Information and Communication Technology Blockchain AI Market is projected to grow up to 26.6% CAGR during the forecasting period 2...


Blockchain AI Market is projected to grow up to 26.6% CAGR during the forecasting period 2021-2027.

A complex system, blockchain artificial intelligence (AI) requires a workforce with specific skill sets in order to develop, manage, and implement Blockchain AI systems. It is still in its infancy that Blockchain Artificial Intelligence is developed. The benefits of this technology are immeasurable; however, despite the fact that numerous Blockchain AI solution vendors have entered the market, the adoption of blockchain solutions has not kept pace. Enterprises wishing to implement this technology will require highly qualified employees who have extensive knowledge of blockchain artificial intelligence applications.

Computer vision, machine learning (ML), and natural language processing are the three primary types of artificial intelligence technologies used in blockchain applications (NLP). Blockchain artificial intelligence is being implemented in a variety of industries, including BFSI, telecom and IT, healthcare and life science, manufacturing, media and the environment, automotive, and other sectors. It is being used in smart contracts, payments, data security, logistics and supply chain management, and business process optimization.

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Key Driving Factors: Blockchain AI Industry is expected to Witness Significant Growth.

Data monetization would make artificial intelligence (AI) and advanced blockchain technology more accessible to smaller businesses. Organizations, particularly those that do not have access to large data sets, are incurring significant costs as artificial intelligence technology develops and grows. A decentralised market would make it possible for such businesses to operate in areas where it would otherwise be prohibitively expensive to do so. As a result, Blockchain AI is the ultimate enabler of data monetization, which is expected to be one of the most significant driving factors for the blockchain AI market in the future.

This factor has increased the demand for blockchain artificial intelligence because it provides data with greater security and robustness. The use of blockchain technology in conjunction with artificial intelligence has enabled end-users to improve the efficiency of their systems. As a result, business processes are simplified, transparency and immutability are provided, and the emphasis is increased on operational efficiency. During the pandemic, this has created an opportunity for vendors operating in the global blockchain artificial intelligence market to capitalise on the situation.

This report offers the major market player’s profiles, such as Figure Technologies (US), Cyware Labs (US), Core Scientific (US), NetObjex (US), Fetch.ai (UK), Ai-Blockchain (US), AlphaNetworks (US), Bext360 (US), Blackbird.AI (US), BurstIQ (US), Chainhaus (US), CoinGenius (US), Computable (US), Finalze (US), Gainfy (US), Hannah Systems (US), LiveEdu (UK), Mobs (US), Neurochain Tech (France), Numerai (US), SingularityNET (The Netherlands), Stowk (US), Synapse AI (US), Talla (US), Verisart (US), VIA (US), Vytalyx (US), Wealthblock.AI (US), and Workdone (US).

Opportunities: Cloud-based security solutions are becoming more widely accepted. 

Blockchain allows for the secure storage and sharing of data, whereas artificial intelligence (AI) can analyse and generate insights from data in order to create value. For example, Gainify is a healthcare platform that makes use of artificial intelligence, Internet of Things devices, and blockchain to streamline a variety of tasks such as appointment scheduling, digital payments, identity verification, medical records management, and other similar tasks. Moreover, it allows for the monetization of anonymous clinical data through the use of a cryptocurrency payment system. The advantages of incorporating blockchain artificial intelligence into the process increased demand for it, which in turn contributed to its growth.

The increasing demand for efficient access to and management of data has contributed to the growth of the blockchain artificial intelligence market. Currently, the majority of the work has been digitalized and is stored primarily in the cloud, which can be accessed and managed by blockchain artificial intelligence. The convergence of blockchain and artificial intelligence is unavoidable because both technologies deal with data and value. Blockchain allows for the secure storage and sharing of data, whereas artificial intelligence (AI) can analyse and generate insights from data in order to create value.

By Application: 

Smaller businesses would benefit from data monetization because it would make artificial intelligence and advanced blockchain more accessible. Organizations, particularly those that do not have access to data sets, are incurring significant costs as artificial intelligence technology develops and grows. 

A decentralised market would make it possible for such businesses to operate in areas where they would otherwise be prohibitively expensive. As a result, blockchain artificial intelligence is the ultimate enabler of data monetization, which is expected to be one of the most significant driving factors for the blockchain artificial intelligence market.

The Global Blockchain AI market report has been categorized as below

 By technology:

  • ML

  • NLP

  • Context-Aware Computing

  • Computer Vision

By component:

  • Platform/Tools

  • Services

    • Consulting

    • System Integration and Deployment

    • Support and Maintenance

By applications:

  • Smart Contracts

  • Payment and settlement

  • Data Security

  • Data Sharing/Communication

  • Asset Tracking and Management

  • Logistics and supply chain management

  • Business process optimization

  • Other applications*

By deployment mode:

  • Cloud

  • On-premises

By organization size:

  • Large Enterprises

  • SMEs

By vertical:

  • BFSI

  • Telecom and IT

  • Healthcare and Life science

  • Manufacturing

  • Media and Entertainment

  • Automotive

  • Other verticals

By Region

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World

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Published Date : July-2021