(IT-NEWSWIRE.COM, October 27, 2022 ) The report "Blockchain AI Market by Technology (ML & NLP), Component (Platform/Tools & Services), Deployment Mode, Organization Size, Application (Smart Contracts, Payments, & Asset Tracking), Vertical (BFSI, Automotive, & Media), and Region - Global Forecast to 2025", size is projected to grow from USD 228 million in 2020 to USD 703 million by 2025, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period. The increasing venture capital funding and growing investments in Blockchain AI technology to drive market growth.
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By component, the service segment to register the highest growth rate during the forecast period
The services segment includes various services required to deploy, execute, and maintain the blockchain AI platform in an organization. These services include technology advisory and consulting, system integration and deployment, and support and maintenance. As the blockchain AI platforms adoption increases, the demand for these services is also expected to increase. The Infosys High Tech practice enables manufacturers, microprocessors, and system-on-chip products to achieve operational efficiencies by leveraging the synergies between AI and blockchain technologies. The services segment has witnessed tremendous growth in recent years. Therefore, the services segment registers the highest growth rate during the forecast period.
Based on vertical, the BFSI to grow at the highest CAGR during the forecast period
The BFSI segment is focusing on significant technologies, which help secure transactions for customers. In addition, the technology shift from centralized infrastructure management to the distributed ecosystem is paving the way for new business models in payments, internet banking, and financial transaction technologies by leveraging the power of both AI and blockchain solutions. Blockchain and AI solve different financial issues as a standalone solution. Still, they can work together to improve many business processes in the financial industry to make it smarter and perform more effectively. Therefore, BFSI registers the highest growth rate during the forecast period.
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North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering Blockchain AI solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the Blockchain AI markets growth. The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying Blockchain AI and services.
Key and innovative vendors in the Blockchain AI market include Figure Technologies (US), Cyware Labs (US), Core Scientific (US), NetObjex (US), Fetch.ai (UK), Ai-Blockchain (US), AlphaNetworks (US), Bext360 (US), Blackbird.AI (US), BurstIQ (US), Chainhaus (US), CoinGenius (US), Computable (US), Finalze (US), Gainfy (US), Hannah Systems (US), LiveEdu (UK), Mobs (US), Neurochain Tech (France), Numerai (US), SingularityNET (The Netherlands), Stowk (US), Synapse AI (US), Talla (US), Verisart (US), VIA (US), Vytalyx (US), Wealthblock.AI (US), and Workdone (US).
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