Blockchain AI Market Analysis and Forecast to 2032: By Component (Software and Services), Enterprise Size (Large Enterprises, Small and Medium Enterprises), Application (Payment and Settlement, Data Security, Data Sharing and Communications, Asset Trackin

The global blockchain AI market was valued at USD 285.7 million in 2022 and it is anticipated to grow further till USD 2726.7 million by 2032, at a CAGR of 25.3% during the forecast period.

Blockchain AI is a new type of AI that uses blockchain technology to store and manage data. With blockchain AI, data is stored in a decentralized way, making it more secure and efficient. Blockchain AI also allows for more transparency and accountability, as all data is stored on a public ledger.

Market Driver and Trends

There are a few key drivers of the Blockchain AI market. Firstly, the increasing adoption of blockchain technology in various industries is driving the market growth. Blockchain is being used in a wide range of industries such as healthcare, supply chain, banking, and others. This is because of the various advantages offered by blockchain such as transparency, immutability, and security.

Secondly, the increasing use of artificial intelligence in various applications is also driving the market growth. AI is being used in various applications such as chatbots, predictive analytics, and others. This is because AI offers various benefits such as increased accuracy, efficiency, and others.

Thirdly, the increasing investment by venture capitalists in blockchain AI startups is also driving the market growth. This is because the venture capitalists are investing in blockchain AI startups to get a return on their investment.

Lastly, the increasing partnerships between blockchain and AI companies is also driving the market growth. This is because the partnerships help the companies to share their resources and expertise to develop innovative solutions.

Market Restraints and Challenges

One of the key restraints in Blockchain AI market is the lack of awareness and understanding about the technology among the masses. Also, another challenge that Blockchain AI market faces is the scalability issue. As the number of transactions on the network increases, it becomes difficult for the network to process and validate all the transactions. This results in longer transaction times and higher transaction fees.

The global blockchain AI market is segmented into component, enterprise size, application, and region.
Global Blockchain AI Market by Component
Based on component, it is segmented into software, and services. The software services segment is anticipated to dominate the market during the forecast period. Similarly, the services segment is anticipated to witness the fastest growth during the forecast period.
Global Blockchain AI Market by Enterprise Size
Based on enterprise size, it is segmented into large enterprises, small & medium enterprises. The large enterprises segment is anticipated to dominate the market during the forecast period. Similarly, the small & medium enterprises segment is anticipated to witness the fastest growth during the forecast period.
Global Blockchain AI Market by Application
Based on application, it is segmented into payment & settlement, data security, data sharing & communications, asset tracking & management, and others. The payment & settlement segment is anticipated to dominate the market during the forecast period. Similarly, the data security segment is anticipated to witness the fastest growth during the forecast period.

Geographical Analysis of the Global Blockchain AI Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period.

Major Players in the Global Blockchain AI Market

The key players studied in the report are Figure Technologies, Cyware Labs, Bitfury Group Limited, NetObjex, Fetch.ai, IBM, AlphaNetworks, Bext360, Blackbird.AI, BurstIQ and Chainhaus among others.

COVID-19 Impact

The worldwide COVID-19 scenario has had a huge impact on the blockchain AI sector. The COVID-19 problem is posing unprecedented challenges to the world economy and is having an impact on millions of people due to its devastating effects on health, families, and financial stability. For instance, the COVID-19 pandemic was declared a global pandemic by the World Health Organization (WHO) in March 2020, placing some nations under lockdown. Since governments around the world have imposed lockdowns as a result of the COVID-19 outbreak, commercial activity has been significantly reduced. As a result, customers' dependence on internet enterprises to deliver essential services has increased significantly. Due to the data confidentiality and resilience that blockchain AI offers, this element has raised the necessity for it.

Recent Developments

• June 2020, NetObjex acquired VitalGrid to expand its digital transformation product and service offerings. This acquisition enabled it to offer enterprise clients strategic insights and parlay them into implementations in digital automation by leveraging technologies such as IoT, AI, and blockchains.
• January 2019, NetObjex launched a new IoT-AI-Blockchain gateway device at the Consumer Electronics Show. This product enables developers to build and develop serious enterprise-grade applications with IoT and blockchain capabilities out of the box.
• July 2018, AlphaNetworks introduced a new AI, blockchain-based video infrastructure. This infrastructure delivers higher customer engagement and conversions through its proof of engagement (PoE) algorithm, which accurately monitors and reports real interaction with content, giving media creators and advertisers deeper insights into audience behavior.

Frequently Asked Questions

Q1. How big is the Blockchain AI market?Ans. The global Blockchain AI market size was USD 285.7 million in 2022 and it is anticipated to grow further till USD 2726.7 million by 2032, at a CAGR of 25.3% from 2023 to 2032.Q2. What is the Blockchain AI market growth rate?Ans. The growth rate of the Blockchain AI market is 25.3%.Q3. Which region holds a major market share for the Blockchain AI market?Ans. North America holds a major market share of the Blockchain AI market in 2022.Q4. Which segment accounted for the largest Blockchain AI market share?Ans. By component, software segment accounted for the largest Blockchain AI market share.Q5. Who are the key players in the Blockchain AI market?Ans. The global Blockchain AI market report includes players such as Figure Technologies, Cyware Labs, Bitfury Group Limited, NetObjex, Fetch.ai, IBM, AlphaNetworks, Bext360, Blackbird.AI, BurstIQ and Chainhaus among others.Q6. What are the factors driving the Blockchain AI market growth?Ans. The major factors driving the growth of the market are the growing market in emerging countries.Q7. What are the key growth strategies of Blockchain AI market players?Ans. The key growth strategies of Blockchain AI market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Blockchain AI market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Blockchain AI market during the forecast period.

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