Blockchain AI Market is Expected to Surpass USD 2725.2 Million Valuation by 2031, Large Enterprises Projected to Spearhead Blockchain AI Demand Outlook | SkyQuest Technology
WESTFORD, Mass., July 3, 2024 /PRNewswire/ — According to SkyQuest, the global Blockchain AI Market size was valued at USD 358.0 Million in 2022 and is expected to grow from USD 448.5 Million in 2023 to reach USD 2,725.2 Million by 2031, at a CAGR of 25.3% during the forecast period (2024-2031).
Integration of novel artificial intelligence (AI) and Blockchain technologies results in the creation of Blockchain AI solutions. The need for better security and transparency along with intelligence of AI technology is projected to help bolster blockchain AI market growth over the coming years. The global blockchain AI market is segmented into component, technology, application, deployment mode, organization size, industry verticals, and region.
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Blockchain AI Market Overview:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 448.5 million |
|
Estimated Value by 2031 |
$ 2725.2 million |
|
Growth Rate |
Poised to grow at a CAGR of 25.3% |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Component, Technology, Application, Deployment Mode, Organization and Industry Verticals |
|
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Report Highlights |
Development of novel blockchain AI solutions that give benefits of both technologies involved |
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Key Market Opportunities |
SMEs are estimated to emerge as lucrative end users of blockchain AI solutions |
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Key Market Drivers |
Increasing deployment of blockchain AI in large enterprises |
Segments covered in Blockchain AI Market are as follows:
- Component
- Platforms/Tools and Services
- Technology
- Machine Learning (ML), Computer Vision, AI Based Smart Contracts, and Natural Language Processing
- Deployment Mode
- Cloud-based, and On-premises
- Application
- Smart Contracts, Payment and settlement, Data Security, Data Sharing/Communication, Asset Tracking and Management, Logistics and supply chain management, Business process optimization, and Others
- Industry Vertical
- BFSI, Telecom and IT, Healthcare and Life science, Manufacturing, Media and Entertainment, Automotive, and Others
- Organization
- SMEs, and Large Enterprises
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Platforms/Tools Remain Vital to Successful Deployment of Blockchain AI Solutions
Platforms and tools play an essential role in harnessing the power of Blockchain and artificial intelligence to create effective blockchain AI solutions. These solutions help facilitate more secure data management and advanced insights can be extracted from the same data using AI capabilities of blockchain AI platforms. Moreover, interoperability offered by these blockchain AI platforms/tools will also help this segment generate new opportunities for market players going forward.
Willingness of Large Enterprises to Invest in Blockchain AI Technologies Drives Demand Outlook
Large enterprises have a high spending potential as compared to small and medium enterprises (SMEs), which is why they are more willing to invest in blockchain AI solutions. High emphasis of large organizations in enhancing the security, transparency, and efficiency of their business operations will also promote the demand for blockchain AI over the coming years. This segment is projected to present lucrative opportunities for new as well as established blockchain AI providers in the long run. SMEs are also estimated to witness a robust hike in the adoption of blockchain AI over the coming years as the availability of affordable blockchain AI solutions increases. Deployment of blockchain AI solutions will also help SMEs expand their business scope and compete with leading market players.
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Machine Learning Technology to Play a Pivotal Role in Blockchain AI Market Expansion
Blockchain AI solution providers can focus on utilization of machine learning technology to provide automation through their solutions. Companies can utilize this technology to automate several aspects of their businesses and all of this can be maintained on a secure and transparent Blockchain network. This segment will be highly beneficial for new companies looking to train their new Blockchain-based AI models in the future. Established companies can provide detailed insights through the utilization of machine learning going forward.
The global blockchain AI market is still in its developmental stages and this is why incoming as well as leading companies have a chance to boost their business scope equally.
Related Report:
Blockchain as a Service Market
Blockchain in Healthcare Market
Blockchain In Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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