Pharma Knowledge Management Software Market Outlook, Strategies, Industry Analysis, Future Scope, Key Drivers and Forecast To 2027

 Global Pharma Knowledge Management Software Market, By Software (Android, Windows, iOS), By Deployment Type (On Premises, Cloud, Hybrid), By End-Users (Agricultural Biotechnology, Environmental Biotechnology, Academics, Forensic Biotechnology) - Forecast 2027

Market Overview

Market Research Future (MRFR), in its latest study on the pharma knowledge management software market 2020, reveals causes that are likely to support and restrict the rise of the market. Along with this report, a complete assessment of the performance of the pharma knowledge management software market in COVID 19 pandemic is also provided. As per MRFR findings, the pharma knowledge management software market can rise at 17% CAGR in the evaluation period 2020 to 2027.  The pharma knowledge management software market valuation can surpass USD 2 Bn by the end of the review period.

Pharma knowledge management software aids in the identification, evaluation, capturing, rectification, and sharing medical information with high degree of accuracy. The increasing in the commercial interest of the software in recent years can bolster the expansion of the pharma knowledge management software market across the review period. The rise in need for post Information gathered by pharma knowledge management software play a significant role in drug development processes to gain global foothold, which is expected to promote the expansion of the pharma knowledge management software market through the assessment period. The rise in the count of pharmaceutical companies using pharma knowledge management tools to derive information from social networks that assists in the analysis of different types of drugs, disorders, and ingredients among others is expected to boost the expansion of the market.

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Segmental Analysis

The segmental analysis of the pharma knowledge management software market is done by software, deployment type, and end-user. 

The deployment type, the pharma knowledge management software market segments are hybrid, on premises, and cloud. The cloud segment can gain high traction in the review period. The software based, the pharma knowledge management software market segments are Windows, iOS, Android, and others. Increase in iOS and Android applications can promote the market in the years to come. The end-user based segments of the pharma knowledge management software market are forensic biotechnology, animal biotechnology, agricultural biotechnology, medical biotechnology, academics, environmental biotechnology, and others. The introduction of pharma knowledge management software in medical biotechnology can cause the market to rise at a high pace.

Regional Analysis

In North America, the rise of the pharma knowledge management software market can be attributed to the growing usage of advanced technologies, such as; artificial intelligence, machine learning, and IoT. The increase in the deployment of disruptive technologies to enhance capability of pharma knowledge management tool across the assessment period can prompt the expansion of the market in the region. In addition, the existence of top notch tech companies that develop pharma knowledge management software, such as SAP SE (Germany) and eXo Platform (U.S.) can cause the expansion of North America pharma knowledge management software market. 

Europe is observed as an attractive destination for marketers for the introduction of innovative solutions. Rise in R&D for health related initiates can support the progress of EU pharma knowledge management software market in the foreseeable future. In the Asia Pacific region, the booming pharma and biotech sectors are expected and increase in the adoption of knowledge management software by these sectors are expected to promote the expansion of the market in India and other areas of APAC across the forecast period.

Competition Dashboard

Lucidea (Canada), eXo Platform (U.S.), SAP SE (Germany), Nuance Communications, Inc. (U.S), Theum AG (Germany), SuiteRx (U.S), Callidus Software Inc. (U.S.), Oracle Inc. (U.S.), Altair Engineering, Inc. (U.S.), and MangoApps Inc. (U.S.) are some noteworthy marketers of the pharma knowledge management software market, enlisted by MRFR.

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Cognitive Cloud Market Size, Share, Current Trends, Industry Demand, Regional Outlook and Forecast To 2027

 Cognitive Cloud Market, By Technology (NLP, Machine Learning, Automated Reasoning), By Service (Managed, Professional), By End User (SMEs, Large Enterprises) and By Vertical - Forecast 2027

Industry Insight

The global cognitive cloud market, according to MRFR, is expected to grow at nearly USD 3.42 Billion by 2027, at 16% of CAGR over the review period of 2020 to 2027.

