Blockchain AI Market Forecast to Grow at 25.3% CAGR from 2024 to 2031 | SkyQuest Technology

June 07 08:52 2024
Blockchain AI Market Forecast to Grow at 25.3% CAGR from 2024 to 2031 | SkyQuest Technology
Skyquest Technology
Blockchain AI Market Size, Share, Growth Analysis, By Component(Platforms/Tools, and Services), By Technology(Machine Learning (ML), Computer Vision, AI Based Smart Contracts, and Natural Language Processing), By Deployment Mode(Cloud-based, and On-premises), By Application(Smart Contracts, Payment and settlement, Data Security, Data Sharing/Communication)

Global Blockchain AI Market size was valued at USD 358.0 Million in 2022 and is expected to grow from USD 448.5 Million in 2023 to reach USD 2,725.2 Million by 2031, at a CAGR of 25.3% during the forecast period (2024-2031).

 

Integration of artificial intelligence (AI) and blockchain technologies to create novel solutions is what drives the Blockchain AI market growth. This collective use of two advanced technologies allows organizations to get the best of AI and blockchain technologies. The high demand for transparency of data and the need for improved security is bolstering the demand for blockchain AI solutions.

 

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The rapid surge in demand for blockchain solutions across all industry verticals to bolster data transparency and security opens business scope for new as well as established Blockchain AI companies. The finance sector and healthcare sector are estimated to be highly opportune for Blockchain AI providers in the long run. The development of new Blockchain AI solutions for specific applications will be the prime focus of market players in the future. Innovation is predicted to be the most important factor in determining any Blockchain AI company’s future in this market. A modular approach toward blockchain to simplify its integration and development process will also offer multiple opportunities for Blockchain AI companies in the long run. The growing popularity of Web3 solutions will also foster new Blockchain AI market growth over the coming years.

 

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Emphasis on Bridging the Gap Between AI and Blockchain Technology Offering Lucrative Opportunities

Development of new specialized solutions that utilize AI and blockchain technologies in their best capacity will be the prime focus of Blockchain AI providers. Companies are projected to use the strengths of both technologies to cover their shortcomings in the future. Blockchain AI market players are also focusing on solving current challenges that both technologies face to maximize their business scope. Start-ups as well as established companies have equal opportunities to maximize their revenue generation in the future. The BFSI industry is projected to be the main target of almost all Blockchain AI companies entering or looking to dominate the market. Creation of new blockchain ecosystems specifically aimed at utilizing AI technology will also aid market development going forward. Companies are creating new plans on eliminating the complexities of blockchain as well as AI technologies to creating more user-friendly solutions in the long run.

  • In April 2024, Neura AI Blockchain launched its public testnet on its Road to Mainnet campaign. The solution is capable of seamlessly blending blockchain, web3, cloud, and AI technologies to provide the best of all these technologies in a Layer-1 blockchain.
  • In May 2024, Grass, a company based in Canada, unveiled a new method to train AI models using a layer 2 blockchain network. The company aims to bridge the gap between AI and blockchain and solve the challenges faced in AI model training.
  • In March 2024, Norque ICO announced the launch of an AI-ML blockchain ecosystem focusing on practical applications across different industry verticals. The solution is projected to be a game changer for insurance for investors.

 

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The market is highly innovation-oriented, and this is why market players who cannot innovate will be left out in the race for dominance. The advanced nature of Blockchain AI technology also makes it highly capital-intensive, which is why new Blockchain AI companies must have strong financial backing. Evolving trends in blockchain and AI technologies are also slated to keep creating new business scope for companies in the future.

 

Related Report:

Global Blockchain Market

 

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