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Blockchain AI Global Market Report 2020-30: COVID-19 Growth And Change

Blockchain AI Global Market Report 2020-30: COVID-19 Growth And Change

  • September 2021
  • 175 pages
  • ID: 6151702
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the blockchain AI market are Cyware Labs, Core Scientific, Ai-Blockchain, AlphaNetworks, Bext360, BurstIQ, Neurochain Tech, Figure Technologies, NetObjex, Fetch.ai, Chainhaus, CoinGenius, and Computable.

The global blockchain AI market is expected to grow from $232.09 million in 2020 to $297.62 million in 2021 at a compound annual growth rate (CAGR) of 28.23%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $748.8 million in 2025 at a CAGR of 25.93%.

The blockchain AI market consists of sales of blockchain AI technology and related services by entities (organizations, sole traders and partnerships) that provide blockchain and AI technology.Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system.

Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed so that machines can think like humans and mimic their actions.Blockchain AI convergence is inevitable because of both the technology with data and value.

Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value.

The main types of technologies used in blockchain AI are computer vision, machine learning (ML), and natural language processing (NLP). The blockchain AI is implemented in different verticals such as BFSI, telecom and IT, healthcare and life science, manufacturing, media and environment, automotive, and other sectors and is applied in smart contract, payment, data security, logistics and supply chain management, and business process optimization.

North America was the largest region in the blockchain AI market in 2020.Asia Pacific is expected to be the fastest growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Growing investment in Blockchain AI technology by enterprises is considered an emerging trend in the blockchain AI market.Artificial Intelligence refers to the machine that performs intelligent tasks performed by humans.

Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system.The development of artificial intelligence applied to big data together with the security offered by blockchain technology creates the perfect combination for the management of large databases.

Blockchain technology, in particular, has shown immense potential when coupled with machine learning functionality.According to a survey conducted by O’reilly in 2019, 85% of 1,388 organizations are using AI in production.

Most companies that were experimenting with using AI are now going ahead and adopting it in their processes. Therefore, investing in blockchain technology by business enterprises plays a major role in the success of the businesses.

In June 2020, NetObjex acquired VitalGrid for an undisclosed amount.The deal will expand NetObjex’s Digital Transformation product and service offerings.

NetObjex is an Operating Platform for Digital Assets utilizing Artificial intelligence, Blockchain & IoT with applications in Manufacturing, Supply Chain, Transportation and Smart Cities. VitalGrid provides business technology and management consulting for improving performance, streamlining processes and reducing risk by delivering technology-enabled business innovation.

The growing demand for accessing and managing data efficiently contributed to the growth of the blockchain AI market.Currently, most of the work has become digitalized and is mostly stored on the cloud, which is accessed and managed by blockchain AI.

Blockchain AI convergence is inevitable because both the technology deal with data and value.Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value.

For instance, Gainify is a healthcare platform that leverages AI, IoT devices, and blockchain and facilitates different tasks such as streamlining appointment scheduling, digital payments, identity verification, medical records management and others.It also allows monetization of anonymous clinical data through a crypto payment system.

The benefits of the deployment of blockchain AI in the process increased its demand and thereby contributed to the growth.

The countries covered in the blockchain AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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