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Market Scenario

Increasing Internet of Things adoption is one of the major factors that fuel the growth of the cognitive cloud market. To provide insights into the business processes and applications, CognitiveScale runs its cognitive clouds on IBM Watsons Bluemix. It provides complete transparency while maintaining security of the data. Cognitive cloud helps to use information effectively, and in turn to drive the organization's overall growth. Major giants such as IBM Corporation and Google are investing in the cognitive cloud market due to the rising demand from various vertical sectors such as healthcare, retail, business , government and others. The increasing demand for content customisation is a major factor driving the growth of the cognitive cloud market. An additional factor driving the growth of the cognitive cloud market is the growing demand for real-time data analysis. While COVID-19 has had a notable impact on the cognitive cloud market worldwide, organizations realize that cloud services are necessarily a good fit for unmatched uncertainties ensuring business continuity amid physical lockdowns. As many businesses are challenged, but cognitive cloud providers build a balance by providing greater flexibility to customers versus opportunistic solutions. Such factors are evaluated as advantageous for increasing the cognitive cloud market over the forecast period. As the global cognitive cloud market encompasses technologies such as natural language processing , machine learning , information retrieval, and automated rationale for translating unstructured data to sense, these create meticulous opportunities for new players to invest in and take market valuation to the next level.

Segmentation of Market

The cognitive cloud market has been evaluated over segmental analysis, which is done over service, technology, end-user, and vertical segments.

The vertical segment has been bifurcated into healthcare, education & retail, BFSI, consumer electronics & retail, travel & tourism, oil & gas, IT & telecommunication, and aerospace & defense. Out of which, during the forecast era, retail and healthcare verticals have potential to expand at a significant pace. In healthcare, the cognitive cloud helps to assemble the information available and integrate that data with patient information , which in turn helps to present more personalized services. The cognitive cloud is also helping to make health services cost-effective.

The technology segment has included natural language processing, machine learning, automated reasoning, and others.

The service segment has been divided managed service and professional service.

The end-user segment has bifurcated into SMEs and large enterprises.

Regional Outlook

Cognitive cloud market regional analysis is being studied for regions such as Asia Pacific, North America , Europe and the Rest of the World. North America was projected to account for the largest market share, whereas Asia-Pacific is expected to grow at the fastest rate over the review period. The substantial growth in North America 's cognitive cloud market is due to technological innovations and an growing need for real-time analysis of large and diversified data in that area.

The Asia-Pacific region is expected to rise at the fastest pace in the predicted period. Over the forecast period Asia Pacific is expected to rise at CAGR rate. Increasing technology companies' investments in leading countries like Japan, China , and India, growing digitalization, machine learning ( ML), increasing adoption of advanced artificial intelligence ( AI), and government regulations and initiatives are expected to drive market growth in the APAC region.

Top Market Players

The prominent players in cognitive cloud market are – IBM Corporation (U.S.), Spark Cognition, Inc. (U.S.), Google, Inc. (U.S.), Microsoft Corporation (U.S.), CognitiveScale (U.S.), Enterra Solutions LLC (U.S.), Vicarious (U.S.), Numenta (U.S.), Saffron Technology (U.S.), ColdLight Solutions (U.S.) and others.

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Virtual Reality in Therapy Market Analysis and Demand with Forecast To 2027

 Global Virtual Reality in Therapy Market, By Device (Head mount, Gesture Control), By Technology (Non-Immersive, Fully Immersive), By Application (Phobia Treatment, Robotic Surgery) - Forecast 2027

Brief Industry Insights

The analysis by MRFR asserts that the global Virtual Reality in therapy market 2020 is expected to generate a revenue of around USD 3.9 Billion by the end of the forecast period. The slated CAGR for this time span will be 32%.

This market's immense expansion can be attributed to the growth of artificial intelligence and its entry into the healthcare sector. The global healthcare sector is currently in a process of technical transformation. In addition, factors such as high penetration of mobile devices and the hospital demand for an simple way to educate healthcare practitioners, trainee medical students or patients on surgical and therapeutic procedures, and making it more effective for surgeons to closely imagine the operating areas, are the factors slated to boost the growth of virtual reality in the therapy market. Because of it, It can be asserted with confidence that, over the next seven years , the global market for virtual reality in therapy will rise at leaps and bounds.

One of the major factors driving market growth happens to be the virtual therapy advantages compared to conventional therapies. When a patient experiences this form of treatment it eliminates the need for drugs or invasive surgery. Therefore saving a lot of time and money. Many hardware vendors and suppliers of medical devices have embarked on joint ventures with the aim of developing a new product or service. That is another aspect that has a positive impact on market growth.

