Global Blockchain Market : Insights and Forecast with Impact of Covid-19 (2021-2026)

DELHI, India - Sept. 3, 2021 - PRLog -- The Global Blockchain Market, valued at USD 3024.54 Million in the year 2020 has been witnessing unprecedented growth in the last few years on the back of rising demand of cryptocurrency and growing digitalisation. The COVID-19 pandemic has accelerated the digital transformation in many areas because of supply chain disruptions, lockdowns and many physical restrictions, with the usage of blockchain technology. The market growth of blockchain will also be facilitated by replacements of blockchain projects as most of them have ignored basic features of the technology. Also, with the pandemic brining into focus the required changes in the blockchain technology, the market will witness major growth in the near future. Additionally, rising adoption of distributed ledger technology (DLT) systems, increasing adoption of e-commerce will drive the Blockchain Market value in the near future.

The pandemic has significantly pushed the demand for blockchain distributed ledger in several industries such as BFSI, manufacturing, retail & e-commerce and healthcare. In addition to this, as businesses across the globe are reopening, many organisations are shifting their focus towards blockchain distributed ledgers for advanced security features for their customers to reduce the risk of cyber-attacks.

Among the Type in the Blockchain Market (Public blockchain, Private Blockchain, Hybrid blockchain), Public Blockchain is large segment globally and is expected to grow steadily in the forecast period. The advantages of public blockchain and easy accessibility for users will drive the market.

Among the Application of the Blockchain Market (Digital Identity, Payments, Smart Contract, Supply Chain Management, Others), Payments holds large share in market globally and is expected to keep growing in the forecast period. It is one of the largest applications of Blockchain Market due to the growing demand of E-commerce and the advantages of blockchain in payments will keep driving the market in future.

Among the End User of the Blockchain Market (BFSI, Payments, Industrial Products and Manufacturing, Energy and Utility, Government, Others), BFSI holds large share in market globally and is expected to keep growing in the forecast period.

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