With blockchain and artificial intelligence (AI) being among the biggest technological innovations, their demand is expected to cause the market value to skyrocket to $980.7 million by 2030, according to Spherical Insights & Consulting.

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

“Both combined can provide strong results and become highly beneficial for various applications such as financial security, supply chain logistics, building various data sets, and many others.”

As digitization is emerging as a critical driver of transformational change in different industries, AI and blockchain can drive high efficiency levels, and the United States is already kick-starting digitization.

Spherical Insights noted:

“Blockchain AI accelerates and also connects the bot ecosystem with artificial intelligence and software. The combination of the two offers universal registration, identity validation, bot auditing, and compliance capabilities.”

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

Spherical info added:

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

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

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

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

Image Source: Shutterstock