Artificial Intelligence and Blockchain Emerge as Key Technologies in Driving Digital Transformation
When looking at new technologies that generate interesting opportunities in the Latin American region, blockchain and Artificial Intelligence (AI) emerge as key. Blockchain is still a new technology with conflicting opinions about its real future. Some believe it has little chance of evolving beyond the financial sector (mainly cryptocurrencies) while others view it as a technology with enormous yet still unexplored potential. In the case of AI, companies are experiencing a transition. This process normally starts with customer service solutions, as is the case with chatbots.
The next step is to integrate this initial assistance with a large database to be able to offer better services and reuse the information collected during this process. In addition, the combination of AI and blockchain technologies with others like the Internet of Things (IoT), Big Data or Cloud Computing opens up a myriad of opportunities. The primary objective of this study is to identify growth opportunities for companies using these new technologies. In line with this, this study measures the current and future adoption, in revenue terms, of blockchain and AI.
A blockchain is a new data structure that creates trusted, distributed digital ledgers for assets and other data. It is an immutable record of digital events shared peer-to-peer between different parties. The rise of blockchain opportunities has been enabled by breakthroughs in cryptography and computing, the tipping point of which was the 2008 paper introducing Bitcoin.
AI is a general class of technologies that seek to emulate human cognitive capabilities. Included are areas such as machine learning (ML), intelligent agents (IAs), deep learning, and natural language processing (NLP).
AI and blockchain solutions drive many of the current technologies and services in the market, and the revenues generated by both solutions are distributed in different services lines.
Some of them include:
- Consulting and Application Development - comprises information technology consulting, business consulting and application development solutions focusing on implementations
- Middleware - refers to entry-point application programming interfaces (APIs) for developers that want to build applications
- Infrastructure/Cloud - covers cloud platforms to support the new environments
- Professional Services - includes resources to implement and support the new environments
The author conducted detailed primary interviews with leading service providers, analyzed secondary data, and utilized internal databases to perform a detailed revenue analysis of the market. The resulting revenue market size reflects a sum total of our estimates for individual companies. The study period is from 2019 (base year) to 2025. The study examines the current competitive landscape, market drivers and restraints, and the stage of market development. This research also provides insights into growth opportunities and trends that will affect market participants over the forecast period.
