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Do you wonder about the progress of the blockchain AI market?
The size of this market has grown exponentially in recent years. Growing from $0.47 billion in 2023 to an estimated $0.58 billion in 2024, we are waking up to an industry that is swiftly advancing with a compound annual growth rate CAGR of 24.4%. This sizeable growth in the historical period can be largely attributed to an increased interest and implementation of security and transparency in transactions, effective data management, adoption of smart contracts, enhancing detection and prevention of fraud, and the rise of decentralized autonomous organizations DAOs.
What will be the forecasted growth size and rate for the blockchain AI market in the coming few years?
One may pose this question as the impressive market performances continue to accelerate. The blockchain AI market size is predicted to expand exponentially over the next few years, rising to $1.46 billion by 2028 at a compound annual growth rate CAGR of 25.8%. The growth within the forecast period is primarily due to driving factors such as interoperability and standardization, optimization of supply chain, tokenization and digital assets, alongside the evolution of decentralized finance DeFi. Significant trends in the forecast period include interoperability across blockchain platforms, AI-driven blockchain security solutions, decentralized autonomous organizations DAOs for AI governance, AI-enhanced consensus mechanisms, and cross-industry applications.
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What factors contributed to the dramatic growth of the blockchain AI market today?
The escalating demand for efficient access to and management of data have been major contributors to the growth of the blockchain AI market. Digitalization has come to dominate most of our work, most of which is stored on the cloud, accessed and managed by blockchain AI. A convergence between these two technologies is only natural; whilst blockchain facilitates secure storage and sharing of data; AI assesses and generates insights from that data to create value. A prime example of this convergence in action is the Gainify healthcare platform, which capitalizes on AI, IoT devices, and blockchain and enables a variety of tasks from automating appointment scheduling to managing digital payments, validating identities, and maintaining medical records among others. It even allows for monetization of anonymous clinical data through a crypto payment system. These numerous benefits not only explain the escalating demand for blockchain AI but also contribute to the expansion of the market.
Who are the key players contributing to the rise of the blockchain AI market?
Major companies operating in the blockchain AI market as reported are Microsoft Corp., IBM Corp., Oracle Corp., AlphaNetworks Inc., Salesforce Inc., Fidelity Information Services LLC, CertiK, Barca Vision, Core Scientific Inc., Hannah Systems, ORS Group, Figure Technologies Inc.,, NetObjex Inc., on and on until Scifn, to name a few.
Learn more about the full market report here: https://www.thebusinessresearchcompany.com/report/blockchain-ai-global-market-report
What exciting emerging trends are emerging in the blockchain AI market?
Large scale investments in Blockchain AI technology by enterprises marks a new trend in the blockchain AI market. The interplay of artificial intelligence and the security of blockchain technology offers an optimal solution for managing large databases. The potential exhibited by blockchain technology, particularly when integrated with machine learning, is immense. According to USM Systems, a prominent US-based provider of tech solutions and services, over 60% of manufacturing businesses are employing AI to enhance productivity and streamline their operations. Previously experimental use of AI is now being adopted in business processes, reinforcing the growing industry investment in blockchain technology and its pivotal role in business successes.
How is the blockchain AI market segmented?
As the report delineates, the blockchain AI market is segmented by:
1 Technology: Computer Vision, Machine Learning ML, Natural Language Processing NLP, Other Technologies
2 Vertical: BFSI, Telecom & IT, Healthcare and Life science, Manufacturing, Media & Environment, Automotive, Other Verticals
3 Application: Smart Contract, Payment, Data Security, Logistics and supply chain management, Business process optimization, Other Applications
What are some regional insights into the blockchain AI market?
North America led the blockchain AI market as the largest regional market in 2023. As the forecast period unfolds, Asia-Pacific is projected to be the fastest-growing region. The report offers insights into the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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