Demand for Blockchain and AI Expected to Push Market Value to $980.7M by 2030: Report

Since blockchain and artificial intelligence (AI) are among the greatest technological innovations, their demand is expected to make the market value soar to $980.7 million by 2030, according to Spherical Insights & Consulting.

The market data intelligence company suggested that the global blockchain AI market is anticipated to record a compound annual growth rate (CAGR) of 24.06%. Per the report:

“Both combined are able to provide robust outcomes, and become highly beneficial to various applications such as financial security, supply chain logistics, creating diverse datasets and many others.”

Since digitization is emerging as a critical driver of transformational change across different industries, AI and blockchain can prompt high-efficiency levels, with the United States already setting the digitizing ball rolling. 

Spherical Insights pointed out:

“The blockchain AI accelerates and also connects the ecosystem of artificially intelligent bots and software. The combination of both delivers universal registration, identity validation, bot audit, and compliance capabilities.”

Based on the technical complexity presented by blockchain and AI, experts anticipate that these cutting-edge technologies will have profound business implications soon. For instance, the AICoin project was aimed at enabling investors to harness the power of tokenization by combining the strengths of AI and blockchain.

Spherical Insights added:

“In this project, the developers developed artificial intelligence models that learn to identify and trade patterns that are hidden in the dozen or so most liquid cryptocurrency markets.”

The report also noted that this market can be a game-changer for business leaders, given that it can be deployed in investment management platforms, crowdsourced predictive models for hedge funds, and AI marketplaces. 

Spherical Insights also highlighted that cloud-based blockchain AI solutions could play an instrumental role in SMEs because they enhance scalability and are highly applicable. 

Meanwhile, Research and Markets disclosed that enhanced blockchain as a service (BaaS) adoption would boost the blockchain in the healthcare market, Blockchain.News reported.