According to the research report titled ‘Global Blockchain Market (2021 Edition) - Analysis By Type (Public, Private, Hybrid), Application, End User, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2021-2026)’, available with Market Study Report LLC, global blockchain market was valued at USD 3024.54 million in 2020 and is slated to garner a healthy growth rate over the forecast period 2021-2026.
 

As per the report findings, factors such as growing digitalization, surging demand for cryptocurrency, replacement of old blockchain projects, and amplifying e-commerce are stimulating global blockchain market growth.
 

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Moreover, the COVID-19 pandemic had resulted in nationwide lockdowns and stringent travel restrictions in the past year, which boosted the demand for digital transformation and blockchain technologies. Rising adoption of distributed ledger technology (DLT) systems to reduce the risk of cyber-attacks will also drive industry expansion in the upcoming years.
 

Based on type, the industry is arrayed into public, hybrid, and private blockchains. Among these, public blockchain segment accounted for a substantial industry share in the recent past and is poised to grow at a remarkable pace during the analysis period, owing to its easy accessibility for users.
 

Moving on to application spectrum, worldwide blockchain industry is split into digital identity, smart contract, payments, supply chain management, and others. The payments segment currently captures a major industry share and is slated to register notable growth over the next 5 years. This can be attributed to growing demand for e-commerce, and advantages associated with using blockchain technology in finance.
 

Lastly considering end-user scope, the market classification comprises BFSI, energy & utility, industrial products & manufacturing, government, and others. The report cites that BFSI sector is poised to generate substantial revenues over the assessment period, owing to increasing incorporation of e-financial services by the younger population demographic.
 

Major contenders in global blockchain market are Hewlett Packard Enterprise Development LP, Oracle Corp., Tata Consultancy Services, Infosys Ltd., DXC Technology Co., Chainalysis Inc., NTT DATA Corp., Accenture plc, Digital Asset Holdings LLC, and International Business Machines (IBM) Corp.