Blockchain AI Market Size to Top $3.5B in 2032: Report

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Blockchain AI Market Size to Top $3.5B in 2032: Report – Crypto News

Published

2 years ago

November 8, 2023

Dripp

Based on an analysis by Emergen Research, the Blockchain AI market is estimated to skyrocket to around $3.5 billion by 2032.

Blockchain AI is Now the New Trend

According to Emergen Research, the services sector of the industry takes the larger share of the valuation in 2019 and is projected to continually gain traction. Per the projection, Blockchain AI’s integration within the financial services sector, asset tracking, and tokenization are also crucial to achieving this $3.5 billion valuation by 2030.

In recent times, the intersection between blockchain and Artificial Intelligence has been significantly explored by top crypto analysts. Both technologies are considered a powerful pair whose implementation improves the processes and operations of every industry. Amongst other utilizations, AI can use blockchain to distribute data applicable in several models.

A core example is the use of machine learning models in online retail for the recommendations of products. This is in line with Amazon’s plan to launch Olympus, a Large Language Model (LLM), through its web services branch, Amazon Web Services (AWS). The tech giant plans to boost its online retail platform via Olympus. While at it, Amazon also intends to advance the features within the Alexa voice assistant.

The adjustment is focused on devices like the Amazon Echo, all in a bid to jack up Amazon Web Services division. Reports have described Olympus as an LLM with almost 2 trillion parameters. Markedly, this makes it one of the largest LLMs that has been developed. In the long run, the tech giant believes that the LLM will compete with OpenAI’s ChatGPT and Microsoft’s Bing.

Noteworthy, data monetization is one of the key drivers of the blockchain AI market. It is believed that both AI and advanced blockchain can be accessed through data monetization, complementing the predicted valuation.

Can the $3.5B Valuation be Attained?

With innovations constantly being discovered in the AI industry and a large appetite for new technologies in the crypto ecosystem, there has been a rise in AI-focused investments in the blockchain ecosystem over the past year.

Considering the rate at which this interest is rising, there are strong speculations that the market will reach unprecedented levels in no time.

There is a likelihood that venture capitalists will inject huge funds into the blockchain AI sector, pushing it towards the projected valuation. The Amazon investment in FTX-backed Anthropic is one crucial example that can set a similar target for other blockchain AI systems.

On one hand, there is the fear of a lack of highly skilled workforce and the development and management of the technology which may make it difficult for the industry to reach the valuation.