Are you looking to add Smart Contracts to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Smart Contracts statistics of 2024.
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On this page, you’ll learn about the following:
Best Smart Contracts Statistics
ā° Use “CTRL+F” to quickly find statistics. There are total 82 Smart Contracts Statistics on this page šSmart Contracts Market Statistics
- The global Smart Contracts market size is projected to reach USD 345.4 Million by 2026, from USD 106.7 Million in 2019, at a CAGR of 18.1% during the forecast period 2021. [0]
- Smart Contracts in Healthcare market size is projected to reach USD 73 Million by 2026, from USD 13 Million in 2019, at a CAGR of 27.3% during 2021. [0]
- Cryptocurrency Hardware Wallet market size is projected to reach USD 30990 million by 2026, from USD 358.5 Million in 2019, at a CAGR of 88.1% during the forecast period 2021. [0]
- In 2018, total USA cryptocurrency hardware wallet market size is estimated to be 73.91 Million USD, which is forecast to reach 4188.72 million USD by the end of 2025, growing at a CAGR of 90.87%. [0]
- Total Europe cryptocurrency hardware wallet market size is estimated to be 77.54 Million USD, and the market is forecast to reach 4703.23 million USD by the end of 2025, growing at a CAGR of 92.27%. [0]
- Cryptocurrency market size is projected to reach USD 1087.7 Million by 2026, from USD 852.3 Million in 2019, at a CAGR of 3.5% during the forecast period 2021. [0]
- The global market size of Cryptocurrency Exchanges in 2019 is about USD 14.6 Billion, in the following years, the CAGR will be 14.6% from 2021 to 2026. [0]
- As of today, over 60 percent of the technology’s market value is concentrated in this niche. [1]
- The financial sector currently accounts for more than 60% of blockchainās worldwide market value. [2]
- The technology has spread to other sectors as well manufacturing (17.6% of the market share), distribution and services (14.6%), public sector (4.2%), and infrastructure (3.1%). [2]
- Smart contracts market is expected to reach 300 USD Million by 2024 with 32% CAGR since it is Cost effectiveSmart contracts can replace agents that mediate agreements in cases where agreement terms can be observed publicly and digitally. [3]
- The global market for blockchain in insurance is expected to be $1.39 billion in 2024 with a compound annual growth rate of 85 percent. [3]
Smart Contracts Software Statistics
- While only1.2% of Administrative personnelparticipated in contract management, document automation software can help balance out the workload, helping lawyers concentrate on other tasks. [4]
Smart Contracts Adoption Statistics
- According to projections of blockchain trends, the early adoption phase will end in 2024. [2]
Smart Contracts Latest Statistics
- Smart Contracts Market Size to Reach USD 345.4 Million by 2026 at CAGR 18.1% – Valuates Reports. [0]
- The industry’s leading producers are Binance and Coinbase, which accounted for 12.66% and 7.27% of revenue in 2019. [0]
- Blockchainasa Service Market size is expected to grow from USD 755.34 Million in 2019 to USD 9,334.19 Million by the end of 2025 at a Compound Annual Growth Rate of 52.05%. [0]
- Smart Contracts Market size worth $ 770.52 Million, Globally, by 2028 at 24.55% CAGR. [5]
- According to Verified Market Research, the Global Smart Contracts Market size was valued at USD 144.95 Million in 2020 and is projected to reach USD 770.52 Million by 2028, growing at a CAGR of 24.55% from 2021 to 2028. [5]
- Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. [5]
- Recommended Reading Verified Market Research Tissue Diagnostics Market size worth $ 6.48 Billion, Globally, by 2028 at 5.88% CAGR. [5]
- Verified Market Research Augmented Analytics Market size worth $ 62.5 Billion, Globally, by 2028 at 29.8% CAGR. [5]
- As such, an organization’s overall data asset availability would decrease by 30% by 2024,ā added Ms. Clougherty Jones. [6]
- This will happen with an average annual growth of 32% over the forecast period from 2017 to 2024. [1]
- Simulation results demonstrate that the proposed fog computing based system reduces the average delay, average jitter and energy consumption by approximately 15%, 20% and 15% respectively than the existing cloud only health care system. [7]
- About 90% of U.S. and European banks had started exploring blockchainās potential by 2018. [2]
- 74% of tech savvy executive teams say they believe thereās a huge business potential in blockchain technology. [2]
- 24% of companies expect to invest between $5 million and $10 million in blockchain during 2021. [2]
- According to a survey of eight banks by Accenture Consulting, the potential savings on a cost base of $30 billion are more than $8 billion. [2]
- Thatās a compound annual growth rate of 37.4%. [2]
- An even higher number (88%). [2]
- Another 24% of the 1,000 surveyed companies reported that they plan to invest from $500,000 to less than $1 million, while 12% plan to spend $10 million or more. [2]
- Life sciences industries take second place, with 23% of companies already using blockchain. [2]
- More than 80% of cryptocurrency investors are novices; only 7.38% say they had previous experience in investing. [2]
- According to one report, blockchain and crypto startups raised $3.9 billion through venture capital investments before the beginning of Q4 2018. [2]
- Blockchain spending in the United States increased by 110% during 2018. [2]
- The attack occurred in 2014 when Mt. Gox was handling about 70% of the worldās Bitcoin exchanges. [2]
- Bitcoin miners generate annual emissions of carbon dioxide of between 22 and 22.9 megatons, according to a Technical University of Munich study published in the journal Joule. [2]
