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Blockchain AI Market Overview
The Blockchain AI Market is projected to grow from USD 0.21 billion in 2024 to USD 0.82 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.06% during the forecast period (2024 - 2032). Additionally, the market size for Blockchain AI was valued at USD 0.18 billion in 2023.
Increased pharmaceuticals and biology and enhanced customer data monetization using blockchain are the key market drivers enhancing the market growth.
Figure 1: Blockchain AI Market Size, 2024 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Blockchain AI Market Trends
Growing interest in blockchain solutions powered by natural language processing driving the market growth
Market CAGR for blockchain technology is driven by the rising interest among large businesses in integrating blockchain technology with artificial intelligence-based natural language processing (NLP) solutions. Blockchain's non-modifiable, irreversible, immutable properties, fault tolerance, and absence of central authority make it an ideal solution for protecting the privacy of the sensitive data produced by NLP systems and algorithms. Enterprise resource planning (ERP) systems, security management systems, and other applications benefit from the scalability of NLP-based blockchain solutions.
Additionally, with the ability to monetize data, even the smallest businesses would have access to cutting-edge AI and blockchain technology. Companies, especially those who do not control their own data sets, must invest heavily in AI because of its rapid development and expansion. Such businesses would be able to enter hitherto unaffordable markets because of decentralization. One of the most important things propelling the blockchain AI business is the potential for data monetization, which is made possible by blockchain AI.
The blockchain AI market is expected to grow due to increasing corporate interest in the technology. The term "artificial intelligence" is commonly used to describe machines that can mimic human intelligence. Blockchain is a distributed database that uses cryptography to ensure the integrity of its records and can only be altered by its creators. The combination of artificial intelligence (AI) applied to big data and the security provided by blockchain technology is ideal for managing such massive data stores. Blockchain technology has demonstrated enormous potential, particularly when combined with machine learning capabilities.
For instance, Over 60% of manufacturing companies are using AI to boost productivity and other business activities, according to a survey issued by US-based technology solutions and services firm USM Systems in 2021. Most businesses that dabbled in AI are now fully committing to integrating technology into their operations. Thus, companies' investments in blockchain technology are crucial to their prosperity. As a result, it is anticipated that throughout the projection period, demand for blockchain AI will increase due to the rising technology rate. Thus, the driving factor of the Blockchain AI market revenue.
Blockchain AI Market Segment Insights
Blockchain AI Technology Insights
The Blockchain AI market segmentation, based on technology includes ML, NLP and computer vision. The market for ML is expected to increase at a CAGR of 20.71% from 2022-2023, and this market segment is anticipated to be driven by the rising interest in blockchain-based AI platforms among businesses looking to implement more secure transaction models throughout their operational departments.
Blockchain AI Deployment Mode Insights
The Blockchain AI market segmentation, based on deployment mode, includes cloud and on-premises. The cloud category is expected to grow fastest and capture the market's largest share. The increasing popularity of cloud-based services and solutions among consumers is largely responsible for the sector's expansion. Building AI-based blockchain apps is facilitated by the cloud's provision of pre-trained network solutions and services. Due to increasing investments in AI blockchain platforms by SMEs and governments, the on-premise category is expected to see promising growth.
Blockchain AI Organization Size Insights
The Blockchain AI market segmentation, based on Organization Size includes Large Enterprise and SMEs. The SMEs segment is expected to register highest growth rate during the forecasted period. Blockchain AI solutions hosted in the cloud benefit SMEs because they reduce costs and increase scalability.
Figure 1: Blockchain AI Market, by Organization Size, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Blockchain AI Vertical Insights
The Blockchain AI market segmentation, based on vertical includes BFSI, telecom & IT, healthcare & life science, manufacturing and automotive. The BFSI sector dominated its market in 2022. Fintech and financial institutions increasingly use decentralized applications based on AI technology, contributing to the industry's supremacy. Financial institutions are eager to launch new initiatives based on blockchain services.
Blockchain AI Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American blockchain AI market will dominate this market, owing to increased interest and a rising number of blockchain initiatives in both countries. In addition, governments across North America are actively working to integrate blockchain-based AI solutions across a wide range of sectors, including public utilities, defense and military, financial institutions, transportation hubs, and airports.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BLOCKCHAIN AI MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Blockchain AI market accounts for the second-largest market share due to a concentration of firms offering blockchain solutions powered by artificial intelligence in this area. Further, the German Blockchain AI market held the largest market share, and the UK Blockchain AI market was the fastest growing market in the European region
The Asia-Pacific Blockchain AI Market is expected to grow at the fastest CAGR from 2023 to 2032. The regional market expansion is anticipated to be fueled by the increased investments made by governments and large businesses in creating blockchain-based projects. Moreover, China’s Blockchain AI market held the largest market share, and the Indian Blockchain AI market was the fastest growing market in the Asia-Pacific region.