Additional growth propellers such as technological advances, government support, increased demand for improved technological solutions, increased adoption of handheld medical devices and the need for better educational means for medical students further foster market growth. While, the market can face certain constraints including stringent rules & policies and price related issues. Experts believe, however, that as the market progresses it will tackle such minor problems.

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Segmental Analysis

The worldwide virtual reality in therapy market has been segmented on the basis of applications, technology, devices and regions.

Based on Applications, the market has been segmented into phobia treatment, Robotic Surgery, surgery simulation, treatment of treatment of autism, post-traumatic stress disorder, robotic surgery, rehabilitation and visualization.

Based on the Technologies, the market has been segmented into Semi-immersive VR, full-immersive and non-immersive VR.

Based on the Devices, the market has been segmented into Gesture control, projectors and head mount.

Comprehensive Regional Analysis

The virtual reality in therapy market has been effective in expanding across the globe. The main regions where it prevails are North America, Europe, Asia Pacific and Rest of the World.

Region-wise North America holds the largest market share, and this is primarily due to the business being brought in by countries such as Canada and the US. This area is experiencing a huge demand for high-end technological solutions, a higher number of research & development activities and a greater acceptance of virtual reality in the healthcare sector. This is due to increased demand for high-end technology solutions, increased R&D in this region, and increased use of virtual reality in the healthcare sector.

During the projection period, Asia Pacific is estimated to expand tremendously, as it has a huge number of investors and producers.

Comprehensive Regional Analysis

The key players in the global virtual reality in therapy market include- Siemens Healthcare (Germany), Virtalis Ltd (U.K.), CAE Healthcare (U.S.), GE Healthcare (U.S.), Virtual Realities, Llc (U.K.), Qualcomm Technologies, Inc. (U.S.), Samsung Group (South Korea), Vuzix (U.S.), Mimic Technologies Inc, (U.S.), Brainlab (Germany) among others.

In the market for therapy the global virtual reality is highly competitive. A competitive landscape is formed by diverse established international brands, domestic brands and new entrants. Through various strategic mergers and acquisitions, innovation, increasing investment in research and development and cost-effective product portfolio, the key players are increasingly seeking market expansion. Because of the presence of several large vendors the virtual therapy market is highly competitive.

Market Players & Key Strategies

Some of the most renowned and longstanding players of this market can be listed as Virtual Realities, Siemens Healthcare, Samsung Group, Brainlab and Mimic Technologies.

The global market for virtual reality in therapy is intensely competitive. To make their mark, market players have to employ a number of development tactics. Some of the major strategies used by them are strategic partnerships and mergers with other companies.

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Cloud Business Email Market Sales Revenue, Worldwide Analysis, Competitive Landscape, Future Trends, Industry Size and Regional Forecast To 2027

 

Global Cloud Business Email Market, By Operating System (Windows, Linux, UNIX, Mainframe), By Organization Size (SMBs and Large Enterprises), By Vertical (BFSI, Healthcare, Retail, IT & Telecommunication) - Forecast 2027

Market Highlights

The cloud business email market is growing continually across the globe. The market growth is driven by better security, reliability, convenience, and support that cloud-based email solutions offer in business environments, including remote work operations. The COVID-19 epidemic has illustrated the importance of cloud computing mandating access to critical information and email & communication from anywhere.

Most businesses worldwide are using email to communicate with employees, customers, clients, and vendors to carry out their duties and run a company. Cloud-based email services allow organizations to deploy the critical business communication application with minimal technical support and no burdensome upfront capital costs. As a result, the cloud business email is garnering huge prominence across the world. 

Besides, the rising demand for cloud business email from increasing numbers of enterprises worldwide escalates market sales. According to Market Research Future (MRFR), the global cloud business email market is poised to grow at approximately USD 2.15 BN by 2027, registering an 11% CAGR throughout the review period (2020 to 2027). Also, the benefits that cloud email platforms offer influence the growth of the market.

Additionally, the increasing demand from various industry verticals like healthcare, BFSI, manufacturing, IT & telecommunication, and others boost the uptake of cloud business email platforms. Also, the increasing need for real-time computing of applications fuels the growth of the cloud business email market.  Increasing demand for business analytics and intelligence is another major factor driving the growth of the cloud business email market. 

