As per 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 MarketStudyReport, global blockchain market was valued USD 3024.54 million in 2020 and is anticipated to register a healthy growth rate through 2026.

According to the report findings, rising penetration of cryptocurrency and rapid digitalization is primarily driving global blockchain market growth. Moreover, increasing adoption of distributed ledger technology (DLT) systems and integration of blockchain in e-commerce are anticipated to accelerate industry expansion in the forthcoming years.

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Speaking of the COVID-19 impact, the pandemic positively affected the market as supply chain disruptions, lockdowns, and physical restrictions gave a push to digital transformation. In particular, blockchain distributed ledger gained considerable traction across various industries like BFSI, retail & e-commerce, healthcare, and manufacturing. Advanced security features and reduced risk of cyber-attacks are the key benefits favoring the technology adoption.

Based on type, global blockchain industry segmentation comprises private blockchain, public blockchain, and hybrid blockchain. Of these, hybrid blockchain segment is touted to witness considerable expansion over the analysis period. This can be ascribed to easy accessibility for users and other advantages associated with public blockchain.

Considering application spectrum, the market is divided into payments, digital identity, smart contract, supply chain management, and others. The payments segment currently captures majority of the industry share and is likely to continue this trend in the upcoming years, creditable to the proliferation of e-commerce and rising awareness regarding the advantages of blockchain in monetary transactions.

Moving to end-user scope, the industry segmentation comprises BFSI, industrial products and manufacturing, government, energy & utility, and others. BFSI currently leads the industry growth and will garner strong returns over the analysis period. Surging demand for e-financial services among the young population and rising adoption of blockchain-based security solutions are fostering segmental expansion.

Hewlett Packard Enterprise Co., Oracle Corp., Chainalysis Inc., Tata Consultancy Services Ltd., NTT DATA Corp., Infosys Ltd., DSC Technology Ltd., Accenture Plc, and IBM Corp are the major players influencing the worldwide blockchain market trends.