Encrypted data is stored on a blockchain, which is a decentralised, distributed, and unchangeable ledger. It enables secure data storage and sharing. In order to create value, blockchain AI and data analysis are combined. Blockchain and AI technologies are expected to become more popular as a result of the growing demand for data monetization, which also makes them more accessible to smaller businesses.
Covid 19 Impact & Market Status
The global escalation of the COVID-19 situation has had a significant impact on the blockchain Al market. Due to the COVID-19 crisis' severe effects on health, families, and financial stability, the global economy is facing previously unheard-of difficulties and is being felt by millions of people. For instance, the World Health Organization (WHO) designated the COVID-19 pandemic a worldwide pandemic in March 2020, putting some countries on lockdown. Business activity has decreased as a result of lockdowns implemented by governments worldwide in response to the COVID-19 outbreak, increasing reliance on internet firms that offer essential services to consumers. This factor has ened the demand for blockchain Al, which provides data security and robustness.
North America is expected to dominate the global Artificial Intelligence in Blockchain market
The research predicts that North America will control the worldwide market. The US is anticipated to have the biggest market share throughout the projection period. Over the projection period, it is anticipated to grow at a CAGR of 22.2% and be valued US$ 917.7 million. The China Academy of Information and Communications Technology reports that between 2014 and 2017, there were almost 2,000 blockchain projects in the United States (CAICT). Furthermore, the US government is focusing on deploying blockchain-based artificial intelligence-based solutions in a variety of fields.
Europe is likely to garner considerable market share
Europe is expected to gain a sizable market share, with the United Kingdom contributing US$ 123.5 million and expanding at a 21.5% CAGR. Some of the most significant consumers are in the ITC, automotive, media, and entertainment industries, among others. Additionally, it's anticipated that the market in the area will benefit in the future from rapid digitalization. Furthermore, growing collaboration among players is expected to boost the UK market. For instance, the British Blockchain company Fetch Ai and the London-based West Ham United FC announced a partnership in March 2020.
Blockchain AI solution providers now have a market opportunity thanks to the growing popularity of cloud computing and the Internet of Things (IoT). In addition to enhancing data security, blockchain AI also increases confidence in robotic judgement, supports collective decision-making, and outsources intelligence. For the various platforms, gadgets, and applications, blockchain AI offers a decentralised and scalable environment. This enables the connected gadgets to improve ecosystem security and operational effectiveness.
The technology known as "blockchain," which was initially created for Bitcoin, allows users to track their transactions in a public ledger. However, it is now widely used in commercial applications for managing digital assets, ownership documents, and other things. Technically complex technologies like blockchain and artificial intelligence both have significant business implications in the years to come, and experts appear to be in agreement about this. For a number of well-known projects, the foundation of the good or service is made up of blockchain and AI technologies. AICoin, for example, is a financial concept in which a token is combined with the advantages of artificial intelligence modelling.
Business leaders can benefit from the integration of blockchain and AI. Marketplaces for artificial intelligence, platforms for investment management, and crowdsourced forecasting for hedge funds are a few of its key applications. Artificial intelligence is the ability of machines to carry out intelligent tasks that were previously completed by humans. Additionally, a decentralised computer network called blockchain is used to record and store data and display a timeline of events on an unalterable ledger.
Increasing investments in blockchain Al projects by countries such as China, Japan, the United States, and the United Kingdom are expected to propel market size during the forecast period. Under Europe's InnovFin Al/BT initiative, the goal is to support investments in the technology sector. The global blockchain Al market size was USD 184.6 million in 2019. COVID-19's worldwide effect has been unprecedented and astounding, with blockchain Al seeing a positive demand shock across all areas in the midst of the epidemic. According to our estimates, the global market would expand by 19.4% in 2022. The market is expected to increase at a CAGR of 23.6% from USD 220.5 million in 2022 to USD 973.6 million in 2029. Because of this market's demand and growth, which will resume to pre-epidemic levels once the pandemic is gone, the CAGR dropped abruptly but is explicable.
