Global AI Blockchain Market Report 2020-30: COVID-19 Growth
New York, September 29, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report âBlockchain AI Global Market Report 2020-30: COVID-19 Growth And Changeâ – https://www.reportlinker.com / p06151702 / ? utm_source = GNW
The global blockchain AI market is expected to grow from $ 232.09 million in 2020 to $ 297.62 million in 2021 at a compound annual growth rate (CAGR) of 28.23%. The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 748.8 million in 2025 at a CAGR of 25.93%.
The blockchain AI market consists of the sale of blockchain AI technology and related services by entities (organizations, independent traders, and partnerships) that provide blockchain and AI technology. Blockchain is a decentralized network of computers that records and stores data to display a time series of events on a transparent and immutable ledger system.
Artificial intelligence (AI) refers to the simulation of human intelligence in machines programmed so that machines can think like humans and mimic their actions. Blockchain AI convergence is inevitable due to both technology with data and value.
Blockchain enables secure storage and sharing of data, while AI can analyze and generate information from the data to generate value.
The main types of technologies used in blockchain AI are computer vision, machine learning (ML), and natural language processing (NLP). AI blockchain is implemented in different verticals such as BFSI, Telecommunications and IT, Healthcare and Life Sciences, Manufacturing, Media and Environment, Automotive and other industries and is applied in smart contracts, payments, data security, logistics and supply chain management, and business process optimization.
North America was the largest region of the AI ââblockchain market in 2020. Asia-Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The growing investment in Blockchain AI technology by businesses is seen as an emerging trend in the AI ââblockchain market. Artificial intelligence refers to the machine that performs intelligent tasks performed by humans.
Blockchain is a decentralized network of computers that records and stores data to display a time series of events on a transparent and immutable ledger system. The development of artificial intelligence applied to big data as well as the security offered by blockchain technology create the perfect combination for the management of large databases.
Blockchain technology, in particular, has shown immense potential when paired with machine learning features. According to a 2019 survey by O’reilly, 85% of 1,388 organizations use AI in production.
Most companies that were experimenting with using AI are now going ahead and embracing it in their processes. Therefore, investing in blockchain technology by businesses plays a major role in the success of businesses.
In June 2020, NetObjex acquired VitalGrid for an undisclosed amount. The deal will expand NetObjex’s digital transformation product and service offerings.
NetObjex is an exploitation platform for digital assets using artificial intelligence, blockchain and IoT with applications in manufacturing, supply chain, transportation and smart cities. VitalGrid provides business technology and management advice to improve performance, streamline processes and reduce risk by delivering technology-driven business innovation.
The growing demand for efficient access and management of data has contributed to the growth of the AI ââblockchain market. Currently, most of the work is digitized and is mainly stored in the cloud, accessible and managed by the AI ââblockchain.
Blockchain AI convergence is inevitable as the technology deals with both data and value. Blockchain enables secure storage and sharing of data while AI can analyze and generate information from the data to generate value.
For example, Gainify is a healthcare platform that leverages AI, IoT devices and blockchain and facilitates different tasks such as streamlining appointment scheduling, digital payments, verification of identity, management of medical records and others. Payment system.
The benefits of deploying blockchain AI in the process have increased its demand and thus contributed to the growth.
Countries Covered in the AI ââBlockchain Market Report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea , the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06151702/?utm_source=GNW
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