Blockchain AI Global Market Report 2022
Mar 21, 2022
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and Sterlite Technologies. The global blockchain AI market is expected to grow from $297.62 million in 2021 to $384.44 million in 2022 at a compound annual growth rate (CAGR) of 29.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $934.45 million in 2026 at a CAGR of 24.9%. The blockchain AI market consists of sales of blockchain AI technology and related services by entities (organizations, sole traders and partnerships) that provide blockchain and AI technology.Block chain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. Artificial intelligence (AI) refers to the simulation of human intelligence in machines which are programmed so that machines can think like humans and mimic their actions.Blockchain AI convergence is inevitable because both the technology with data and value. Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. The main types of technologies used in blockchain AI are computer vision, machine learning (ML), and natural language processing (NLP).Computer vision is a branch of artificial intelligence (AI) that allows computers and systems to extract meaningful information from digital images, videos, and other visual inputs — and then act or make recommendations based on that information. The blockchain AI is applied in smart contract, payment, data security, logistics and supply chain management, and business process optimization by BFSI, telecom and IT, healthcare and life science, manufacturing, media and environment, automotive and other industry verticals. North America was the largest region in the blockchain AI market in 2021.Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The growing demand for accessing and managing data efficiently contributed to the growth of blockchain AI market.Currently, most of the work has become digitalized and is mostly stored in cloud, which is accessed and managed by blockchain AI. Blockchain AI convergence is inevitable because both the technology deal with data and value.Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. For instance, Gainify is a healthcare platform that leverages AI, IoT devices, and blockchain and facilitate different tasks such as streamlining appointment scheduling, digital payments, identity verification, medical records management and others.It also allows monetization of anonymous clinical data through a crypto payment system. The benefits with the deployment of blockchain AI in the process increased its demand and thereby contributed to the growth. Growing investment in Blockchain AI technology by enterprises is considered as an emerging trend in the blockchain AI market.Artificial Intelligence refers to the machine that perform intelligent task performed by humans. Block chain is a decentralized networks of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system.The development of artificial intelligence applied to big data together with the security offered by blockchain technology creates the perfect combination for the management of large databases. Blockchain technology, in particular, has shown immense potential when coupled with machine learning functionality.According to a survey conducted by O’reilly in 2019, 85% of 1,388 organizations are using AI in production. Most companies that were experimenting in using AI are now going ahead and adopting it in the process. Therefore, investing in blockchain technology by business enterprises plays a major role in success of the businesses. In June 2020, NetObjex acquired VitalGrid for an undisclosed amount.The deal will expand NetObjex’s Digital Transformation product and service offerings. NetObjex is an Operating Platform for Digital Assets utilizing Artificial intelligence, Blockchain & IoT with applications in Manufacturing, Supply Chain, Transportation and Smart Cities. VitalGrid provides business technology and management consulting for improving performance, streamlining processes and reducing risk by delivering technology-enabled business innovation. The countries covered in the blockchain AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.