Market Research Future (MRFR) projects the global blockchain AI market size to expand at a significant pace from 2020 to 2027 (forecast period). Its latest report contains trends and niches expected to be relevant in the coming years.
Multiple Factors to Boost Market Growth
The growing demand for data monetization as it enables blockchain and AI technologies for smaller businesses is expected to drive demand for blockchain AI. Furthermore, the increasing 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 collective decision-making, and decentralizes intelligence. Blockchain AI provides a decentralized and scalable environment for diverse platforms, devices, and applications, as well as allowing connected devices to improve security and operational efficiency in ecosystems.
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The Global Market to Grow Amid COVID-19 Pandemic
The global escalation of the COVID-19 situation has had a huge impact on the blockchain AI market. The COVID-19 issue has posed enormous challenges to the world economy, hurting millions as a result of badly disrupted health, family, and poor financial conditions. For example, the World Health Organization (WHO) declared COVID-19 a global pandemic in March 2020, putting numerous countries on lockdown. Since governments around the world have imposed lockdowns as a result of the COVID-19 outbreak, commercial activity has been reduced, increasing reliance on online businesses to deliver necessary services to consumers. This factor has raised the need for blockchain AI since it delivers data security and robustness. End-users have been able to improve the efficiency of their systems by combining blockchain and AI. It streamlines business processes while boosting transparency and immutability and focusing on operational effectiveness. During the pandemic, this has generated an opportunity for vendors operating in the global blockchain AI market.
The global blockchain AI market has been segmented based on technology, component, applications, deployment mode, organization size, and vertical.
By technology, the blockchain AI market has been segmented into machine learning, natural language processing, context-aware computing, and computer vision.
By component, the blockchain AI market has been segmented into platforms/tools and services.
By 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 others.
By deployment mode, the blockchain AI market has been segmented into cloud and on-premise.
By organization size, the blockchain AI market has been segmented into large enterprises and SMEs.
By vertical, the blockchain AI market has been segmented into BFSI, telecom & IT, healthcare & life science, manufacturing, media & entertainment, automotive, and others.
North America to Remain Dominant in the Global Market
North America dominated the blockchain AI market, followed by Asia Pacific and Europe; this dominance is likely to continue till the end of the forecast period. North America is an important market for blockchain and AT technologies. The highest market share was held by the United States, followed by Canada and Mexico. The United States has a considerable market share in North America due to key enterprises such as Figure Technologies, Ai-Blockchain, and AlphaNetworks making a name for themselves in the region.
The key players in 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), Vytalyx (US), Wealthblock.AI (US), BurstIQ (US), Chainhaus (US), CoinGenius (US), Neurochain Tech (France), Numerai (US), Computable (US), Finalze (US), Gainfy (US), Hannah Systems (US), Mobs (US), SingularityNET (Netherlands), Stowk (US), and Workdone (US).
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