New York, United States , Nov. 03, 2022 (GLOBE NEWSWIRE) -- The Global Blockchain AI Market Size was valued at USD 230.10 Million in 2021, the market is projected to grow USD 980.70 Million in 2030, at a CAGR of 24.06%, as per the latest research report by Spherical Insights & Consulting. AI and blockchain are two of the greatest trending methods in the current scenario. The two most popular technologies. Both combined is able to provide robust outcomes, and become highly benefited for various applications such as financial security, supply chain logistics, creating diverse datasets and many others. The Asia Pacific region is anticipated to grow over the next few years of global blockchain AI market due to the rapid adoption of new technologies and is expected to have the highest CAGR in the global Blockchain AI market during the forecast period.
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Blockchain is a technology that has ability to track transactions between users in a public ledger that was developed originally for Bitcoin. But now it is highly used commercial applications such as tracking ownership documents, digital assets and others. Both artificial intelligence and blockchain contain technical complexity and there seems to be a sense of agreement among experts that these technologies will have serious business implications in coming years. There are various prominent projects for which AI and blockchain technologies form the core of the product or service. Such as AICoin, it is a concept in finance where a token combines with the benefits of artificial intelligence modelling. In this project, the developers developed artificial intelligence models that learn to identify and trade patterns that are hidden in the dozen or so most liquid cryptocurrency markets. This project aims to enable investors in the token to build wealth through the power of artificial intelligence and the blockchain.
The combination of blockchain and AI is useful for business leaders. Some of its major applications are AI marketplaces, crowdsourced predictive models for hedge funds, and investment management Platforms. Artificial intelligence refers to machines that are able to perform intelligent tasks that have traditionally been accomplished by humans. And blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system.
The demand for blockchain AI is increasing with each passing day. The businesses in this industry facing major competition at United States scale with leading players of the market that includes Figure Technologies, Core Scientific, and Cyware Labs holds 26.01% of market share. Many international as well as regional service providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such ad technological development, resource utilization to enhance their market position.
Browse key industry insights spread across 210 pages with 123 market data tables and figures & charts from the report “Global Blockchain AI Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Component (Platform/Tools, and Services), By Deployment (On-premises, and Cloud), By Technology (ML, NLP, Context-Aware Computing, And Computer Vision), By Application (Smart Contracts, Payment & Settlement, Data Security, Data Sharing/Communication, Asset Tracking & Management, Logistics & Supply Chain Management, And Business Process Optimization), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”, in detail along with the table of contents
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Development in digitization is becoming one major source and driver of transformational change across all industry verticals. Artificial intelligence is able to enhance the industry toward a high level of efficiency. The United States is digitizing so quickly that most users are scrambling to adapt. The blockchain AI accelerates and also connects the ecosystem of artificially intelligent bots and software. The combination of both delivers universal registration, identity validation, bot audit, and compliance capabilities.
The use of artificial intelligence is becoming more and more predominant across the tech ecosystem. Companies are increasingly looking to integrate artificial intelligence into their products and services in order to stay competitive. To develop artificial intelligence applications, companies frequently essential access to massive datasets. Governments in the United States are adopting Blockchain technology and artificial intelligence at a rapid pace. The United States is busy themselves to become a fully digitalized society, hopefully before the expiration of the current decade. Moreover, the rising demand for digitization across different industry verticals worldwide is expected to drive market growth during the forecast period. This is due to the increasing demand for encryption, transparency, decentralized, and invariable, and demand for blockchain AI for applications such as smart healthcare.
Cloud-based security solutions provide great advantages, including cost-effectiveness, easy deployment, security, and single management facility crossways on all endpoint devices. Cloud-based solutions decrease upfront costs and remove concerns regarding the maintenance of servers. Therefore, cloud-based Blockchain AI solutions are highly applicable as they enhance scalability and are cost-effective for small and medium-size organizations because they are not able to afford on-premises solutions expensive. The increasing adoption of cloud-based technologies and the Internet of Things is a great opportunity for AI solution providers, removing various concerns related to expenditure and installation expenses.
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The companies are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new solution launches and collaborations as their strategies. Key players are exploring new areas through expansions and acquisitions across the world to avail competitive advantage through combined synergies. For instance, in Jun 2021 IBM and Telefonica Tech, Telefonica’s digital business holding announced a hybrid cloud solution, this solution helps organizations to fuel their digital transformation with the help of artificial intelligence and blockchain technology. This AI powered virtual assistant and a blockchain platform to embrace an open hybrid cloud strategy. Furthermore, the concept of cloud based blockchain AI is another major factor expected to retain the market growth and generate huge opportunities for market vendors during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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