Originally created for Bitcoin, blockchain technology allows users to track their transactions in a public ledger. However, it is now widely used in commercial applications for managing digital assets, ownership documents, and other things. Technically complex technologies like blockchain and artificial intelligence both have significant business implications in the years to come, and experts appear to be in agreement about this. Encrypted data is stored on a blockchain, which is a distributed, fragmented, and unchangeable ledger. Artificial intelligence enables analytics and decision-making based on collected data. Blockchains improve the capacity of machine learning and allow artificial intelligence to produce and trade financial products.
The capabilities of business applications are improved by data monetization solutions, which also help businesses in the analytics stage to gain insights from their business data. These solutions are used in organisations to help decision-makers be precise. IT specialists can create, plan, execute, and deploy applications using a platform offered by customer data monetization solutions. Because of improvements in machine learning (AI), the Internet of Everything, and big data technologies, businesses are expected to adopt data monetization solutions. The launch of new products is the main focus of major market players as they attempt to meet the growing consumer demands.
Due to the complexity of the Blockchain Al system, businesses need employees who possess a specific set of skills for creating, managing, and implementing Blockchain Al systems. It is still early days for Blockchain Al technology. Although there are many companies offering Blockchain Al solutions, the adoption of these solutions is still far from where it should be, despite the fact that this technology offers enormous advantages. Enterprises that adopt this technology require skilled personnel who are well-versed in blockchain Al applications. Decentralisation entirely puts the user in charge of things by eliminating the necessity for intermediaries when transferring data. As a result, users maintain ownership of their data and control who has access to it, as opposed to having multiple data sets held by various companies. A perfect and one-of-a-kind provenance trail of the data's origins, owners, and, in the event that it has a flaw, how to exclude it from analysis are all provided by Blockchain Al.
Among the leading companies in the global blockchain AI market are Core Scientific, BurstIQ, Alpha Networks, Cyware, NeuroChain Tech, and Core Scientific. Due to anticipated advancements in cutting-edge technologies, market-leading companies like Gainfy Foundation, Al-Blockchain, BurstIQ, LLC, Blackbox Al, and others are concentrating on providing cutting-edge products. These players are concentrating on implementing cutting-edge technologies like deep learning, neural networks, and distributed ledger technology in order to support the various blockchain applications for artificial intelligence. Furthermore, the fierce competition in this market is pressuring blockchain service providers to concentrate on merger and acquisition tactics in order to strengthen their market positions.
Latest Innovations of the Global Artificial Intelligence in Blockchain Market: a snapshot
- The full developer kit, dubbed the BustChain User Interface (UI) Software Developer Kit, was released by BurstIQ, LLC in August 2020. (SDK). The set allows businesses to quickly deploy and develop services and solutions on the BurstIQ System.
- In May 2021, Figure Technologies Inc. secured USD 200 million in series D fundraising, valued at USD 3.2 Million. With the funding, blockchain will be able to be utilised to rethink the financial business.
- In September 2020, BurstIQ and Tech Mahindra established a strategic collaboration to create an identification management solution, authentication data management (IDM), and provider data management (PDM).
Artificial Intelligence in Blockchain Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 973.6 million|
|Growth Rate||CAGR of 23.6 % during 2021-2028|
|Segment Covered||Application, Technology, Component, Deployment, Vertical, Organization Size, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Core Scientific, BurstIQ, Alpha Networks, Cyware, NeuroChain Tech, and Core Scientific. Due to anticipated advancements in cutting-edge technologies, market-leading companies like Gainfy Foundation, Al-Blockchain, BurstIQ, LLC, Blackbox Al|
Key Segments of the Artificial Intelligence in Blockchain Market
Technology Overview, 2019-2029 (USD Million)
Component Overview, 2019-2029 (USD Million)
Deployment Overview, 2019-2029 (USD Million)
- On premises
Vertical Overview, 2019-2029 (USD Million)
- Telecom and IT
- healthcare and life science
- media and entertainment
Organization Size Overview, 2019-2029 (USD Million)
Application Overview, 2019-2029 (USD Million)
- smart contracts
- payment and settlement
- data security
- data sharing/communication
- assest tracking and management
- logistics and supply chain management
- business process optimization
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa