USD 358.0 Million
Blockchain AI Market Size, Share, Growth Analysis, By Component, Technology(ML, Computer Vision, AI-Based Smart Contracts, NLP), Deployment Mode, Application(Payment & Settlement, Data Security, Data Sharing, Others), Organization size, Industry Verticals, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2322 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
178
|Figures:
79
Blockchain AI Market Insights
Global Blockchain AI Market size was valued at USD 358.0 Million in 2022 and is poised to grow from USD 448.5 Million in 2023 to USD 2,725.2 Million by 2031, growing at a CAGR of 25.3% in the forecast period (2024-2031).
Increased use of AI-based blockchain platforms and services by small and medium-sized enterprises (SMEs) to develop blockchain applications, such as payment systems, smart contracts could drive market growth. Rise in investments by countries such as China, Japan, USA and UK in projects based on blockchain AI technology are likely to boost the market size during the forecast period. For example, in October 2020, the European Investment Fund (EIF) and the European Commission (EC) signed the securities investment agreements in Finland, Austria, Luxembourg, the Netherlands and Germany. The investment was lowered by approximately €700 million (US$851.85 million).
The rise in growth levels for the market reflects the increasing adoption and use of blockchain in various industries such as finance, supply chain, healthcare, etc. The technology’s ability to provide secure and transparent communications, simplify processes and reduce costs is driving widespread adoption, and to generate capital. This information highlights the growing importance and potential impact of blockchain technology on the global economy in the coming years.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Platform/Tools
Fastest Growth
Platform/Tools
Growth Rate
25.3% CAGR
Global Blockchain AI Market ($ Bn)
Country Share for North America Region (%)
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Blockchain AI Market Segmental Analysis
Based on the component, the blockchain AI market is segmented into large enterprises and small & medium enterprise. Based on technology, the market is divided into computer vision, machine learning (ML), natural language processing (NLP), and others. Based on deployment, the blockchain AI market is categorized into cloud-based and on-premises. Based on application, the market is segregated into smart contracts, logistics and supply chain management, payments and settlements, governance, risk, and compliance (GRC) management, and others. Based on end-use, the blockchain AI market is segmented into BFSI, energy & utilities, government, healthcare, and life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel and transportation, financial services and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
By 2022, the large enterprises segment will dominate the market and account for more than 67.0% of global revenues. Large enterprises operating in industries such as insurance, finance, healthcare and supply chain are making increasing efforts to digitize their offerings and creating an internal demand for blockchain technology. Major brands such as BBVA, Intesa Sanpaolo, Barclays and HSBC are using blockchain technology to streamline their KYC and financial processes. They have access to sufficient capital and assets to take new technologies introduced to the market.
The small & medium enterprise segment is expected to grow at the highest CAGR during the forecast period. Small & medium enterprises face challenges in their business scale such as finance, payment processing, and supporting services required for global expansion. Blockchain technology helps them reduce issues in areas of funding and account exchange around. Blockchain-based storage applications enable small businesses to store data more efficiently and cost-effectively, which is driving the demand for blockchain in small businesses.
Analysis by End-Use
By 2022, the financial services segment will dominate the market and account for more than 37.0% of global revenues. BFSI uses blockchain technology to process financial transactions in transactions. Blockchain technology provides secure and efficient transactions, thus increasing the demand for the technology in financial services. The technology is expected to be widely adopted in this vertical due to factors such as the growth of cryptocurrencies, greater compatibility with the industry ecosystem, faster transactions, initial coin offerings (ICOs), and cost due to the decrease in the overall cost of ownership.
The healthcare segment is expected to grow at the highest CAGR during the forecast period. A growing number of regulations to protect consumer data are fueling the rise in the use of blockchain technology in the healthcare market. Governments around the world are implementing stricter regulations to protect consumer information due to increasing incidents of data theft and breaches.
Global Blockchain AI Market By Component (%)
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Blockchain AI Market Regional Insights
North America is dominating the global blockchain AI market share during the forecast period. The sector’s leading position is mainly a result of increased investments and a growing number of blockchain projects in the US and Canada. received about 2,000 blockchain transactions. Additionally, governments in North America are focusing on implementing blockchain and artificial intelligence-based solutions in their civil services, defense, military, military banks, airports, and other industries.
Asia-Pacific is likely to grow at the highest CAGR during the forecast period. According to CAICT, there are more than 33,000 registered companies active in China developing blockchain technologies and services. Furthermore, increasing investments by governments and leading organizations to develop blockchain-based services are expected to boost the growth of the regional market. For example, in May 2020, Tencent Holdings Ltd., the parent company of WeChat in China, invested about $70 Billion in AI, Blockchain, Cybersecurity, etc. to find new businesses.
Global Blockchain AI Market By Geography
- Largest
- Fastest
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Blockchain AI Market Dynamics
Blockchain AI Market Drivers
Increase Spending on Consumer Data Using Blockchain to Support Market Growth
- Data economics solutions enable business functions to scale and help organizations gain insights from business data during the analytics phase. Organizations are using these solutions to make specific business decisions. Advances in artificial intelligence (AI), Internet of Things (IoT), and big data technologies can increase the adoption of data economy solutions in enterprises.
