Blockchain AI Market is estimated to reach USD 211.3 billion

The Blockchain AI Market

The Blockchain AI Market was valued at USD 5.2 billion in 2021, and is forecast to touch USD 211.3 billion by 2029, growing at a significantly higher CAGR of 58.9% from 2022-2029.

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The factors driving the growth of Blockchain AI Market include increasing use of Blockchain AI platforms by small and medium enterprises to develop payment systems and smart contracts, increasing popularity of cryptocurrency worldwide, increasing demand for Natural Language Processing (NLP) solutions and improvements in the standard of living. Moreover, increasing adoption of advanced technologies such as Artificial Intelligence (AI), Cloud Computing and Internet of Things (IoT) by large companies, increase in the launch of innovative products and rapid urbanization are some of the additional factors supplementing the market growth. In addition, the increasing investments by large companies on research and development, increasing use of Blockchain AI solutions across industry verticals such as BSFI, Telecom and Manufacturing and increasing population growth further contribute to the market growth.

However, the growth of the Blockchain AI market is hindered due to the complexity of developing and managing AI Blockchain systems.

The prominent players operating in the market are Cyware Labs, NetObjex, Fetch.ai, Northern Data AG, Bext360, BurstIQ, Ai-Blockchain, Neurochain Technology, Core Scientific, Inc., and AlphaNetworks, Inc. among others.

Based on deployment mode, the cloud segment is estimated to grow at a significant CAGR during the forecast period

Cloud-based blockchain AI solutions are cost-effective, reduce server maintenance costs and provide enhanced security are some of the features driving growth in the segment.

Based on industry verticals, the BFSI segment is estimated to grow at a robust CAGR over the forecast period

Increasing adoption of blockchain technology by some of the major banks such as ALFA Bank, Commonwealth Bank and JPMorgan Chase & Co., due to increasing demand for fast transaction solutions, is driving the Blockchain AI market.

Based on region, the North American region is expected to expand at a remarkable CAGR during the forecast period

Increasing demand for AI blockchain solutions from banks, hospitals, and defense forces, increasing use of advanced technology by large companies in the United States, increasing population growth, and high per capita income are some of the important factors fueling market growth in the North American region.

Key development

In 2020, Fetch.ai entered into a strategic partnership with Waves Technologies to develop AI solutions that can be accessible to multiple blockchain networks via the Gravity Protocol. The goal of the partnership is to conduct joint R&D to improve the multi-chain capabilities of Fetch.ai’s Autonomous Economic Agents (AEA).

Market segmentation

Segmentation by component

Platform
Services

Segmentation by technology

Computer vision
Machine learning
Natural language processing
Second

Segmentation by distribution mode

Cloud
On-site

Segmentation by Application

Smart contracts
Logistics and Supply Chain Management
Payment and settlement
Asset tracking and management
Second

Segmentation by industry Vertical

BFSI
Telecom and IT
Health and life sciences
Production
Media and entertainment
Energy and utilities
Second

Segmentation by region

Asia Pacific
China
Japan
India
Rest of APAC

North America
The United States of America
Canada

Europe
Great Britain
Germany
France
Spain
The rest of Europe

Advice
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.