- According to Bitcoin.com blockchain predictions, the last BTC will be mined in the year 2140. [2]
- The Asia Pacific region has the largest percentage of Litecoin mining pools (52%). [2]
- 7% of BTC mining pools are located in the United States. [2]
- When it comes to mining statistics for other cryptocurrencies, 21% of Ethereum, 37% of ZCash, 34% of Monero, and 28% of LTC mining pools are located in North America. [2]
- Most Ethereum mining pools are located in Europe (49%). [2]
- The countryās business environment is extremely favorable for crypto companies, featuring taxfree undistributed profits and 100% online cross. [2]
- 91.5% of all investments in cryptocurrencies are made by men. [2]
- 61% donāt consider themselves to be religious. [2]
- Almost 30% have a yearly household income between $50,000 and $100,000 per year, 56% are either married or in a relationship, 43% have fulltime employment, and 37% consider themselves libertarian or anarchy. [2]
- Analysts at PricewaterhouseCoopers suggested that a business can save up to 2% of their annual costs by utilizing contract management and thus avoiding inaccuracies and non. [4]
- Accelerate negotiation cyclesby 50% Reduce erroneous paymentsby 75 to 90%. [4]
- Cut operating and processing costs related to to contract managementby 10. [4]
- 70 80%of business operations are governed by contracts 46 cents out of every $1spent on legal services goes on external costs. [4]
- 37% of companiesspent more than $750k on legal technology in 2018. [4]
- Up to40% of a contractās valuecan be lost without close contract governance, says aKPMG. [4]
- $6.900 is the average costof a simple contract, estimated byWorld Commerce and Contracting. [4]
- For example, with AXDRAFT you can cut the average contract costs by automating the drafting processes and saving up to 70% of your lawyerās time. [4]
- In its 2019Benchmark Survey ACCstated that80.8% of in house lawyershad to participate in contract management by simply reviewing and drafting documents. [4]
- 57% of work on Data Collectionis allocated to LDs. [4]
- 79% of Legal researchand90% of Records Managementis also done by your lawyers. [4]
- Did you know that Contract processesconsume18% of the selling cycle. [4]
- According to CLOC 2019 State of the Industry Report, only 12% of surveyed LDs are using AI tools in their processes. [4]
- Here is what companies achieved after switching to CLM, based on the research 1%larger average deal size 2.5%higher annual customer renewal rate. [4]
- 20%higher lead conversion rate 24%shorter sales cycles. [4]
- CLOC found out how ready lawyers are for accepting digital identities 43% of LDsare using eSignature tools in their operations 27% are completely satisfiedwith. [4]
- the tool 9%of surveyed LDs are using more than3 different legal service providers Smart contract code is used to automate main clauses of agreements based on external or internal data inputs. [4]
- 57%of senior level executives rank ārisk and complianceāļæ½ as one of the top two risk categories they feel least prepared to address. [4]
- 62%of organizations have experienced a critical risk event in the past three years. [4]
- 87% of organizationssee tech risk management as a siloed, reactive process rather than āan organization wide function for proactive risk management. [4]
- 32% of organizationswere victims of a major cyber attack in 2017. [4]
- Nearly 60% of executivesrank cybersecurity as one of their organizationās top five risks. [4]
- Only 18% of organizationsleverage automated processes for IT risk data collection and reporting, even though this methodology provides the most proactive approach to risk mitigation. [4]
- Only 13% of organizationsconsistently use key risk indicators to understand and manage IT risk. [4]
- While companies can take every preventive measure out there to protect their data in house, can they really be 100% sure third parties will treat their sensitive information with the same care?. [4]
- 57% of organizationsdonāt keep an inventory of all the third parties with which they share sensitive information. [4]
- And yet, 57% of organizationsarenāt confident that their vendor management policies would prevent a data breach. [4]
- Last updated on February 15, 2024 Quarterly Funds Service StatisticsQuarterTransfers originated1Quarterly volume growthValue of transfers. [8]
- originatedQuarterly value growthAverage value per transferAverage daily volume of transfers2Average daily value of transfers22021. [8]
- For instance, if hackers want to change the dollar amount in a transaction, they would need to control at least more than 50% of all computing power on the blockchain. [3]
- 2021 22 % of FGA by DistanceFG% by Distance% of FG Ast’dDunksCorner. [9]
- 22 % of FGA by DistanceFG% by Distance% of FG Ast’dDunksCorner. [9]
- GameSeasonAgeCollegeGMPFGFGA3P3PAFTFTAORBTRBASTSTLBLKTOVPFPTSFG%3P%FT%MPPTSTRBAST20121318 Feb 2015 Rookie of the Month 2011. [9]
- Career averages10.5 points per game3.6 rebounds per game4.5 assists per game1.6 steals per game78% free throw percentage38.2% field goal percentage32.1% 3 point field goal percentage. [10]
- Over two collegiate seasons, Smart averaged 16.6 points per game, 4.5 assists per game and 5.9 rebounds per game on 41.3% shooting, including 29.5% from 3. [10]
I know you want to use Smart Contracts Software, thus we made this list of best Smart Contracts Software. We also wrote about how to learn Smart Contracts Software and how to install Smart Contracts Software. Recently we wrote how to uninstall Smart Contracts Software for newbie users. Donāt forgot to check latest Smart Contracts statistics of 2024.
