A Boom in the Global Blockchain AI Market: Will Reach $2.8 Billion by 2032
The global Blockchain AI market will see booming growth in the future. The AI technology used in all fields is growing and the blockchain market is now merging with this technology improving its functionality.
The recent analysis report shows that the global blockchain AI market is expected to reach a growth of USD 358 million in 2022 and is expected to reach a growth of USD 2.8 billion in 2032 with a 22.9% CAGR (Compound Annual Growth Rate) from 2022 to 2032.
Many business sectors including healthcare, finance and banking are adopting blockchain AI systems.
The impact of different sectors and countries in the growth of the Blockchain AI market
The various components lead to the growth of the Blockchain AI market. A country like North America has the biggest contribution to the growth of the market. The country uses many AI-based blockchain solutions in various sectors. The total of 917.7 million dollars alone comes from North America.
Europe is the second largest, contributing USD 123.5 million in market share. The main sectors are media, automotive, ITC and others adopting the blockchain AI market.
The governments of the various countries plan to make their country more technology-friendly and invest more in this technology. Countries such as China, Japan and South Korea are emerging countries that are driving the growth of the market.
The big blockchain AI companies, including Core Scientific, Burst IQ, Alpha Networks, Cyware and NeuroChain, are making big changes in the market and investing a large amount of money in them.
BurstIQ, LLC is building the BustChain User Interface Software Developer Kit (SDK) to provide enhanced solutions and services on its platform.
Many small and medium-sized enterprises (SMEs) are jumping into blockchain AI technology to improve their functions such as smart contracts and payment systems, which are driving the growth of the market.
The service sector’s contribution to the market growth is growing due to many financial and corporate businesses taking support from Blockchain AI services for secure transaction models, support and maintenance and many others that are boosting the growth of the blockchain AI market. It will grow at a CAGR of 21.3% during the forecast period.
In today’s technological world, cloud applications provide fast solutions and services, building blockchain applications based on AI. The contribution is a CAGR of 20.6% in the forecast period.
The future growth and challenges of Blockchain AI technology
The crypto world of the future is going to be dominated by AI. Now, blockchain and AI are merging to increase the efficiency of blockchain systems.
The AI-based NLP language and Blockchain are used for data security and it increases transparency. It is widely incorporated in the healthcare sectors, for example in September 2019, Zensar Technologies LTD. launched its blockchain-based management solutions DICES (Distributed Intelligent Contract Enforcement System) and ZenConfluence are used by many organizations. It solves the problem of financial transactions.
There is no doubt that blockchain AI technology will expand in the market, but the complexity of AI and lack of expertise in this field make many business players invest less in this field. This will inhibit growth in the market.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
