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An increase in supply chain management applications integrated with blockchain AI technology
— Emergence Research
VANCOUVER, BC, CANADA, Aug. 5, 2022 /EINPresswire.com/ — The global blockchain AI market is estimated to reach $1,125.9 million by 2027, according to a recent analysis by Emergen Research. Blockchain and AI have emerged as leading technologies capable of driving innovation across almost every industry. They are used together to improve everything from sharing health records to food supply chain logistics to financial security.
They help build and organize huge databases, complete tasks in less time, and strengthen cybersecurity. Blockchain AI enables data monetization, which is one of the key drivers for the market. Blockchain AI is seeing increasing adoption by businesses. Increasing enterprise adoption of cloud-based security will provide growth opportunities for the market.
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Blockchain AI is inherently complex and difficult to manage and implement. It requires specific skills to develop the technology, which can also limit the market. Additionally, the advent of cloud-based technology and the Internet of Things (IoT) is creating numerous opportunities for the growth of the market. Rising venture capital funding and growing investments in blockchain AI technology are expected to drive the market over the forecast period.
Key highlights of the report
Machine learning is described as software that changes as it learns new information. Blockchain AI can benefit machine learning to speed up the analysis of large amounts of data.
Smart contracts are used by organizations to reduce costs and prevent fraud. These contracts provided via Blockchain AI guarantee that no changes can be made to them. The technology makes it impossible for third parties to make changes to the contract.
The small and medium sized business segment is expected to expand at a significant CAGR over the forecast period due to the decrease in infrastructure costs and increasing transparency of the market.
Blockchain AI technology is used in hospitals, clinics and laboratories to record, analyze and monitor patient information. In addition, the proliferation of counterfeit medicines has increased, which can be curbed through the use of this technology.
North America held the largest market share and is the most attractive market for blockchain AI globally due to the increasing adoption of the technology in the BFSI and e-commerce sectors in this region. The highly competitive market in the United States due to the presence of key market players is also driving the market in the region.
Major market players include Alpha Networks, AI-Blockchain, BurstIQ, LLC, Bext360, Core Scientific, CoinGenius, Fetch.ai, Cyware Labs, Finalze, Inc. and Neurochain Tech.
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For the purpose of this report, Emergen Research has segmented the global blockchain AI market based on technology, component, application, deployment mode, company size, industry vertical, and region:
Technology Outlook (Revenue, $Bn; 2017-2027)
Machine Learning (ML)
NLP
Context Aware Computing
computer vision
Components Outlook (Revenue, $Bn; 2017-2027)
Platform/Tools
Services
advisory
System integration and deployment
Support & Maintenance
Bid Outlook (Revenue, $Bn; 2017-2027)
Smart Contracts
payment processing
data security
Data exchange/communication
Asset tracking and management
Logistics & Supply Chain Management
Business Process Optimization
Other
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Delivery Mode Outlook (Revenue, $Bn; 2017-2027)
Cloud
On the premises
Company Size Outlook (Revenue, $Bn; 2017-2027)
Large companies
SMEs
Vertical Outlook (Revenue, $Bn; 2017-2027)
BFSI
Telecom & IT
Healthcare & Life Sciences
manufacturing
Media & Entertainment
automobile
Miscellaneous
Regional Outlook (Revenue, $Bn; 2017-2027)
North America
US
Canada
Europe
Germany
United Kingdom
France
BENELUX
rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Rest of MEA
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