| Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 04, 2021 (GLOBE NEWSWIRE) — The global blockchain AI market size is projected to reach USD 973.6 million by 2027, exhibiting a CAGR of 23.6% during the forecast period. Increasing adoption of blockchain solutions driven by artificial intelligence (AI) to combat the COVID-19 pandemic is stoking innovation in this market, observes Fortune Business Insights™ in its report, titled “Blockchain AI Market Size, Share & COVID-19 Impact Analysis, By Component (Platform and Services), By Technology (Computer Vision, Machine Learning (ML), Natural Language Processing (NLP),and Others), By Deployment (Cloud-based, and On-premise), By Application (Smart Contracts, Logistics, and Supply Chain Management, Payments and Settlements, Governance, Risk, and Compliance Management, and Others), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation, and Others), and Regional Forecast, 2020-2027”. International and regional agencies have been leveraging the capabilities of blockchain AI to efficiently and securely collect, analyze, store, and monitor data related to the coronavirus. For example, the World Health Organization (WHO) has partnered with IBM, Microsoft, Oracle, and the enterprise blockchain platform HACERA to build a distributed ledger technology (DLT) called MiPasa. This technology has been designed to enable early detection of the virus and help identify carriers and hotspots. Private companies are also engaged in developing data-driven solutions to track the coronavirus. Acoer, for instance, has created the Coronavirus HashLog dashboard that allows the general public to understand the extent of the virus spread and its trends over time. The data used by Acoer is sourced from the WHO and the CDC and is released to the public through blockchain. Thus, AI and blockchain together are strengthening the global fight against COVID-19 and fueling the growth of this market.
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List of Key Companies Profiled in the Blockhain AI Market Report:
Report Scope & Segmentation –
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The report states that the global market value in 2019 stood at USD 184.6 million and provides the following:
Favorable Government Policies for Blockchain-based Transactions to Brighten Market Prospects
Many countries around the globe are actively supporting the adoption of blockchain-based financial transactions owing to the security and transparency of this technology. For example, in Australia, transactions, and trades conducted through cryptocurrencies have been exempted from paying taxes. The Australian Securities Exchange has also announced its plans to fully deploy blockchain technology in the next two years.In China, the national government openly supports blockchain and AI and has been actively promoting domestic smart contracts and cryptocurrency platforms such as VeChain, TRON, and NEO. Another prominent example of blockchain AI is Japan, where the whole concept of cryptocurrency emerged. A report by Nikkei found that in 2017, around 40% of Bitcoin trading was done in Yen, making Japan one of the leading adopters of blockchain technology powered by AI. The proliferation of such advanced technologies in major world economies is, thus, propelling the blockchain AI market growth.
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North America to Hold an Unassailable Market Position; Asia Pacific to Register Highest CAGR
North America, with market size of USD 92.8 million in 2019, is expected to have a commanding lead in the global market owing to the strong presence of large, internationally-renowned technological companies such as Oracle, Google, and Amazon Web Services. These tech behemoths have been spearheading the development and advancement of AI, blockchain, the Internet of Things (IoT), and Big Data technologies, which is a critical factor aiding the dominance of North America.
Asia Pacific is expanding its blockchain AI market share on account of the initiation of blockchain projects by governments and private sector entities. In Europe, on the other hand, the increasing presence of AI and blockchain companies and startups is anticipated to bolster the regional market growth.
Partnerships & Product Launches to be the Core Growth Strategies of Key Players
In a bid to gain a decisive competitive edge, prominent players in this market are focusing their energies on launching new products and engaging in partnerships to entrench their market position. Development of next-gen offerings is also enabling companies diversify their portfolios and further broaden existing customer base.
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