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Last edited 10 Jul 2022
Multiple Factors to Augment Market Growth
Blockchain AI is a distributed, decentralized, immutable ledger that is used to store encrypted data. Data analytics and decision making are made possible by artificial intelligence. Blockchains improve machine learning capabilities and allow AI to generate and trade financial products. It provides safe data storage and sharing. To generate value, blockchain AI is integrated with data analysis and insight generation. The growing desire for data monetization as it enables blockchain and AI technologies for smaller businesses is projected to drive demand for blockchain AI. Furthermore, the growing usage of cloud-based technologies and the Internet of Things (IoT) is opening up new opportunities for blockchain AI solution providers. Blockchain AI improves data security, boosts trust in robotic decisions, aids in group decision-making, and decentralizes intelligence. Blockchain AI offers a decentralized and scalable environment for diverse platforms, applications, and devices, as well as allowing connected devices to improve security and operational efficiency in ecosystems. An increasing number of government initiatives for the use of Blockchain AI in many industries throughout the world are factors that are projected to generate the considerable potential for market participants during the forecast period.
The global escalation of the COVID-19 problem has had a huge impact on the blockchain AI sector. The COVID-19 issue has posed enormous challenges to the world economy, hurting millions as a result of badly disrupted health, family, and poor financial conditions. For instance, the World Health Organization (WHO) declared COVID-19 a global pandemic in March 2020, putting several countries on lockdown. Since governments worldwide have imposed lockdowns as a result of the COVID-19 pandemic, commercial activity has been reduced, rising reliance on online businesses to deliver essential services to consumers. This reason has raised the need for blockchain AI as it delivers data security and robustness. End-users have been able to enhance the efficiency of their systems by combining blockchain and AI. It streamlines company operations while boosting transparency and immutability and focusing on operational effectiveness. During the outbreak, this has generated an opportunity for vendors operating in the global blockchain AI market.
Based on components, the global blockchain AI market has been segmented into Platform/Tools and Services. The service segment is subdivided into consulting, system integration and deployment, and support and maintenance.
Based on applications, the global blockchain AI market has been segmented into smart contracts, payment and settlement, data security, data sharing/communication, asset tracking and management, logistics and supply chain management, business process optimization, and others.
North America to Dominate the Global Market
North America dominated the worldwide blockchain AI market, followed by the Asia Pacific and Europe; this dominance is likely to continue till the end of the review period. North America is an important market for blockchain and augmented reality technologies. The highest market share was captured by the United States, followed by Canada and Mexico. The United States has a significant market share in North America due to critical enterprises like Figure Technologies, AlphaNetworks, and Ai-Blockchain making a name for themselves in the region.
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