Smart Contract Security Market Is Projected To Reach Usd 770.52 Million By 2027

Smart Contract Security Market Analysis (2023 - 2030)

According to our research, the global Smart Contract Security Market is projected to reach $ 144.95 million in 2022 and $ 770.52 million by 2027. From 2022 to 2027, this market is expected to grow at a robust rate of 24.55 percent. The market's growth is being fueled by an increase in the use of various applications in industries including as supply chain, banking, insurance, and the government sector.

A smart contract is a sort of Ethereum Account that runs on the Ethereum blockchain, which is a blockchain-based platform. The balance of an Ethereum Account is ether (ETH). By making a transaction, users can engage with a smart contract and gain access to data. This transaction calls a preset function on the smart contract, granting the user access to the data contained within it.One of the most crucial elements of a smart contract is security. Knowing where a blockchain network's weak spots are might help developers make their contracts less vulnerable to various flaws and assaults.

The Corona Virus Disease 2019 (COVID-19) pandemic has had and continues to have a significant economic impact on all aspects of society, particularly health and business. Businesses all throughout the world were forced to close or substantially limit their activities. The impact of the halting of commercial operations resulted in changes in commercial transactions and consumer behavior.A cutting-edge blockchain-based method for establishing trust and preventing fraud. Our system, in particular, makes use of programmable Ethereum smart contracts to run function calls and generate events that alert participants to medical information, test modifications, and needs. Furthermore, by utilising on-chain digital medical passports and immunity certifications, our solution aids in the prevention of the COVID-19 virus.

Although blockchain technology is used in smart contracts security, the lack of standardization and interchangeability of blockchain technology makes establishing smart contracts difficult, and this aspect is estimated to limit the global smart contracts security market's growth. Furthermore, because contracts contain phrases that aren't always understood, smart contracts aren't always capable of managing perplexing terms and conditions.

KEY MARKET INSIGHTS:

• The market is divided into Bitcoin Ethereum, NXT, and Sidechains based on Blockchain Platform. With a market value of $ 64.45 million in 2021, Ethereum has the biggest market share of 36.28 percent, and is estimated to expand at a long-term CAGR of 23.25 percent during the forecast period. Bitcoin was the second-largest market in 2021, with a market capitalization of $ 42.23 million.
• The market is divided into Ethereum Namecoin, Ripple, Rootstock (RSK), and others based on technology. With a market value of $ 78.06 million in 2021, Ethereum has the biggest market share of 42.99 percent, and is estimated to expand at a long-term CAGR of 25.25 percent during the forecast period. In 2021, Rootstock (RSK) was the second-largest market, with a value of $ 40.38 million.
• The market is divided into Automobile, Government, Supply Chain Management, and others based on the end-user. Government held 36.66 percent of the market in 2021, with a market value of $ 6.8 million, and is estimated to grow at a long-term CAGR of 25.71 percent over the forecast period. In 2021, Supply Chain Management was the second-largest market, with a market value of $ 37.06 million.
• The Global Smart Contract Security Market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. With a market value of $ 73.32 million in 2021, North America held the biggest market share of 40.94 percent, and is poised to increase at a long-term CAGR of 23.53 percent over the forecast period. In 2021, Europe was the second-largest market, with a value of $ 40.28 million.
• Gamefi.Org and Securichaincollaborated in April 2022 to improve blockchain security for their game partners. Gamefi.org, a one-stop shop for game finance, has taken on the task of improving the security of their products. It has worked with SecuriChain, a cybersecurity team from the Icetea Labs ecosystem, on the same project.
• -Tassat Group Inc., the leading provider of private blockchain-based, real-time B2B payment solutions for banks, announced today that Smart Contracts will be available in March 2022. Smart Contracts will allow bank clients to access customizable payment logic within TassatPay, making contracting and invoicing more efficient and effective while reducing the risk of errors and fraud.

MARKET SEGMENTATION:

By BlockChain Platform:

• Bitcoin
• Ethereum
• NXT
• Sidechains

By Technology:

• Ethereum
• Name coin
• Ripple
• Rootstock (RSK)
• Others

By End-User:

• Automobile
• Government
• Supply Chain Management
• Others

By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

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