Growth opportunities in the blockchain AI market look promising over the next six years. This is mainly due to the strong demand for cloud-based services among the organizations, continuous innovation in the bitcoin transaction, and increasing awareness regarding the various benefits offered by blockchain, like verification with no dependency on the third party and records the transactions in chronological order.
Blockchain AI Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The ongoing developments in bitcoin transactions, along with the growing awareness towards enormous benefits offered by blockchain like verification without any dependency on the third party, recording transactions in chronological orders are the major drivers contributing to the growth of the global blockchain AI market. Blockchain technology is the most promising technology in the IT domain and has disrupted not only the financial sector operations but also several other sectors, including media, consumer goods, etc. Moreover, the accelerating acquisition of distributed ledger technology (DLT) system based on advanced data analytics adds to the market growth. DLT is a decentralized system mainly used to record transactions with safety mechanisms and advanced data analytics.
The robust demand for cloud-based services, primarily across the organizations, will further fuel the market growth. The blockchain-as-a-Services (BaaS) allows companies to opt for different applications, including security management and enterprise resource management systems. The widespread outbreak of the COVID-19 pandemic has negatively impacted the surging demand of the market by creating various challenges for the market, especially in 2020. The technology has been used for donation tracking, crisis management, public health data surveillance, and other operations. The pandemic situation has temporarily halted various industries, which has hampered market growth.
On the other hand, the huge expenditure involved in the initial stage coupled with large venture capital funds and high investments required to set up the specialized infrastructure and architecture will curb the blockchain AI market size.
Type Segment Drivers
Based on the type, a private blockchain is projected to witness a CAGR during the forecast period. The augmenting awareness about the various benefits offered by the private blockchain, like provision of a private key to the specific users of the private blockchain, providing more opportunities to businesses in terms of leveraging the blockchain technology, and other advantages, attract a wide number of end-users. A private blockchain refers to a category of blockchain technology where permission to write is centralized to a single organization.
Regional Drivers
Based on the regional coverage, North America is anticipated to lead during the forecast period. This is due to the growing adoption of blockchain technologies by organizations. Moreover, the continuous innovations in blockchain technology will further stimulate market growth.
Blockchain AI Market’s leading Manufacturers:
- Digital Asset Holdings, LLC
- Bitfury Group Limited
- Intel Corporation
- Microsoft
- Cegeka
- IBM Corporation
- Oracle
- Amazon Web Services, Inc
- SAP SE
Blockchain AI Market Segmentation:
Segmentation by Component:
- Platform
- Services
Segmentation by Provider:
- Application Providers
- Middleware Providers
- Infrastructure Providers
Segmentation by Type:
- Private
- Public
- Hybrid
Segmentation by Organization Size:
- Large Enterprises
- SMEs
Segmentation by Application Area:
- Transportation and Logistics
- Agriculture and Food
- Manufacturing
- Energy and Utilities
- Healthcare and Life Sciences
- Banking and Financial Services
- IT and Telecom
- Retail and eCommerce
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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