Reference
- prnewswire – https://www.prnewswire.com/in/news-releases/smart-contracts-market-size-to-reach-usd-345-4-million-by-2026-at-cagr-18-1-valuates-reports-832536081.html.
- toshevboteva – https://www.toshevboteva.com/publications/the-smart-contract-industry-in-7-intriguing-forecasts-facts-and-statistics.
- fortunly – https://fortunly.com/statistics/blockchain-statistics/.
- aimultiple – https://research.aimultiple.com/smart-contracts/.
- axdraft – https://blog.axdraft.com/contract-management/contract-management-in-numbers/.
- globenewswire – https://www.globenewswire.com/news-release/2021/12/01/2344251/0/en/Smart-Contracts-Market-size-worth-770-52-Million-Globally-by-2028-at-24-55-CAGR-Verified-Market-Research.html.
- gartner – https://www.gartner.com/en/newsroom/press-releases/2020-01-30-gartner-predicts-that-organizations-using-blockchain-.
- sciencedirect – https://www.sciencedirect.com/science/article/pii/S2542660520300342.
- frbservices – https://www.frbservices.org/resources/financial-services/wires/volume-value-stats/quarterly-stats.html.
- basketball-reference – https://www.basketball-reference.com/players/s/smartma01.html.
- nbcsports – https://www.nbcsports.com/boston/celtics/marcus-smart.
How Useful is Smart Contracts
At its core, a smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. This means that once certain conditions are met, the contract automatically enforces the agreed-upon terms. This eliminates the need for intermediaries, reduces the possibility of fraud, and increases efficiency in executing agreements.
One of the key benefits of smart contracts is their immutability. Once a smart contract is deployed on a blockchain network, it cannot be altered or tampered with, providing a high level of security and trust in the agreement. This feature is particularly appealing to industries that require secure and transparent transactions, such as finance, real estate, and supply chain management.
Furthermore, smart contracts can potentially save time and money by automating processes that are currently manual and time-consuming. For instance, in the real estate industry, smart contracts can automate the process of property sales, eliminating the need for multiple intermediaries and reducing the time it takes to finalize a transaction.
Additionally, smart contracts have the potential to increase the accessibility of legal services. By simplifying and automating the contractual process, individuals and businesses may be able to access legal agreements without the need for expensive legal fees or expertise. This could have a significant impact on small businesses and individuals who may not have the resources to engage in traditional contract negotiations.
However, despite their potential benefits, smart contracts are not without their limitations and challenges. One of the main criticisms of smart contracts is their susceptibility to coding errors or vulnerabilities. If a smart contract contains a bug or loophole, it could lead to unintended consequences and potentially costly errors. This risk raises questions about the reliability and security of smart contracts, especially in industries that require a high level of precision and accuracy.
Moreover, the legal enforceability of smart contracts is still a grey area in many jurisdictions. Traditional contract law may not always align with the unique characteristics of smart contracts, leading to uncertainty and potential challenges in enforcement. This lack of legal clarity could hinder the widespread adoption of smart contracts in certain industries.
Overall, the usefulness of smart contracts is contingent on the specific industry and context in which they are applied. While they offer significant benefits in terms of security, efficiency, and accessibility, the potential risks and challenges must also be carefully considered. As the technology continues to evolve and regulations catch up, smart contracts may prove to be a valuable tool in modernizing and streamlining contractual agreements.
In Conclusion
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