Market Overview
The next super-cycle: AI x Blockchain
Last updated
The next super-cycle: AI x Blockchain
Last updated
The size of the global market for artificial intelligence (AI) was anticipated to be 119.78 billion US dollars in 2022, and it is expected to touch 1,597.1 billion US dollars by 2030 with a registered compound annual growth rate (CAGR) of 38.1% from 2022 to 2030.
Between 2022 and 2030, it is anticipated that the Asia Pacific market would experience the largest compound annual growth rate, which will be 42%.
In 2022, the deep learning market category had 39% of the total market share because to its technological advantages.
In 2022, the software category was responsible for accounting for more than 41% of the market share in terms of solutions.
The advertising & media category has accounted for 22% of the market share in 2022 when it is broken down by end user.
In 2022, North America was responsible for 43 percent of the market share.
Over the past several years, the increasing adoption of digital technologies and the internet has been a major factor in the expansion of the market for artificial intelligence across the globe. The significant sums of money spent on research and development by the world's most successful technology companies are the primary force behind the ongoing acceleration of technical progress across a wide range of sectors. It is anticipated that the expanding demand for artificial technology across a variety of end use verticals, such as automotive, healthcare, banking and finance, manufacturing, food and beverage, logistics, and retail, will significantly drive the growth of the global artificial intelligence market in the years to come. The majority of different industries have always placed a significant emphasis on new technological developments.
In 2022, the deep learning market sector had the biggest market share in terms of technology. Its sophisticated data-driven applications, including text, audio, and video recognition, are what give it this dominance. The difficulties posed by the large amounts of data are anticipated to be resolved by the deep learning field's developing technological breakthroughs. During the forecast period, the segment's expansion is also anticipated to be aided by the growing use of deep learning technology in the medical industry.
The enormous contribution of machine learning to overall investments in AI technology is driving its adoption in a variety of applications, including hypothesis generation, clustering, altering, tagging, clustering, filtering, visualization, and navigation, and it encourages the creation of cognitive solutions. The increasing use of on-premises hardware and cloud computing platforms for processing and storing massive amounts of data has greatly aided the development of data analytics platforms. In the near future, the major tech companies' increasing efforts in innovation and research are anticipated to drive the growth of the AI market.
The global market for blockchain technology was estimated to be worth 10.02 billion US dollars in 2022, and its size is anticipated to expand at a compound annual growth rate (CAGR) of 87.7% from 2023 to 2030.
The rapidly expanding usage of blockchain technology across a variety of industries, including healthcare, logistics, supply chain management, and government, is the primary factor that is driving the industry. Because of the capability of the technology to enable data storage and transfer that is secure, transparent, and irreversible, it has become an appealing option for businesses that are wanting to improve the data security of their operations, streamline their operations, and raise their efficiency.
The primary drivers of this growth include the growing acceptance of blockchain technology by financial institutions, as well as the growing demand for blockchain solutions in supply chain management and the healthcare industry.
As a result of the expanding use of blockchain technology across a wide range of business sectors, the global market for blockchain is anticipated to expand at a breakneck speed over the course of the next few years. Even if there are a few issues that need to be resolved, the potential of the technology to provide data storage and transfer that is secure, transparent, and irreversible makes it a viable solution for businesses that want to improve their data security and expedite their operations.
