The global Blockchain AI market is estimated to reach value of USD 1,125.9 Million by 2027, according to a current analysis by Emergen Research. Blockchain and AI have progressed into leading technologies that can power innovations in almost all industries. They are being used together to enhance everything from healthcare record sharing to food supply chain logistics and financial security.
They help in building and organizing massive databases, performing tasks in less time, and strengthening cyber security. Blockchain AI is an enabler of data monetization, which is one of the primary driving factors for the market. The Blockchain AI is witnessing an increased adoption among enterprises. A growing adoption of cloud-based security by the companies will provide growth opportunity to the market.
Blockchain AI is complex in nature and is difficult to manage as well as implement. It requires specific skill sets to develop the technology, which can also restrain the market. Moreover, adoption of cloud-based technology and Internet of Things (IoT) is creating ample opportunities for growth of the market. Increasing venture capital funding and growing investments in Blockchain AI technology are projected to drive the market during the forecast period.
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Factors influencing the growth of the Blockchain AI market and impacting the growth of the industry are studied extensively in the report. The report considers the COVID-19 pandemic as one of the key influencing factors of the Blockchain AI market. The report discusses in detail the positive and negative impact of the pandemic on the Blockchain AI industry. The supply chain disruptions and economic volatility have altered the dynamics of the Blockchain AI industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
Key Highlights of Report
- Machine learning is described as a software that changes when it learns new information. Blockchain AI can benefit machine learning to accelerate the analysis of a large volume of data.
- Smart contracts are used by organizations to reduce cost and avoid any fraud. These contracts deployed over Blockchain AI guarantee that no modifications can be made in them. The technology makes it impossible for any third party to make any changes in the contract.
- The small- and medium-sized enterprises segment is expected to expand at a significant CAGR during the forecast period, due to reduction in infrastructure costs and growth in the transparency of the market .
- Blockchain AI technology is being used in hospitals, clinics, and labs to record, analyze, and monitor patient information. Furthermore, there has been increase in the circulation of counterfeit drugs, which can be limited by the usage of this technology.
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The key companies studied in the report are:
Alpha Networks, AI-Blockchain, BurstIQ, LLC, Bext360, Core Scientific, CoinGenius, Fetch.ai, Cyware Labs, Finalze, Inc., and Neurochain Tech.
On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
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The report addresses the following key points:
- The report estimates the expected market size from 2020-2027
- The report provides a forecast of market drivers, restraints, and future opportunities for the Blockchain AI market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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