Vancouver, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global Blockchain AI market is estimated to reach value of USD 3,519.23 Million by 2032, according to a current analysis by Emergen Research. Blockchain and AI are becoming a powerful pair and their implementation has improved the procedures in almost every industry. AI uses Blockchain to facilitate the sharing of data used in multiple models. One of the examples is usage of machine learning models for product recommendations in online retail.
Blockchain, a decentralized system, offers an ideal solution to centralized data storage. It enables an AI-based system to store its data on various systems spread across the globe and also access them seamlessly. It allows access to a much-diverse data set, allowing better and more profound learning of machine learning and artificial intelligence algorithms.
One of the significant drivers of the Blockchain AI market is data monetization. Both AI and advanced Blockchain are anticipated to become more accessible by data monetization. The development of AI technology is expensive for companies, especially for those that do not own data sets. However, the market is still at a nascent stage. The technology requires a highly skilled workforce and the development and management of the technology are difficult for laymen. This is expected to restrict the Blockchain AI market during the forecast period.
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Scope of Research
| Report Details | Outcome |
| The market size in 2019 | USD 180.7 Million |
| CAGR (2023–2032) | 25.6% |
| The revenue forecast in 2032 | USD 3,519.23 Million |
| Base year for estimation | 2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Volume in tons, Revenue in USD Thousand, and CAGR from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | technology, component, application, deployment mode, organization size, vertical, and region |
| Regional scope | North America; Europe; Asia Pacific; Central & South America; and Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey |
| Key companies profiled | Alpha Networks, AI-Blockchain, BurstIQ, LLC, Bext360, Core Scientific, CoinGenius, Fetch.ai, Cyware Labs, Finalze, Inc., and Neurochain Tech |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Market Share Analysis
The market for Blockchain AI is fairly consolidated, with a few small- as well as medium-sized manufacturers accounting for a major share of the global market. Manufacturers operating in the market are desegregated across the value chain. Key companies operating in the market are well-equipped with large manufacturing facilities and they are also engaged in various research and development activities. Some of the prominent players operating in the Blockchain AI market are:
- Alpha Networks
- AI-Blockchain
- BurstIQ, LLC
- Bext360
- Core Scientific
- CoinGenius
- Fetch.ai
- Cyware Labs
- Finalze, Inc.
- Neurochain Tech
Strategic Development
In December 2020, Rikkeisoft, a leading IT and software company in Vietnam, partnered with Oraichain, the world's first AI Data Oracle Blockchain company. The partnership would enable Oraichain to use the best talents from Rikkeisoft's HR pool for the development of Oraichain and its various complementary services. The latter, in turn, would start leveraging on Rikkeisoft's resources for some of the core company projects.
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Key Highlights of Report
- The services segment held a significant market share in the year 2019. Services are required to deploy, execute, and maintain Blockchain AI in an organization. These services are witnessing rise in the demand, as the market is witnessing strong growth.
- Blockchain AI resolves various financial issues in the BFSI sector and enhances various business processes in the financial industry to make the banking sector’s performance more effective and smarter.
- The combination of Blockchain AI and NLP has made a successful demonstration in the global scenario. Distribution and complete uptime architecture further strengthen the ability of Blockchain AI to be an ideal database.
- Blockchain AI-based asset tracking and management offers better authenticity, transparency, anti-counterfeiting, real/fast transaction settlement, and tracking of the supply chain. These benefits make it a popular choice for use in the tracking & management sector.
- Europe held a significant market share in the year 2018, owing to significant investments made by the region in this technology. The European Investment Fund (EIF) and the European Commission announced the first six Venture Capital funds under the InnovFin Blockchain and Artificial Intelligence pilot in October 2020.
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For the purpose of this report, Emergen Research has segmented the global Blockchain AI market based on technology, component, application, deployment mode, organization size, vertical, and region:
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Machine Learning (ML)
- NLP
- Context-aware Computing
- Computer Vision
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Platform/Tools
- Services
- Consulting
- System Integration & Deployment
- Support & Maintenance
- Applications Outlook (Revenue, USD Billion; 2019–2032)
- Smart Contracts
- Payment & Settlement
- Data Security
- Data Sharing/Communication
- Asset Tracking & Management
- Logistics & Supply Chain Management
- Business Process Optimization
- Others
- Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
- Cloud
- On-premises
- Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Large Enterprises
- SMEs
- Vertical Outlook (Revenue, USD Billion; 2019–2032)
- BFSI
- Telecom & IT
- Healthcare & Life Science
- Manufacturing
- Media & Entertainment
- Automotive
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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