Blockchain AI Market is Projected to Hit USD 785.8 Million at a healthy CAGR of 20.71% by 2027 – Report by Market Research Future (MRFR)

Blockchain AI Market Overview

By 2027, the blockchain AI market is expected to be USD 785.8 million with a CAGR of 20.71%. A global, decentralized, immutable ledger called a blockchain is used to record encrypted data. Using the gathered data, artificial intelligence allows analytics and decision-making. Blockchains empower artificial intelligence to build and trade financial goods by improving machine learning capabilities.

Data sharing and secure archiving are made possible. In order to create value, blockchain AI is integrated to analyze data and produce insights. Blockchain AI market demand is expected to increase due to the growing need for data monetization, which permits blockchain or Ai tools for smaller companies. Additionally, the growing use of cloud-based solutions and the Internet of Things (IoT) is opening up opportunities for companies that offer blockchain AI solutions.

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During the projected period, there are expected to be numerous government initiatives to promote the use of blockchain artificial intelligence (AI) across a variety of businesses. The lack of blockchain AI specialists, however, is anticipated to restrain market expansion throughout the projection period.

Report Scope:

Covid 19 analysis

The worldwide COVID-19 scenario has had a huge impact on the blockchain AI sector. The COVID-19 problem is posing unprecedented challenges to the world economy and is having an impact on millions of people due to its devastating effects on health, families, and financial stability. For instance, the COVID-19 pandemic was declared a global pandemic by the World Health Organization (WHO) in March 2020, placing some nations under lockdown. Since governments around the world have imposed lockdowns as a result of the COVID-19 outbreak, commercial activity has been significantly reduced. As a result, customers’ dependence on internet enterprises to deliver essential services has increased significantly.

Due to the data confidentiality and resilience that blockchain AI offers, this element has raised the necessity for it. The end users have been able to improve the efficiency of their systems by fusing blockchain and AI. By providing transparency and immutability and making company procedures simpler, it increases the emphasis on operational effectiveness. During the pandemic, this has provided a business opportunity for the suppliers present in the worldwide blockchain AI market.

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Blockchain AI Market Segmentation

Depending on Technology, Element, Applications, Deploy Mode, Organizational Factors, Vertical, and Region, the Global Blockchain AI Market has been divided.

The blockchain AI industry has been divided into categories based on technology including machine learning,  context-aware computing, natural language processing, and computer vision.

The market has been divided into Platform/Tools and Services based on element. system integration and deployment, Consulting, and support and maintenance comprise the segments of services.

Blockchain AI Market By Technology:

• ML
• NLP
• Context-Aware Computing
• Computer Vision

Blockchain AI Market By Component Services:

• Platform/Tools
• Services (Consulting
• System Integration and Deployment and Support and Maintenance.

Blockchain AI Market By Applications:

• Smart Contracts, Payment and Settlement
• Data Security
• Data Sharing/Communication
• Asset Tracking and Management
• Logistics and Supply Chain Management
• Business Process Optimization and Other.

Blockchain AI Market Regional Classification

Asia-Pacific, North America, Europe, the Middle East & Africa, and South America make up the geographical segments of the global blockchain AI market.

Asia-Pacific led the market in terms of market share, followed by Europe and North America. It is anticipated that North America will maintain its leadership through the conclusion of the projection period.   The highest market share was held by the US, following by Canada and Mexico. The region with the highest CAGR over the forecast period is Asia-Pacific.

Industry News

• To broaden its selection of products and services for digital transformation, NetObjex purchased VitalGrid in June 2020.
• At the Consumer Electronics Show in January 2019, NetObjex unveiled a new IoT-AI-Blockchain gateway device.
• AlphaNetworks unveiled a new AI, blockchain-based video network in July 2018.

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