New York, USA, Nov. 03, 2022 (GLOBE NEWSWIRE) — The Global Blockchain AI Market Size was valued at USD 230.10 million in 2021, the market is projected to grow at USD 980.70 million by 2030, at a CAGR of 24.06%, according to the latest research report by Spherical Insights & Consulting. AI and blockchain are two of the best trending methods in the current scenario. The two most popular technologies. Both combined are able to provide robust results, benefiting greatly from various applications such as financial security, supply chain logistics, creating various datasets and many others. The Asia Pacific region is expected to grow over the next few years of the global blockchain AI market due to the rapid adoption of new technologies and is expected to have the highest CAGR in the global blockchain AI market during the forecast period.
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Blockchain is a technology that has the ability to track transactions between users in a public ledger originally developed for Bitcoin. But now there are highly used commercial applications such as tracking of ownership documents, digital assets and others. Both artificial intelligence and blockchain contain technical complexities, and there seems to be a sense of agreement among experts that these technologies will have serious business implications in the coming years. There are various prominent projects where AI and blockchain technologies form the core of the product or service. Like AICoin, it is a concept in finance where a token is combined with the benefits of artificial intelligence modeling. In this project, the developers developed artificial intelligence models that learn to identify and trade patterns hidden in a dozen of the most liquid cryptocurrency markets. This project aims to enable token investors to build wealth through the power of artificial intelligence and the blockchain.
The combination of blockchain and AI is useful for business leaders. Some of the key applications are AI marketplaces, crowdsourced predictive models for hedge funds, and investment management platforms. Artificial intelligence refers to machines capable of performing intelligent tasks that have traditionally been performed by humans. And blockchain is a decentralized network of computers that record and store data to show a chronological series of events on a transparent and immutable ledger system.
The demand for blockchain AI is increasing with each passing day. The companies in this industry that face high competition on a US scale with leading players in the market that include Figure Technologies, Core Scientific and Cyware Labs have 26.01% of the market share. Many international as well as regional service providers are also participants in the industry and compete directly with managers. It has been identified that market leading players invest heavily in growth strategies such as technological development, resource utilization to strengthen their market position.
Browse important industry insights spread across 210 pages with 123 market data tables and number & diagrams from the report “Global Blockchain AI Market SizeShare & Trends, COVID-19 Impact Analysis Report, By Component (Platform/Tools & Services), By Deployment (On-Premises & Cloud), By Technology (ML, NLP, Context-Aware Computing & Vision) , By Application (Smart Contracts, Payment & Settlement , data security, data sharing/communication, asset tracking and management, logistics and supply chain management and business process optimization), and by region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030”, in detail together with the table of contents
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Developments in digitization are becoming an important source and driver of transformational change across all industry verticals. Artificial intelligence is capable of improving industry towards a high level of efficiency. The US is digitizing so quickly that most users are trying to adapt. Blockchain AI also accelerates and connects the ecosystem of artificially intelligent robots and software. The combination of both provides universal registration, identity validation, fine audit and compliance capabilities.
The use of artificial intelligence is becoming more and more dominant in the technological ecosystem. Businesses are increasingly looking to integrate artificial intelligence into their products and services to stay competitive. In order to develop artificial intelligence applications, it is often important that companies have access to massive data sets. Authorities in the United States are adopting Blockchain technology and artificial intelligence at a rapid pace. The US is busy becoming a fully digitized society, hopefully before the end of the current decade. Moreover, the growing demand for digitization across various industry verticals across the globe is expected to drive market growth during the forecast period. This is due to the growing demand for encryption, transparency, decentralized and immutable, and the demand for blockchain AI for applications such as smart healthcare.
Cloud-based security solutions offer great benefits, including cost-effectiveness, ease of deployment, security and ease of administration across all endpoint devices. Cloud-based solutions reduce upfront costs and remove worries about server maintenance. Therefore, cloud-based Blockchain AI solutions are highly applicable as they improve scalability and are cost-effective for small and medium-sized organizations because they cannot afford expensive on-premise solutions. The growing adoption of cloud-based technologies and the Internet of Things is a great opportunity for AI solution providers, removing various concerns related to expenses and installation costs.
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The companies explore the market in new regions by adopting mergers and acquisitions, expansions, investments, launches of new solutions and collaborations as their strategies. Key players are exploring new areas through expansions and acquisitions worldwide to gain competitive advantage through combined synergies. For example, in June 2021, IBM and Telefonica Tech, Telefonica’s digital business, announced a hybrid cloud solution, this solution helps organizations drive their digital transformation using artificial intelligence and blockchain technology. This AI-powered virtual assistant and a blockchain platform to embrace an open hybrid cloud strategy. Furthermore, the concept of cloud-based blockchain AI is another important factor that is expected to retain the market growth and generate huge opportunities for market vendors during the forecast period.
Key companies and recent developments: The report also provides a comprehensive analysis focusing on the current news and developments of the companies, which include product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This makes it possible to assess the general competition in the market.
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