Furthermore, the increasing demand for cloud computing applications, alongside the growing popularity of cloud computing and cloud-based applications, accelerates the development of the cloud business email market

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Cloud Business Email Market Segmentation

The report is segmented into four dynamics: 

By Operating System: Windows, Linux, UNIX, Mainframe, and others. 

By Organization Size: SMEs and Large Enterprises. 

By Vertical                   : BFSI, Healthcare, Media & Entertainment, IT & Telecommunication, Energy & Power, Automotive, Retail, and others. 

By Regions                : Americas, Europe, Asia Pacific, and the Rest-of-the-World.

Regional Analysis:

North America leads the global cloud business email market. The largest market share is attributed to the presence of major solution providers and advances in email security technologies. Besides, substantial investments by large and small organizations in cloud marketing platform to enhance their business productivity drive the growth of the regional market. The penetration of the Internet and smartphones power the regional market.

Moreover, increasing demand for business analytics and intelligence applications across various industry verticals influences the regional market growth. The vast availability of improved marketing techniques, such as email marketing and increasing numbers of cell phone users, substantiate the regional market's growth. The North American cloud business email market is projected to retain its dominance throughout the forecast period.

Europe stands second in the global cloud business email market. The market growth is driven by the presence of various notable players and large deployments of cloud email platforms in marketing. Additionally, rising numbers of medium and large enterprises with sizable investments act as significant tailwinds for the region's market growth.

Furthermore, the high adoption of cloud technologies in email marketing solutions used across the growing number of retailers pushes the regional market growth. The European cloud business email market is predicted to create a substantial revenue pocket during the assessment period. 

Asia Pacific cloud business email market is growing rapidly. Factors such as the increasing adoption of email marketing platforms for lead generation drive the regional market's growth. The rising adoption of AI technology and cloud deployments by large and SMEs to enhance customer experience and operational performance boost the regional market's development. The APAC cloud business email market is expected to grow at a significant rate during the forecast period.

Competitive Analysis

Highly competitive, the cloud business email market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their expansion plans. They deliver reliable, leading-edge solutions and services. For which they invest substantially in R&D to develop adept technologies and products. 

Major Players:

Players leading the cloud business email market include Microsoft Corporation (US), Google, Inc. (US), IBM Corporation (US), NEC Corporation (Japan), Micro Focus International PLC (US), Amazon Web Services (US), J2 Global Inc. (US), Hitachi (Japan), Fujitsu, Ltd. (Japan), and GoDaddy, Inc. (US), among others.

Industry/Innovation/Related News:

November 09, 2020 ---- Zix Corporation (the US), a leading provider of cloud email security, productivity, and compliance solutions, announced the acquisition of an industry leader in cloud-based data backup and recovery for business - CloudAlly Ltd. Zix delivers easy-to-use solutions for email encryption & data loss prevention and advanced threat protection with unified information archiving, and BYOD mobile security. 

The acquisition greatly enhances the Zix suite of solutions and would provide its customers with a robust tool, driving further cloud adoption in their digital transformation journeys. 

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Industrial Analytics Market Business Revenue, Future Scope, Market Trends, Key Players and Forecast To 2027

 Global Industrial Analytics Market, By Analytics tools (Business Intelligence, Predictive Analytics, Artificial Intelligence, Cognitive Analytics, Others), By Deployment (On Premise, on cloud) By Organization Size (Large, SME’s) and By Industry (Telecommunications, IT, Retail, Manufacturing, Transportation & Utilities).

Market Highlights

The gathering, analysis and usage of data generated in the industrial operations and through the life cycle of the product is described as Industrial analytics. Industrial analytics generally involves some of the traditional methods like data gathering and statistical modelling. Further with the increased growth of emerging companies, the organizations see other benefits like cost cutting, up gradation of existing products and upgrading the business model. The industrial analytics see the predictive and prescriptive maintenance of machines as the widely used application followed by customer analytics and product quality and usage analytics.

The industrial analytics market is expected to be driven majorly by the advancements in connected space (IoT) and improved techniques for analyzing and interpreting the data. The major benefits organizations take out from the industrial analytics is in the growth of revenue, customer analytics for customer satisfaction and increasing the quality of the product. The major applications are seen in the maintenance of machines, customer analytics and product usage analytics for increase in the overall revenue of the organizations, better customer satisfactions and experience analysis for customer retention and loyalty, and increase in the quality of the product. This also includes up gradation of the existing products, changing the existing product business model, and creating the new business model for products.

