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Smart contract enables organizations, government bodies, and individuals to exchange monetary values, shares, and bonds for which specific value is associated. The smart contract is a clear and easy way to avoid a conflict between both the parties, without any intervention of a middle man. Moreover, smart contracts are being majorly adopted across various industries such as BFSI and construction among others for financial agreement, insurance breaches, property law and etc. Moreover in smart contract, after fulfilment of contracts, the asset in the contract which is in the form of digital or crypto-currencies is transferred to the predefined party. In the smart contract, the risk of fraud is minimal and it eliminates the cumbersome paperwork and middle party services. Smart contracts can positively impact government as well as commercial industries by atomizing the contract enforcement which will decrease the cost of operations. All these factors are expected to drive growth of the global smart contract market positively.

Adoption of Smart Contract by Government Bodies Is Expected To Drive the Growth of the Global Smart Contract Market

Government bodies across the globe are adopting smart contract which requires less human intervention and majorly reduces the cost incurred from contract handling, which is expected to boost demand for smart contracts across the public sector over the forecast period. For instance, in 2019, the UK Jurisdiction Taskforce gave smart contract recognition as a legally enforceable agreement. Moreover, Hangzhou Internet Court has adopted smart contracts in its legal proceedings.

Furthermore, smart contracts are developed using blockchain technology, but lack of standardization and interchangeability of the blockchain platforms create a challenge in developing smart contracts and may lead to errors. This is expected to hinder the growth of the global smart contract market over the forecast period (2019-27).

Regional Analysis of the Global Smart Contract Market

On the basis of region, the global Smart Contract market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

In 2018, North America region dominated the global smart contract market and it is expected to retain its dominance throughout the forecast period owing to presence of large blockchain technology providers such as Google, Microsoft, and IBM and a large IT sector in The U.S. which help to develop smart contracts. These factors are expected to drive the market growth in this region. According to Coherent Market Insights' analysis, the global IT industry is expected to reach $5.18 trillion in 2020, and the U.S. holds around 31% share of the IT industry across the globe.

Key Players in the Global Smart Contract Market

Major players operating in the global smart contract market are EOS, Tron, Ginete Technologies, Hedra  Hashgraph, Hyperledger, IBM, Icertis, NEM, Neo, OpenXcell, Stellar, Waves, Thomson Reuters, Monax Industries, Blockstream, Coinbase, BlockCypher and Monetas.

Global Smart Contract Market: Taxonomy

The global smart contract market is segmented on the basis of contract type, platform, end-use industry and region.

  • On the basis of contract type, the global smart contract market is segmented into:
    • Smart Legal Contracts
    • Decentralized Autonomous Organizations (DAO) Contracts
    • Application Logic Contacts (ALC)
    • Distributed Applications (DApps)
  • On the basis of platform, the global smart contract market is segmented into:
    • Ethereum
    • EOS
    • Hedera
    • Neo
    • Tron
  • On the basis of End-user industry, the global smart contract market is segmented into:
    • Banking and Insurance
    • Healthcare
    • Transportation/Logistics
    • Government
    • Automotive
    • Sports and Entertainment
  • On the basis of region, the global Smart Contract market is segmented into:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
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Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users