Smart Contracts Market Summary

The global smart contracts market size was valued at USD 684.3 million in 2022 and is projected to reach USD 73,773.0 million by 2030, growing at a staggering CAGR of 82.2% from 2023 to 2030. This significant growth is primarily attributed to the widespread adoption of blockchain technology, ongoing technological advancements, increasing demand for operational efficiency, cost reduction strategies, and the expanding use of Decentralized Finance (DeFi) applications. Organizations across industries are turning to smart contracts as a means to streamline transactions, minimize human error, and eliminate intermediaries.

Smart contracts, which operate through blockchain networks, are gaining popularity among businesses that seek more secure, transparent, and automated transaction management systems. These digital contracts automatically execute and enforce the terms of an agreement once predefined conditions are met, reducing the need for manual processing. For example, a smart contract can be programmed to release payment upon delivery confirmation of goods or upon the completion of a service, thereby reducing disputes and enhancing reliability. Their use spans various applications, including supply chain logistics, insurance claim automation, real estate settlements, and electronic voting systems.

One of the core drivers of this market is the rise of the DeFi ecosystem, where smart contracts play an essential role in enabling decentralized lending, borrowing, and trading activities. As DeFi platforms continue to attract both retail and institutional users, the demand for robust, secure, and scalable smart contract solutions is expected to escalate. Moreover, businesses are increasingly recognizing the potential of smart contracts to improve compliance, reduce paperwork, and streamline back-office operations, making them a strategic tool in digital transformation initiatives.

Key Market Trends & Insights

  • Based on blockchain type, the public segment led the market in 2022, accounting for 60.0% of global revenue. Public blockchains are decentralized and open to anyone, making them ideal for applications that prioritize transparency and user accessibility. Their dominance in the market reflects the increasing adoption of public networks such as Ethereum, which allow for wide-scale deployment of decentralized applications (dApps).
  • In terms of enterprise size, large enterprises dominated the market in 2022, representing 67.0% of the total revenue. Large organizations are investing in smart contracts to enhance operational efficiency, ensure secure transactions, and reduce administrative burdens. These companies have the financial resources and technical capabilities to integrate smart contract solutions at scale, driving their significant market share.
  • Regionally, North America led the smart contracts industry in 2022, with a revenue share exceeding 31.0%. This leadership can be attributed to the presence of major blockchain infrastructure providers, a tech-savvy population, favorable regulatory frameworks, and early adoption by financial and enterprise sectors in the U.S. and Canada.
  • The Ethereum segment accounted for the largest share of over 49.0% in 2022. Ethereum is the most widely used blockchain for smart contract deployment, known for its robust infrastructure, large developer community, and comprehensive toolsets. Its versatility in supporting decentralized applications across various use cases solidifies its position as a market leader.

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Market Size & Forecast

  • 2022 Market Size: USD 684.3 million
  • 2030 Projected Market Size: USD 73,773.0 million
  • CAGR (2023-2030): 82.2%
  • North America: Largest market in 2022
  • Asia Pacific: Fastest growing market in 2022

Key Companies & Market Share Insights

The smart contracts market is rapidly evolving with new trends reshaping the competitive landscape. Key developments include platform interoperability, enabling seamless interactions between different blockchain networks; customizable smart contract templates for faster deployment; and the emergence of low-code or no-code platforms that allow users with minimal programming knowledge to build and deploy smart contracts. These trends are lowering entry barriers and making the technology more accessible to a broader audience.

Market players are actively pursuing strategic initiatives such as mergers, partnerships, and product innovation to expand their footprint. For instance, in March 2023, Chainlink launched "Chainlink Functions," a serverless, self-service platform allowing developers to connect smart contracts and decentralized apps with Web 2.0 APIs. This development bridges on-chain and off-chain environments, enhancing the versatility of smart contract solutions.

In another example, Algorand introduced a major technical upgrade in March 2022, enabling developers to build advanced decentralized applications with smart contract-to-contract calling. This advancement significantly improved cross-chain interoperability within the Algorand ecosystem, making it easier to develop complex, multi-functional dApps. Such innovations signal a major leap forward in smart contract capabilities and underline the growing competitiveness in the market.

Key Players

  • ScienceSoft USA Corporation
  • Innowise Group
  • iTechArt
  • 4soft
  • Algorand
  • IBM
  • TATA Consultancy Services Limited
  • Chainlink
  • ELEKS
  • Waves Technologies

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Conclusion

In conclusion, the global smart contracts market is undergoing exponential growth, fueled by blockchain adoption, DeFi expansion, and ongoing digital transformation across industries. With key contributions from Ethereum and growing involvement of major enterprises, smart contracts are becoming essential for secure, automated, and efficient transactions. Regional markets like North America lead in innovation, while evolving technologies such as low-code platforms are democratizing access. Strategic developments from players like Chainlink and Algorand further highlight the market's momentum. As businesses increasingly rely on transparent and self-executing agreements, smart contracts are set to redefine how transactions are managed in the digital age.