Rising Convergence of Blockchain and AI Technology
- One key driver of global blockchain AI market is the convergence of blockchain and artificial intelligence (AI) technology, offering synergistic benefits and innovative use. By integrating AI, businesses can develop decentralized AI models, enhance data privacy and security, and facilitate the sharing of trusted data among stakeholders.
Restraints
Scalability and Performance Challenges
- Scalability and performance challenges severely restrict the global blockchain AI market, limiting its adoption and effectiveness in real-world applications. Blockchain networks, especially public blockchains like Bitcoin and Ethereum, often face transaction throughput, latency and network congestion. As AI applications generate and process large amounts of data in real time, scalability is a key factor in ensuring better performance and less user experience. The computational sophistication associated with the implementation of AI algorithms on blockchain networks. Complexity can increase further, leading to higher transaction costs and delayed implementation.
Regulatory Compliance Uncertainty
- Regulatory compliance uncertainty poses another important restriction to the global blockchain AI market, as businesses go through evolving regulatory frameworks and regulatory requirements across the world. Data privacy, intellectual property rights and algorithmic cross raising complex legal and ethical questions associated with law enforcement agencies. Still struggle with defining clear guidelines and standards for responsible use of blockchain AI solutions, creating uncertainty and uncertainty for businesses and developers.
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Blockchain AI Market Competitive Landscape
Partnerships between leading blockchain platforms like Ethereum and renowned AI technology companies like IBM Watson. In this partnership, Ethereum offers a decentralized framework for secure and transparent data storage and communications, while IBM Watson offers its advanced AI capabilities for data analysis, pattern recognition, and natural language processing. Ethereum and IBM Watson work together to create decentralized AI solutions designed for industries such as healthcare, where data privacy and security are paramount. For example, AI systems dedicated to medical research could be developed institutions to safely share patient data while preserving individual privacy rights and regulatory compliance. Blockchain infrastructure that can also be searched ensures data immutability and transparency, while IBM Watson AI algorithms enable data analytics to move visual and predictive models can gain insights into medical research and personal health.
Blockchain AI Market Top Player’s Company Profiles
- Microsoft Corp.
- IBM Corp.
- Oracle Corp.
- AlphaNetworks Inc.
- Salesforce. Com Inc.
- Fidelity Information Services LLC
- CertiK
- Barca Vision
- Core Scientific Inc.
- Hannah Systems
- ORS Group
- Figure Technologies Inc.
- SandboxAQ
- Plato Technologies Inc.
- NetObjex Inc.
- Phlo Systems Ltd.
- Cyware Labs Pvt. Ltd.
- Bext Holdings Inc.
- Neurochain Tech
- Fetch.Ai
- Solidus Labs
- Gainfy Healthcare Network
Blockchain AI Market Recent Developments
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In April 2023, Blockchain app factory, a blockchain technology solutions provider, has announced its partnership with bitsCrunch, a Forensic and AI-powered NFT analytical platform. The association between the two brands will help users to deal with forensics and AI-powered real-time analytics. This joint venture also aims to make NFT trading an informed decision for users all over the world.
-
In August 2023, Microsoft partnered with Aptos Labs to leverage the synergy between artificial intelligence (AI) and blockchain technology, aiming to drive the widespread adoption of web3. Aptos Labs, a layer 1 blockchain developer, is utilizing Microsoft Azure OpenAI service to create Aptos Assistant, an innovative solution designed to streamline the onboarding process for web3 users. This AI-driven assistant offers a user-friendly and secure approach to transition from web2 to web3, addressing the challenges of complexity and time associated with onboarding new users. The collaboration between Microsoft and Aptos Labs holds potential implications for various industries. The integration of blockchain and AI technologies can enhance supply chain transparency, traceability, and efficiency in manufacturing processes.
Blockchain AI Key Market Trends
- Growing Demand for NLP-powered Blockchain Solutions: The increasing demand for the integration of blockchain and AI-based natural language processing (NLP) solutions in large enterprises is expected to be one of the key drivers for the growth of this market. The combination of non-interference and error-free properties with the immutable and unalterable nature of blockchain is crucial for the security of sensitive data by NLP solutions and algorithms. NLP-based blockchain solutions are offered to users using end-user ERP systems, security systems, etc. NLP-blockchain solutions also address the healthcare industry's needs to enhance patient experience and care through advanced, intelligent NLP platforms that generate insights from medical data. The combination of these two technologies can provide more accurate results. To meet the growing demand for such solutions, market players are focusing on developing integrated blockchain solutions using NLP technology.
Blockchain AI Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global blockchain AI market is characterized by the convergence of blockchain technology and artificial intelligence (AI), which delivers synergistic benefits and innovative solutions across industries. The sales and security magicians are driven by the industry monitoring and regulatory compliance in AI Technology. Public safety and other areas of the market faces scalability and operational challenges, and regulatory and compliance uncertainties. Addressing these challenges requires the concerted efforts of industry stakeholders, policymakers, and engineers to develop scalable, efficient solutions that meet regulatory requirements and build trust and confidence among users. Despite these challenges to achieving goals in the global blockchain AI market, there is tremendous potential to transform business processes and open new opportunities for growth and innovation in the digital economy.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 358.0 Million |
| Market size value in 2031 | USD 2,725.2 Million |
| Growth Rate | 25.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain AI Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain AI Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain AI Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain AI Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain AI Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain AI Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Blockchain AI Market Report Snapshots
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