Pune, India, Aug. 22, 2022 (GLOBE NEWSWIRE) -- The global Blockchain AI Market size is projected to reach USD 973.6 million by 2027, exhibiting a CAGR of 23.6% during the forecast period. Increasing adoption of Blockchain solutions driven by artificial intelligence (AI) to combat the COVID-19 pandemic is stoking innovation in this market, observes Fortune Business Insights™ in its report, titled “Blockchain AI Market Forecast, 2020-2027”.
International and regional agencies have been leveraging the capabilities of Blockchain AI to efficiently and securely collect, analyze, store, and monitor data related to the coronavirus. For example, the World Health Organization (WHO) has partnered with IBM, Microsoft, Oracle, and the enterprise Blockchain platform HACER to build a distributed ledger technology (DLT) called MiPasa. This technology has been designed to enable early detection of the virus and help identify carriers and hotspots. Private companies are also engaged in developing data-driven solutions to track the coronavirus. Acoer, for instance, has created the Coronavirus Hash Log dashboard that allows the general public to understand the extent of the virus spread and its trends over time. The data used by Acoer is sourced from the WHO and the CDC and is released to the public through Blockchain. Thus, AI and Blockchain together are strengthening the global fight against COVID-19 and fueling the growth of this market.
Industry Developments:
- August 2020: Fetch.ai and Waves announced a collaboration to conduct joint research & development to boost the multi-chain capacities Fetch. I’s system of autonomous economic agents (AEAs). This partnership will enable Fetch.ai to integrate machine learning with decentralized data systems using the Gravity protocol.
- August 2020: BurstIQ announced the release of its Burst Chain® User Interface Software Developer Kit. The kit is essentially a set of accelerator tools that empower application developers to speedily deploy blockchain-enabled web applications on the BurstIQ platform.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 23.6% |
| 2027 Value Projection | USD 973.6 Million |
| Base Year | 2019 |
| Blockchain AI Market Size in 2021 | USD 184.6 Million |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 140 |
| Segments covered | Component; Technology; Deployment; Application; Industry |
| Blockchain AI Market Growth Drivers | Rising Monetization of Customer Data by Using Blockchain to Aid Market Growth |
| Lack of Skilled Workforce among Enterprises to Impede Market Growth |
Driving Factor
Favorable Government Policies for Blockchain-based Transactions to Brighten Market Prospects
Many countries around the globe are actively supporting the adoption of Blockchain-based financial transactions owing to the security and transparency of this technology. For example, in Australia, transactions and trades conducted through cryptocurrencies have been exempted from paying taxes. The Australian Securities Exchange has also announced its plans to fully deploy Blockchain technology in the next two years. In China, the national government openly supports Blockchain and AI and has been actively promoting domestic smart contracts and cryptocurrency platforms such as VeChain, TRON, and NEO. Another prominent example for Blockchain AI is Japan, where the whole concept of cryptocurrency emerged. A report by Nikkei found that in 2017, around 40% of Bitcoin trading was done in Yen, making Japan one of the leading adopters of Blockchain technology powered by AI. The proliferation of such advanced technologies in major world economies is, thus, propelling the Blockchain AI Market growth.
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Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the product demand in the near future.
Regional Insights
North America to Hold an Unassailable Market Position; Asia Pacific to Register Highest CAGR
North America, with market size of USD 92.8 million in 2019, is expected to have a commanding lead in the global market owing to the strong presence of large, internationally-renowned technological companies such as Oracle, Google, and Amazon Web Services. These tech behemoths have been spearheading the development and advancement of AI, blockchain, the Internet of Things (IoT), and Big Data technologies, which is a critical factor aiding the dominance of North America.
Asia Pacific is expanding its blockchain AI market share on account of the initiation of blockchain projects by governments and private sector entities. In Europe, on the other hand, the increasing presence of AI and blockchain companies and startups is anticipated to bolster the regional market growth.
Competitive Landscape
Partnerships & Product Launches to be the Core Growth Strategies of Key Players
In a bid to gain a decisive competitive edge, prominent players in this market are focusing their energies on launching new products and engaging in partnerships to entrench their market position. The development of next-gen offerings is also enabling companies to diversify their portfolios and further broaden the existing customer base.
List of Key Players Mentioned in the Report:
- NeuroChain
- Hannah Systems
- Chainhaus
- Bext Holdings Inc.
- NetObjex, Inc.
- Ai-Blockchain
- Cyware Labs Inc.
- BurstIQ, LLC
- Numerai
- Gainfy
- SocialTrendly, Inc.
- Alpha Networks
- Fetch.ai
- Core Scientific
- Figure Technologies
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply chain Analysis
- Global Blockchain AI Key Players Market Share Insights and Analysis, 2019
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure/Appendix
- Global Blockchain AIMarket Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Platform
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Others
- By Component (Value)
- Global Blockchain AIMarket Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
FAQ:
How big is the Blockchain AI Market?
Blockchain AI Market is projected to grow from USD 220.5 million in 2020 to USD 973.6 million in 2027 at a CAGR of 23.6% in the 2020-2027 period.
How big is Blockchain AI Market In North America?
The market in North America stood at USD 92.8 Million in 2019 and is expected to gain a huge portion of the market share in the coming years.
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