Westford,USA, May 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Blockchain AI Market will attain a value of USD 2346.68 million by 2031, with a CAGR of 23.6% over the forecast period (2024-2031). The blockchain technology industry has grown as a result of the increasing demand for effective data access and management. Everyone is doing their work using digital systems at present and files most of the information on the internet, cloud type where it will be easy accessed and maintained by Blockchain AI. This is due to Blockchain AI concern themselves with content and value, thus, making it inevitable for these two technologies to merge. When it comes to safe data passing and storing capabilities then blockchain technology is all that one requires yet Artificial Intelligence can utilize data analysis along with providing insight as to how valuable it is.
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Browse in-depth TOC on the " Blockchain AI Market "
- Pages - 197
- Tables - 156
- Figures – 80
Blockchain AI Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $430.83 million |
| Estimated Value by 2031 | $2346.68 million |
| Growth Rate | Poised to grow at a CAGR of 23.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Deployment, Application and End Use |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Growing Need for Blockchain Solutions Powered by Natural Language Processing |
| Key Market Opportunities | Enhancement in the Acceptance of Cloud-Based Security Solutions |
| Key Market Drivers | Increase Spending on Consumer Data Using Blockchain to Support Market Growth |
Large Enterprisesis Estimated to Dominate the Global Market Owing to Cutting Edge Technology in Legacy Systems
The complex interactions that underpin the global market domination of Blockchain AI are hidden behind huge enterprise components. The rapid adoption of cutting-edge technologies is impeded by various issues, including organisational inertia, regulatory restraints, and legacy systems, which huge organisations must contend with. As a result, a lag in enterprise adoption shapes the market and widens the gap between technological innovation and real-world application, supporting Blockchain AI solutions' supremacy.
BFSI is the Fastest-Growing Owing to Rising Adoption of Interoperability with Existing System
Banking, Financial Services, and Insurance (BFSI), the sector leader in the worldwide blockchain AI market, is well-known for incorporating the new current technologies proactively and adopting them early. BFSI is an ideal sector for blockchain AI implementations given its robust infrastructure and stringent security regulations which necessitatestate-of-the-art solutions. The continued investment in this sector’s development is supported by its forward-thinking approach, hence strengthening its position as a leader.
Increased Investments in Blockchain ProjectsAllowing North America to Dominate the Global Internet of Things (IoT) Market
North America held a dominant market position in the global blockchain AI market. The key factors contributing to the region’s dominant position include rising investments and the number of blockchain projects in the US and Canada, which have handled around 2,000 blockchain transactions. Governments across North America are also concentrating on integrating AI and blockchain-based solutions into their military, airports, civic services, defence, and other sectors. Throughout the projection period, Asia-Pacific is probably going to grow at the fastest rate. Over 33,000 registered firms are actively developing blockchain technology and services in China, according to CAICT.
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Blockchain AI Market Insight
Drivers:
- Rising Convergence of Blockchain and AI Technology
- Increase Spending on Consumer Data Using Blockchain to Support Market Growth
- Blockchain AI Technologies Enable Data Monetization
Restraints:
- Regulatory Compliance Uncertainty
- Scalability and Performance Challenges
- Limited Number of Blockchain AI experts
Prominent Players in Global Blockchain AI Market
- Cyware Labs Inc. (US)
- Alpha Networks (Taiwan)
- Chainhaus (US)
- NeuroChain (Paris, France)
- SocialTrendly, Inc. (BLACKBIRD.AI) (US)
- Core Scientific (US)
- Fetch.ai (UK)
- BurstIQ, LLC (US)
- Hannah Systems (US)
- Bext Holdings Inc. (US)
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Key Questions Answered in Global Blockchain AI Market Report
- What reasons are expected to propel the Global Blockchain AI Market to a projected double-digit CAGR by 2031?
- In what ways does the combination of blockchain and artificial intelligence technologies meet the increasing need of the digital age for efficient data access and management?
- What obstacles stand in the way of the BFSI sector's adoption of Blockchain AI solutions, and how do these obstacles affect the competitive landscape and prevailing players' dominance?
This report provides the following insights:
- Analysis of key drivers (Increase use of data economics solution, flexibility to design, build, develop & deploy applications as needed, increased adoption of data economy solutions in enterprises and offering synergistic benefits and innovative use of blockchain and AI technology), restraints (Scalability & performance challenges, public blockchain face transaction throughput, latency & network congestion and legal & ethical questions associated with blockchain AI), opportunities (Cloud-based security solutions, reduce upfront costs & eliminate concerns regarding the maintenance of servers and cloud-based Blockchain AI improving scalability and are cost-effective for SMEs), and challenges (Decentralization puts the user completely in charge of their data and retaining original data ownership) influencing the growth of blockchain AI market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the blockchain AI market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the blockchain AI market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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