Market Research Future (MRFR) estimates the global blockchain AI market share to grow at a significant pace from 2020 to 2027 (forecast period).
Multiple Factors to Augment Market Growth
Blockchain is a distributed, decentralized, immutable ledger that is used to store encrypted data. Data analytics and decision-making are made possible by artificial intelligence. Blockchains improve machine learning capabilities and allow AI to generate and trade financial products. It provides safe data storage and sharing. To generate value, blockchain AI is integrated with data analysis and insight generation. The growing desire for data monetization as it enables blockchain and AI technologies for smaller businesses is projected to drive demand for blockchain AI. Furthermore, the growing usage of cloud-based technologies and the Internet of Things (IoT) is opening up new opportunities for blockchain AI solution providers. Blockchain AI improves data security, boosts trust in robotic decisions, aids in group decision-making, and decentralizes intelligence. Blockchain AI offers a decentralized and scalable environment for diverse platforms, applications, and devices, as well as allowing connected devices to improve security and operational efficiency in ecosystems. An increasing number of government initiatives for the use of Blockchain AI in many industries throughout the world are factors that are projected to generate considerable potential for market participants during the forecast period.
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The global blockchain AI market is expected to expand at an XX% CAGR during the forecast period, to reach XX million by 2026. The geographic analysis of the blockchain AI market has been conducted in North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the dominating region due to the faster adoption of innovative technologies in developed countries such as the US and Canada. The US accounted for the largest market share, followed by Canada and Mexico. This growth can be attributed to favorable government initiatives to encourage the adoption of blockchain AI across various industries. The main factor driving the blockchain AI market in this region is the strong presence of key industry players offering blockchain AI solutions.
The European market has been segmented into the UK, Germany, France, and the rest of Europe. In terms of market size, Europe is expected to be the second-largest regional market. The UK is projected to be the leading country-level market, while Germany is expected to register the highest growth over the review period. A growing number of blockchain AI start-ups in the region are boosting the adoption of blockchain AI to improve operational efficiency and enable process automation.
The market in Asia-Pacific is projected to register the fastest growth rate over the forecast period, with the regional market being segmented into China, Japan, India, and the rest of Asia-Pacific. This share is attributable to increasing investments in blockchain and artificial intelligence. Furthermore, increasing government and research institute initiatives in the region for the development of blockchain AI technology is likely to drive the market growth in Asia-Pacific.
The Middle East & African and South American markets have started adopting these technologies only recently. The service providers and enterprises from BFSI, government, and defense sectors in this region have started adopting blockchain AI technology.
The global blockchain AI market has been segmented based on technology, component, applications, deployment mode, organization size, vertical, and region.
Based on technology, the blockchain AI market has been segmented into machine learning, natural language processing, context-aware computing, and computer vision.
Based on component, the blockchain AI market has been segmented into platform/tools and services. The service segment is subdivided into consulting, system integration and deployment, and support and maintenance.
Based on applications, the blockchain AI market has been segmented into smart contracts, payment and settlement, data security, data sharing/communication, asset tracking and management, logistics and supply chain management, business process optimization, and other.
Based on deployment mode, the blockchain AI market has been segmented into cloud and on-premise.
Based on organization size, the blockchain AI market has been segmented into large enterprises and SMEs
Based on vertical, the blockchain AI market has been segmented into BFSI, telecom and IT, healthcare and life science, manufacturing, media and entertainment, automotive, and other.
The key players of the global blockchain AI market are;
- Fetch.ai (UK)
- Figure Technologies (US)
- LiveEdu (UK)
- Cyware Labs (US)
- Core Scientific (US)
- NetObjex (US)
- Ai-Blockchain (US)
- AlphaNetworks (US)
- Bext360 (US)
- Blackbird.AI (US)
- Synapse AI (US)
- Talla (US)
- Verisart (US)
- VIA (US)
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