What Has Driven the Growth of the Blockchain AI Market in Recent Years?
The blockchain ai market has seen considerable growth due to a variety of factors.
• The size of the blockchain AI market has seen remarkable growth in recent years. The market, which stands at $0.57 billion in 2024, is projected to increase to $0.7 billion in 2025, witnessing a compound annual growth rate (CAGR) of 23.2%.
This significant growth during the historic period has been spurred by the heightened security and transparency in transactions, effective data management, the adoption of smart contracts, the detection and prevention of fraud, and the presence of decentralized autonomous organizations (DAOs).
What Can Be Expected from the Blockchain AI Market in the Coming Years?
The blockchain ai market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of AI in blockchain is projected to experience a substantial rise in the coming years, escalating to $1.88 billion by 2029 with a 28.0% Compound Annual Growth Rate (CAGR). The predicted upturn during this forecast period is attributed to several factors including interoperability and standardization, optimization of the supply chain, tokenization coupled with digital assets, and the evolution of decentralized finance (DeFi). Noteworthy trends that are anticipated during this period consist of interoperability amongst distinct blockchain platforms, blockchain security solutions powered by AI, the advent of Decentralized Autonomous Organizations (DAOs) for AI regulation, consensus mechanisms augmented by AI, and applications that span across industries.
What Are The Leading Drivers Of Growth In The Blockchain AI Market?
The escalation in the need for data management and access efficiency has fueled the expansion of the blockchain AI market. With the digitalization of most tasks and storing on the cloud, blockchain AI plays a crucial role in their access and management. The convergence of blockchain AI is unavoidable as both technologies handle data and value. Blockchain offers secure data storage and sharing, while AI employs this data to create insights and generate value. An example of this is Gainify, a healthcare platform harnessing AI, IoT devices, and blockchain to facilitate various functions including digital payments, identity verification, appointment scheduling, medical records management, and more. It even allows the conversion of unidentified clinical data into crypto payments. This beneficial deployment of blockchain AI in the process hikes its demand, thereby boosting the growth of the blockchain AI market.
How Are The Segments Defined Within The Global Blockchain AI Market?
The blockchain ai market covered in this report is segmented –
1) By Technology: Computer Vision, Machine Learning (ML), Natural Language Processing (NLP), Other Technologies
2) By Vertical: BFSI, Telecom And IT, Healthcare And Life Science, Manufacturing, Media And Environment, Automotive, Other Verticals
3) By Application: Smart Contract, Payment, Data Security, Logistics And Supply Chain Management, Business Process Optimization, Other Applications
Subsegments:
1) By Computer Vision: Image Recognition, Video Analysis, Object Detection
2) By Machine Learning (ML): Supervised Learning, Unsupervised Learning, Reinforcement Learning
3) By Natural Language Processing (NLP): Sentiment Analysis, Chatbots And Virtual Assistants, Text Analytics
4) By Other Technologies: Robotics, Predictive Analytics, Edge Computing
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How Are New Trends Expected To Influence The Growth Of The Blockchain AI Market?
The escalating investment in Blockchain AI technology marks a rising trend in the blockchain AI market. Artificial Intelligence is the imitation of human intelligent behavior by machines. Blockchain, on the other hand, is a distributed computer network that catalogues and preserves data, providing a clear, unalterable record of chronological events. The blend of AI's capability to manage large data sets, combined with the security of blockchain technology, has become an effective solution for managing massive databases. The potential offered by the intersection of blockchain technology and machine learning is vast. For instance, in March 2024, the UK government pledged an investment of £1.1 billion with the aim to improve the workforce's skills in emerging technologies like artificial intelligence. This strategy is designed to help thousands of individuals across the UK earn qualifications in state-of-the-art tech. The government is also dedicating over £60 million for new quantum skills programs that will run until 2034, indicating a robust commitment to developing expertise in these important fields. Hence, the role of investments in blockchain technology is pivotal for business success.
Who Are the Key Players in the Blockchain AI Market?
Major companies operating in the blockchain ai market include:
• Microsoft Corp.
• IBM Corp.
• Oracle Corp.
• AlphaNetworks Inc.
• Salesforce Inc.
• Fidelity Information Services LLC
• CertiK
• Barca Vision
• Core Scientific Inc.
• Hannah Systems
• ORS Group
• Figure Technologies Inc.
• SandboxAQ
• Plato Technologies Inc.
• NetObjex Inc.
• Phlo Systems Ltd.
• Cyware Labs Pvt. Ltd.
• Bext Holdings Inc.
• Neurochain Tech
• Fetch.AI
• Solidus Labs
• Gainfy Healthcare Network
• BurstIQ Inc.
• Token Metrics Media LLC
• Blackbird.AI
• AnChain.Ai
• Verisart Inc.
• WealthBlock
• Petuum Inc.
• Scifn
What Is The Most Dominant Region In The Blockchain AI Market?
North America was the largest region in the blockchain AI market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the blockchain ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
