What is Blockchain AI Market Scope?
Artificial intelligence refers to machines that are built to perform intelligent tasks that have traditionally been accomplished by humans. Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. As there is increasing in the blockchain AI platform’s adoption similarly the demand for these services is expected to rise. The Infosys High Tech practice enables microprocessors, manufacturers, and system-on-chip products to achieve operational efficiencies by leveraging the synergies between AI and the blockchain technologies. Blockchain AI is complex in nature and is difficult to implement as well as manage. It basically requires specific skill sets for developing the technology, which can also restrain the market growth. Along with this, adoption of the cloud-based technology and Internet of Things (IoT) is creating ample amount of opportunities for growth of the market. Growing venture capital funding and rising investments in the Blockchain AI technology are likely to drive the market during the forecast period.
The Blockchain AI market study is being classified, by Application (Smart Contracts, Payment and settlement, Data Security, Data Sharing/Communication, Asset Tracking and Management, Logistics and supply chain management and Business process optimization) and major geographies with country level break-up.
The global blockchain AI market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Blockchain AI market throughout the predicted period.
Figure Technologies (United States), Cyware Labs (United States), Neurochain Tech (France), SingularityNET (Netherlands), Core Scientific (United States), NetObjex (United States), Fetch.ai (United Kingdom), Ai-Blockchain (United States), AlphaNetworks (United States) and Bext360 (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Blackbird.AI (United States) and BurstIQ (United States).
Analyst at AMA have segmented the market study of Global Blockchain AI market by Type, Application and Region.
On the basis of geography, the market of Blockchain AI has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In September 2020, BurstIQ partnered with Tech Mahindra. The partnership is offering both solutions to Tech Mahindra’s extensive network of clients. In addition to solving critical high-cost needs in the area of data integrity and data exchange, both solutions provide a foundation on which Tech Mahindra’s clients can support a broad array of connected services: B2B data exchange, consumer engagement, dynamic consent, and more.
In August 2020, BurstIQ launched a full developer toolset for blockchain-enabled applications and services
Influencing Market Trend
- Increasing demand for intelligent virtual assistants
- Blockchain AI technologies enable data monetization
- Simplification of processes along with transparency, responsibility, and immutability
- Enhancement in the acceptance of cloud-based security solutions
- Increasing demand for real-time data analysis, enhanced visibility, and proactive maintenance
- Growing number of partnerships and acquisitions in the market
- Limited number of blockchain AI experts
- Uncertain regulatory and compliance environment
- Decentralization and data control to obstruct the violation of privacy
- Improving operational efficiency in the manufacturing industry
Key Target AudienceVenture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Blockchain AI Developer, Government Regulatory and Research Organizations and End-Use Industries
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