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Regional Analysis

The industrial analytics market is divided under North America, Europe, Asia Pacific and rest of the world on the basis of region. The market is led by North America followed by Europe. This majorly due to the presence of large analytics organizations in U.S. Also due to the progressive innovation and growth in research and development the organizations in the U.S and Canada have adopted to the technology earlier than others. Other reasons for the growth of the industrial analytics in North America is the Internet of Things (IoT). There’s a huge significant growth in the IoT which is driving the companies to adopt towards the technologies prevailing the IoT and thus requiring huge amount of data to correctly analyze and take the correct decisions. Also due to the rise in the real time data, it has become necessary and easy for the organizations to take the crucial strategic decisions based on the present data and not on the past data.

However the market growth in Asia pacific is expected to grow significantly because of the increasing growth of Industrial Internet of Things and smart technologies. This also includes some of the government initiatives such as smart cities in emerging economic countries China and India.

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Legal Process Outsourcing Market Outlook and Future Scope Analysis and Forecast Till 2027

 Global Legal Process Outsourcing Market, By Component (Software, Services), By Organization Size (Small & Medium-Sized Enterprises, Large Enterprises), By Service Location (On-Shore Outsourcing, Offshore Outsourcing), By End Users - Forecast 2027

Market Overview

The global legal process outsourcing market is growing rapidly over 26% of CAGR and is estimated to reach USD 25 Billion by the end of forecast period 2020-2027, asserts Market Research Future (MRFR). This growth can be attributed to increasing demand for document drafting such as letters to the clients, document drafting, agreements and many others. Steady increase in the cost of legal proceedings has led the companies to outsource services. Cost-efficiency is one of the major factors profiting the LPO market. The legal billing activities including preparation of invoices, collation of time sheets and others are gaining a prominent foothold in the market. The litigation process has created a niche in the market as with this process the company can analyze and understand the customer's requirements and processes.

Technological advancements contribute towards the significant revenue growth. AI (Artificial Intelligence) is an essential tool for extracting valuable data. This enables firms to focus more on client work resulting in efficient delivery of services with high accuracy levels. Surging demand for intelligent technology to obtain information from unstructured data coupled with understanding and reading it as a human propels the growth of legal process outsourcing market.

Security concerns restrain the growth of the market, however major providers are addressing these concerns by implementing globally standard processes such as Six Sigma and many more.

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Market Segmentation

The global legal process outsourcing market has been segmented on the basis of component, organization size, deployment type, business function, end users, and region.

The components are segmented into software, service (bookkeeping and billing, legal research outsourcing, litigation support outsourcing, contract drafting, patent support, and review and management) and many more. Legal process outsourcing saves costs as well as time, expert service, flexible employment, thus providing various components with benefits, for instance in bookkeeping and billing. The market is segmented on the basis of organization size, which is segmented into small and medium-sized enterprises, large enterprises.

The market is also segmented on the basis of end users who are government, BFSI, healthcare, automotive and many more. Legal process outsourcing helps in cost reduction and high efficiency when it comes to end users. Improved turnaround time of services and focus on core functions are the benefits provided by legal process outsourcing, in turn marking a significant surge in the market in these sectors.

Regional Analysis

Geographically, global Legal process outsourcing market is spread across USA, Europe, Asia-Pacific and Rest of world. It is worth noting that the North America region dominates the market. The legal process outsourcing market in this region is primarily gaining a prominent foothold as it provides legal drafting solutions and all the advantages of a legal firm.

Also, Asia Pacific is most likely to generate the highest CAGR in the coming years. The availability of a skilled workforce with language proficiency along with government support has turned the Asia Pacific market an attractive destination for global LPO firms. India, China, Sri Lanka, and Malaysia are some of the major countries that offer LPO services in this region.

On the other hand, Europe is estimated to be the second largest market share during the forecast period 2017-2023. The low cost of real estate, high employee retention rate, growing foreign investment, and large hiring pool of multilingual candidates are some of the factors that make this market profitable in this region.

Key Players

The companies such as WNS Holdings (India), Wipro Limited (India), QuisLex Inc. (U.S), Integreon Managed Solutions Inc. (U.S and UnitedLex Corporation (U.S) are the leading of provider of legal process outsourcing services in the market.

