Blockchain AI Global Market Report 2024

The blockchain AI market size has grown exponentially in recent years. It will grow from $0.47 billion in 2023 to $0.58 billion in 2024 at a compound annual growth rate (CAGR) of 24.4%. The growth observed in the past period can be attributed to enhanced security and transparency in transactions, streamlined data management, the adoption of smart contracts, measures for fraud detection and prevention, and the emergence of decentralized autonomous organizations (DAOs).

The blockchain AI market size is expected to see exponential growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%. The forecasted growth is driven by interoperability, supply chain optimization, tokenization, and the evolution of decentralized finance (DeFi). Key trends include interoperability across blockchains, AI-driven blockchain security, AI-governed DAOs, AI-enhanced consensus, and cross-industry applications.

The surging need for efficient data access and management has significantly fueled the expansion of the blockchain AI market. In the current digitalized landscape, where the majority of tasks are stored on the cloud, the integration of blockchain and AI has become integral for accessing and managing such data. The convergence of blockchain and AI is inevitable as both technologies are fundamentally concerned with handling data and creating value. Blockchain ensures secure storage and sharing of data, while AI adds value by analyzing and extracting insights from the data. A prime example is Gainify, a healthcare platform that seamlessly incorporates AI, IoT devices, and blockchain to streamline various processes such as appointment scheduling, digital payments, identity verification, and medical records management. Furthermore, it enables the monetization of anonymous clinical data through a crypto payment system. The numerous benefits derived from deploying blockchain AI have led to an increased demand, thereby contributing to the growth of the blockchain AI market.

The anticipated surge in cyber threats is poised to drive the expansion of the blockchain AI market in the foreseeable future. Cyber threats encompass a spectrum of potential dangers and risks originating from malicious activities aimed at compromising data through various tactics that target computer systems, networks, and digital information. The utilization of blockchain AI technology plays a crucial role in averting cyber threats by ensuring secure user authentication. This eliminates the vulnerabilities associated with traditional password systems, providing users with a unique and immutable digital identity on the blockchain. A noteworthy example is the data reported by the Australian Cyber Security Centre in February 2023, which highlighted a significant increase in cybercrime reports, totaling 76,000 in 2022 - a 13% rise from the previous year. Consequently, the escalating prevalence of cyber threats is a key factor propelling the growth of the blockchain AI market.

The emerging trend of enterprises making substantial investments in Blockchain AI technology is shaping the landscape of the blockchain AI market. Artificial Intelligence, denoting machines capable of performing intelligent tasks akin to humans, converges with Blockchain - a decentralized network recording and storing data in a transparent and immutable ledger system. The synergy between AI's big data applications and the security attributes of blockchain forms an ideal combination for managing extensive databases. The significant potential of blockchain technology, particularly when integrated with machine learning functionalities, is evident. As highlighted in a 2021 report by USM Systems, a US-based technology solutions provider, over 60% of manufacturing businesses are leveraging AI to enhance productivity and various operational aspects. The transition from experimental AI use to widespread adoption is notable, with businesses recognizing the positive impact on processes. Consequently, the strategic investment in blockchain technology by enterprises emerges as a pivotal factor contributing to the success of businesses.

Prominent players in the blockchain AI market are strategically introducing innovative solutions, such as blockchain-driven data marketplaces, to maintain their competitive edge. A blockchain-powered data marketplace serves as a secure and transparent platform for data exchange. Noteworthy is Nokia Corporation, a Finland-based telecommunications giant, which unveiled the Nokia Data Marketplace as-a-service in May 2021. This platform is specifically crafted to facilitate secure and trusted data sharing and monetization for both businesses and communications service providers (CSPs). Notably, it supports federated learning and AI model sharing, fostering collaborative development and application of AI solutions in the market.

In June 2023, Sweden-based textile and apparel company Blk Dnm successfully acquired ChromaWay in a deal of undisclosed value. This strategic move by ChromaWay is geared towards the seamless integration of blockchain capabilities, marking a transformative phase for the company as it prepares to reposition itself as a luxury label. As part of this rebranding initiative, ChromaWay plans to unveil a new logo, elevate its aesthetic appeal, and implement a revamped retail strategy. The company is set to disclose the technological specifics before the launch of its upcoming collection, underscoring its commitment to leveraging blockchain and AI technologies in the fashion industry. ChromaWay, originally a Stockholm-based blockchain AI firm, now aligns itself with Blk Dnm's vision for innovation and luxury in the textile and apparel sector.

Major companies operating in the blockchain AI market report are Microsoft Corp., IBM Corp., Oracle Corp., AlphaNetworks Inc., Salesforce. Com Inc., Fidelity Information Services LLC, CertiK, Barca Vision, Core Scientific Inc., Hannah Systems, ORS Group, Figure Technologies Inc., SandboxAQ, Plato Technologies Inc., NetObjex Inc., Phlo Systems Ltd., Cyware Labs Pvt. Ltd., Bext Holdings Inc., Neurochain Tech, Fetch.AI, Solidus Labs, Gainfy Healthcare Network, BurstIQ Inc., Token Metrics Media LLC, Blackbird.AI, AnChain.AI, Verisart Inc., WealthBlock, Petuum Inc., Scifn.

North America was the largest region in the blockchain AI market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the blockchain AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the blockchain AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary technologies employed in blockchain AI integration encompass computer vision, machine learning (ML), and natural language processing (NLP). This convergence of technologies finds application across various sectors including BFSI (Banking, Financial Services, and Insurance), telecom and IT, healthcare and life sciences, manufacturing, media and environmental sectors, automotive industries, and other diverse fields. The implementation of blockchain AI is utilized for smart contracts, payment systems, data security enhancement, logistics and supply chain management, as well as optimizing business processes within these sectors.

The blockchain AI market research report is one of a series of new reports that provides blockchain AI market statistics, including blockchain AI industry global market size, regional shares, competitors with a blockchain AI market share, detailed blockchain AI market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain AI industry. This blockchain AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The blockchain AI market includes revenues earned by entities by providing software tools to store and distribute organizational data in distributed immutable ledger systems using AI models to enhance the data security of organizations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.