Global Blockchain Market To Record Significant Growth Through 2026

May 12, 2022

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 MarketStudyReport, global blockchain market was valued at USD 3024.54 million in the year 2020 and is estimated to grow substantially through 2026.

The major growth driving factors of the worldwide blockchain market are the rising demand for cryptocurrency and increasing digitalization over the past few years.

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Moreover, the outbreak of COVID-19 also enabled rapid digitization with blockchain technology utilization due to disturbances in the supply chain, lockdowns, and other restriction protocols. On top of that, the growing integration of distributed ledger technology (DLT) solutions and eCommerce will also propel the industry growth.

The penetration of blockchain DLT systems in industrial sectors like healthcare, manufacturing, e-commerce, retail, and BFSI, to reduce vulnerability to cyber-attacks and allow enhanced security features will further augment the market outlook.

Speaking of the type, global blockchain industry is segmented into a hybrid, private, and public. Herein, the public blockchain segment is slated to grow steadily during the forecast period 2021-2026, due to the advantages and easy availability it offers to the users. 

Moving onto the application spectrum, the market is categorized into supply chain management, payments, digital identity, smart contract, payments, and others. The payments segment held a massive revenue share in the recent past and is projected to grow substantially through 2026. It has become the largest blockchain application due to the increasing e-commerce use and the benefits provided by the blockchain in payments.

Based on end-user scope, the industry is segmented into payments, BFSI, industrial products & manufacturing, government, utility & energy, and others. The BFSI segment accounts for a notable industry share in the past year and is projected to grow at an exponential rate through 2026. This is due to demand for e-financial solutions among the new generation, and the incorporation of blockchain safety in BFSI.

The major players in the global blockchain industry include Accenture plc, Infosys Limited, Tata Consultancy Services, Chainalysis Inc., Hewlett Packard Enterprise Company, Oracle Corp., Digital Asset Holdings LLC, NTT Data Corp., DSC Technologies Ltd., and IBM Corps.

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