Industry Developments

Wipro Limited (India) has announced that it has been named a winner in the ‘HFS Research Blueprint Report on Retail Customer Engagement Services.’ It has maintained its strong client relationships, huge growth in automation, and has further broadened its portfolio across retail sector.

UnitedLex announced that it has been selected by General Electric Co. (GE) to deliver innovative legal services for the company’s global law function. In this agreement, UnitedLex will partner with GE to optimize legal functions to support litigation and investigations.

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Smart Contracts Market Demand, Industry Size, Top Players, Opportunities, Sales, Revenue and Regional Forecast To 2027

 Global Smart Contracts Market, By Blockchain Platform (Bitcoin, Sidechains, NXT, Ethereum), By Technology (Ethereum, Rootstock (RSK), Namecoin, Ripple) By End – User (Banking, Government, Management, Supply Chain, Automobile, Real Estate, Insurance, and Healthcare).

Market Overview

The global smart contracts market is predicted to touch USD 300 million at a whopping 32% CAGR between 2020- 2027 states the recent Market Research Future (MRFR) analysis. Smart contracts, simply put, are programmable contracts that allow the verifiable, immutable, and secure records of every contract and transaction. Multisig authentication ability, oracle inputs, and programmability are some of its key features. It has wide applications in healthcare, automobile, insurance, management, government, real estate, supply chain, and banking.

Various factors are propelling the global smart contracts market share. As per the current MRFR report, such factors include increasing use of smart contracts in different industries like real estate, insurance, government, banking, and supply chain, the rising popularity of blockchain technology, fall in operational cost due to use of blockchain technology, presence of excellent digital characteristics, user-friendly, offers transparent agreements between records and parties, freedom of autonomy, and sufficient backup & safety. 

On the contrary, scarcity of expertise, lack of awareness, and the recent COVID-19 impact are factors that may limit the global smart contracts market growth over the forecast period. 

Segmental Analysis

The MRFR report provides an inclusive segmental analysis of the global smart contracts market based on the blockchain platform, end users, and technology. 

By blockchain platform, the global smart contracts market is segmented into ethereum, bitcoin, NXT, and sidechains. Of these, the ethereum segment will lead the market over the forecast period for its high preference owing to its being a highly advanced coding as well as processing tool. 

By technology, the global smart contracts market is segmented into namecoin, ripple, ethereum, rootstock (RSK), and others. 

By end user, the global smart contracts market is segmented into healthcare, automobile, insurance, management, government, real estate, supply chain, and banking. 

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Detailed Regional Analysis 

Based on the region, the global smart contracts market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, Europe will lead the market over the forecast period. Rapid digitalization in European industries and several European companies integrating digital solutions for increasing their competitiveness are adding to the global smart contracts market growth in the region. In this region, market players are focusing actively on implementing strategies and on product innovation, which enables them to consolidate their market position. Most companies are investing in mergers & acquisitions too. Besides, collaborations and partnerships have also increased, which is adding to the market growth. 

This is followed by North America, which is predicted to have substantial growth over the forecast period. Increasing adoption of digitalization in Japan, the UK, the US, and China, coupled with the presence of top blockchain technology providers, is adding to the global smart contracts market growth in the region. Besides, the new entrants and the various diversified and dynamic national & global organizations form a crucial part of the competitive landscape in the market. The US has the largest share in the market for the presence of a huge IT sector. 

The global smart contracts market in the APAC region is predicted to grow at a fast pace during the forecast period, and that in the RoW is predicted to have sound growth over the forecast period. 

Competitive Analysis

Eminent players profiled in the global smart contracts market report include GoCoin Pte. Ltd (Singapore), BitPay, Inc (U.S.), Coinify ApS (Denmark), Chain, Inc. (U.S.), BlockCypher, Inc (U.S.), Bitfinex (Hong Kong), Coinbase, Inc (U.S.), Blockstream Corporation (U.S.), Monetas (Switzerland), and Monax Industries Limited (U.K.), among others. Industry players have encompassed strategies such as acquisitions, mergers, joint ventures, collaborations, partnerships, strategic alliances, contracts, extensive R&D, new product launches and new product development, and geographic expansions to stay at the forefront and also cater to consumers growing needs. 

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