPay
- GoCoin.