Blockchain AI Market was valued at USD 5.2 billion in 2021, and forecast to touch USD 211.3 billion in 2029, growing at a significant higher CAGR of 58.9% from 2022-2029.
The factors driving the growth of Blockchain AI Market includes increasing use of Blockchain AI platforms by small and medium enterprises for developing payment systems and smart contracts, growing popularity of cryptocurrency around the world, rising demand for Natural Language Processing (NLP) solutions and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Cloud Computing and Internet of Things (IoT) by major companies, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the rising investments by major companies on research and development, increasing application of Blockchain AI solutions across industry verticals such as BSFI, Telecom and Manufacturing and growing population growth rates, are further contributing towards the market growth.
However, growth of the Blockchain AI Market is hindered due to complexities in 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, reduces maintenance cost of servers and provides enhanced security, are some of the features pushing growth of the segment.
Based on Industry Verticals, the BFSI segment is projected to grow a robust CAGR over the forecast period
Growing adoption of blockchain technology by some of the major banks such as ALFA Bank, Commonwealth Bank, and JPMorgan Chase & Co., owing to increasing demand for fast transaction settling solutions, is propelling the Blockchain AI market size.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Increasing demand for AI blockchain solutions by banks, hospitals, and defense forces, growing adoption of advanced technologies by major companies in the United States, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Key Development
- In 2020, Fetch.ai entered in a strategic partnership with Waves Technologies for developing AI solutions that can be accessible to multiple blockchain networks via the Gravity Protocol. The aim of the partnership is to conduct a joint R&D for enhancing 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
- Others
Segmentation by Deployment Mode
- Cloud
- On-premises
Segmentation by Application
- Smart Contracts
- Logistics and Supply Chain Management
- Payment and Settlement
- Asset Tracking and Management
- Others
Segmentation by Industry Vertical
- BFSI
- Telecom and IT
- Healthcare and Life Science
- Manufacturing
- Media and Entertainment
- Energy and Utilities
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
