According to a new market research report published by Credence Research “Global AI and blockchain cloud services Market (Application (Financial Sector, Consumer or Industrial Products, Healthcare, Technology, Media, and Telecom, Transportation, and Public Sector )) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall AI and blockchain cloud services market worldwide is set to grow with a CAGR of more than 25% during the forecast period.
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The global AI and blockchain cloud services market is highly driven by increasing amount of data generated in various sectors and growing demand for innovative data analytics tools and technologies. As the big data market is experiencing a significant boom, the demand for AI and blockchain based tools is expected to increase. Based on this, around 97% of companies are investing in big data and AI. Along with this growing dominance of internet, and increasing adoption of cloud based applications and services, and increasing demand for virtual assistance is also contributing to the growing market of AI and blockchain cloud services. Moreover, large number of companies are entering the AI and blockchain cloud services market based on the growth potential in the industry.
Though this is a lucrative market segment, factors such as data security concerns, and limited presence of AI and blockchain experts are impacting the adoption of AI and blockchain cloud services across the globe. Moreover, high investment and regulatory uncertainty is also having a negative impact on the market. These factors are expected to restrain the market growth during the forecast period.
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Based on Application, the financial sector segment is dominating the market by contributing around 35% of the total revenue generated worldwide. As financial institutions deal with large amount of data with respect to finances, medical records, and personal recommendations, it is essential for the firms to utilize more secure and reliable technologies. This has primarily contributed to the high market share of this segment in the AI and blockchain cloud services market. Based on the geography, North America dominated the global AI and blockchain cloud services market by holding a market share of nearly 40% to the total revenue generated. This high market share is mainly attributed towards factors such as presence of major technology providers in this region, high investments of players operating in this market, and high adoption rate of advanced technologies in various industrial sectors. Europe holds second position in the market, however Asia-Pacific is expected to show a rapid growth during the forecast period. As large number of companies are inclined to invest in emerging Asian countries, this region is experiencing a significant technological boom. Also, large number of start-ups are opening up in this region which largely contributes to the growth of this market in Asia-Pacific region.
Some of the major companies profiled in the report include Synapse AI, VIA, CoinGenius, AlphaNetworks, NetObjex, Figure Technologies, Cyware Labs, Chainhaus, Verisart, Inc., Finalze, Inc., Wealthblock.AI, Boxspring Media, among others.
Application Segment (2017–2027; US$ Mn)
- Financial Sector
- Consumer or Industrial Products
- Technology, Media, and Telecom
- Public Sector
By Geography Segment (2019–2027; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
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