For instance, Americans are actively government support, and more financing and innovations have contributed to the rise of blockchain services across several sectors. An increase has aided the expansion and growth of the industry in the number of health services and fitness facilities across the nation.
Blockchain AI Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Blockchain AI market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Blockchain AI industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Blockchain AI industry to benefit clients and increase the market sector. In recent years, the Blockchain AI industry has offered some of the most significant technological development. Major players in the Blockchain AI market, including Fetch.ai (UK), Figure Technologies (US), LiveEdu (UK), Cyware Labs (US), Core Scientific (US), NetObjex (US), Ai-Blockchain (US), AlphaNetworks (US), Bext360 (US), Blackbird.AI (US), Synapse AI (US), and others are attempting to increase market demand by investing in research and development operations.
The figure continues to unveil a series of blockchain firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages the Provenance Blockchain for loan origination, servicing, and financing, as well as private company stock management, fund registry, blockchain marketplaces, and payments. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. In February 2023, A Figure announced a series of partnerships over the past year, including asset managers, Apollo, Hamilton Lane, and lenders Movement Mortgage, Guaranteed Rate, Synergy One, and Homebridge.
Blockchain.com started as an early pioneer of key infrastructure for the Bitcoin community. Blockchain Explorer enabled anyone to not only examine transactions and study the Blockchain but an API that enabled companies to build on Bitcoin. We also have provided the most popular and widely used crypto wallet enabling anyone anywhere to control their money. Our team spans the globe and has worked tirelessly to accelerate crypto adoption and usher in the future of finance. In June 2022, Bitstamp, one of the world's oldest crypto exchanges, today announced a new lending service in new European markets, as well as in Hong Kong and the United Arab Emirates
Key Companies in the Blockchain AI market include
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Fetch.ai (UK)
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Figure Technologies (US)
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LiveEdu (UK)
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Cyware Labs (US)
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Core Scientific (US)
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NetObjex (US)
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Ai-Blockchain (US)
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AlphaNetworks (US)
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Bext360 (US)
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Blackbird.AI (US)
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Synapse AI (US)
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Talla (US)
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Verisart (US)
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VIA (US)
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Vytalyx (US)
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Wealthblock.AI (US)
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BurstIQ (US)
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Chainhaus (US)
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CoinGenius (US)
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Neurochain Tech (France)
Blockchain AI Industry Developments
Blockchain app factory, a blockchain technology solutions provider, on April 2023 announced its partnering with bitsCrunch, a Forensic and AI-powered NFT analytical platform. The association between the two brands will help users deal with forensics and AI-powered real-time analytics. This joint venture also aims to make NFT trading an informed decision for users all over the world.
In August 2023, Aptos Labs entered into a partnership with Microsoft to leverage the synergy between artificial intelligence (AI) and blockchain technology for driving web3 adoption. Aptos Labs is a layer one blockchain developer using Microsoft Azure OpenAI service to build Aptos Assistant, which simplifies the onboarding process for web3 users. This AI-driven assistant offers a user-friendly and secure approach to transition from web2 to web3, addressing the challenges of complexity and time associated with onboarding new users.
Technium International Limited, in June 2024, unveiled its latest invention, which combines artificial intelligence and blockchain technology, which caters to the changing demand of global computing power.
BlockDAGs Moonshot Keynote-2 Airdrop launched aid exceeding Fetch.ai and Avalanche. It has caught the attention of leading players in cryptocurrencies due to its accuracy and speed.
November 2020- Verida Credit teamed up with CareProtocol, an AI health start-up, to launch the IKIGAI Network, a decentralized OpenHealth data ecosystem powered by AI & Blockchain.
In August 2020, BurstIQ LLC introduced the BustChain User Interface (UI) Software Developer Kit (SDK), which is their complete developer kit. These are sets that allow companies to quickly deploy solutions and services on the BurstIQ Platform.
In May 2021, Figure Technologies, Inc. raised $200 million in series D funding at a valuation of $3.2 billion; these funds will help expedite the process of blockchain’s changing face in financial services.
Blockchain AI Market Segmentation
Blockchain AI Technology Outlook
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ML
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NLP
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Context-Aware Computing
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Blockchain AI Deployment Mode Outlook
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Cloud
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On-premises
Blockchain AI Organization Size Outlook
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Large Enterprises
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SMEs
Blockchain AI Vertical Outlook
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BFSI
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Telecom & IT
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Healthcare & Life science
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Manufacturing
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Media & Entertainment
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Automotive
Blockchain AI Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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