Artificial Intelligence and Cryptocurrency Market Report offers a comprehensive study of all the segments and shares information regarding the market development by size, share, growth rate, future trends, drivers, opportunities, and challenges in key regions
Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global cryptocurrency market size is expected to gain momentum by reaching USD 1,902.5 million by 2028 while exhibiting a CAGR of 11.1% between 2021 to 2028. In its report titled “Cryptocurrency Market,” Fortune Business Insight mentions that the market stood at USD 826.6 million in 2020.
The demand for crypto has increased due to rising investments in venture capital. Additionally, the increasing popularity of digital assets such as bitcoin and litecoin is likely to accelerate the market in upcoming years. Furthermore, it has been seen that the digital currency is also used in the integration of blockchain technology to get decentralization and control efficient transactions. Thus, advantages such as these are also encouraging people to invest in crypto. For instance, In October 2018, Qtum Chain Foundation made a partnership with Amazon Web Services (AWS) China to use blockchain systems on the AWS cloud. With this collaboration, AWS will be able to help its users in using Amazon Machine Images (AMI) to develop and publish smart contracts easily and efficiently.
The market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
COVID-19 Impact
The COVID-19 pandemic adversely affected the world economy. However, the relationship between Bitcoin and the equity market expanded amid pandemic. For example, in March 2020, the price of Bitcoin declined and went below USD 4,000 after a decline in the S&P Index in the U.S. Thus, as the Initial Coin Offering (ICO) market crashed, blockchain companies are emerging as major alternative to raise investment capital.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
By component, the market is bifurcated into hardware, and software. By type, it is divided into bitcoin, ether, litecoin, ripple, ether classic, and others. By end-use, it is divided into trading, E-commerce and retail, peer-to-peer payment, and remittance.
Based on end use, the trading segment held the market share of 42.8% in 2020, because it focuses on crypto solutions that are used for trading such as Pionex, Cryptohopper, Bitsgap, Coinrule, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
Driving Factor
Focus on Mitigating Financial Crisis and Regional Instability Drives the Demand for Virtual Currency
In recent times, financial disaster is one of the primary issues that occurs in the conventional banking system. This financial instability disrupts the economy by lowering the value of money. For instance, ICICI bank of India, in the year 2008, confronted the Lehman brother crisis, which hugely impacted the nation’s economy. But with using bitcoins, and other cryptocurrency, such situations of economic downfall can be avoided. Therefore, Cryptocurrencies are emerging as alternative options in the regions with unstable economical structure, and this has been a major driving factor for the cryptocurrency market growth.
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period. This is because in most parts of the region bitcoins have become a medium of exchange for tax purposes rather than the actual currency. Although these are not legally regulated by the government, still many of the countries in the region are focused on using digital currencies. The region’s market stood at USD 273.0 million in 2020.
Asia Pacific is expected to showcase significant cryptocurrency market share in upcoming years, owing to several technological developments and acceptance of virtual currency for some platforms within Japan and Taiwan. Additionally, the strategic collaborations, partnerships by key players are also fueling the regional market. For instance, in January 2020, Z Corporation, Inc. and TaoTao, Inc. collaborated with the financial service agency to widen the crypto market by confirming regulatory compliance in the Japanese market.
Competitive Landscape
Key Players to Focus on Introduction of New Services to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
March 2021 – Visa Inc. aims to introduce crypto as a direct payment. With this key initiative, the company aims to accept cryptocurrencies as a payment method for the finance industry.
The global artificial intelligence market size is expected to reach USD 360.36 billion by 2028. As per the report, the market size was valued at USD 35.92 billion in 2019 and is estimated to display a stellar CAGR of 31.9% during the forecast period. This information is presented by Fortune Business Insights™, in its report, titled, “Artificial Intelligence Market, 2021-2028.” The increasing number of linked devices and rising implementation of Internet of Things (IoT) are steering the market growth. Multiplying usage of cloud-based applications in various industries such as medical, online retail, production, and Banking, Financial Services, & Insurance (BFSI) coupled with rising complexity of cyber-crimes are presenting exciting opportunities to expand the utilization of artificial intelligence in the market. For example, use of machine learning (ML) in precisely identifying cancerous cells is anticipated to propel its demand in the healthcare industry.
AI Technology that Traces COVID-19 Patients Set to Promote Market Growth
The medical industry is projected to considerably benefit from AI applications during the COVID-19 pandemic. For example, in the clinical health care procedures, AI will assist in improving the precision and efficacy in diagnosing the disease, suggesting treatments, and predicting results. In the United States, the government is employing essential data from detachable devices to trace COVID-19 positive patients. AI assists in developing and mining the coronavirus stress and using it to improve and scale the testing equipment. The extracted data can be useful for drug discovery. For example, the TCSI lab is making use of AI capabilities to recognize potential molecules and to target it against the COVID stress. Therefore, amid pandemic, the artificial intelligence market is anticipated to observe substantial growth.
Report Coverage
The report provides a thorough study of the market segments and detailed analysis of the market overview. A profound evaluation of the current market trends as well as the future opportunities is presented in the report. It further shares an in-depth analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The report sheds light on the key players and their prominent strategies to stay in the leading position.
Companies Covered in the Artificial Intelligence Market Report
Alphabet (Google LLC) (California, USA)
Apple Inc. (California, USA)
Baidu Inc. (Beijing, China)
IBM Corporation (New York, USA)
IPsoft Inc. (New York, USA)
Microsoft Corporation (Washington, USA)
MicroStrategy, Inc. (Virginia, USA)
NVIDIA Corporation (California, USA)
Qlik Technologies Inc. (Pennsylvania, USA)
Verint Systems Inc. (Next IT Corp) (New York, USA)
SAP SE (Walldorf, Germany)
Segmentation
By component, the artificial intelligence market is divided into hardware, software and services. The services segment is estimated to gain momentum during the forecast period. The incorporation of AI with the prevailing systems in companies needs suitable skillset and expertise. Furthermore, for maintenance and to support artificial intelligence, an insightful set of expertise is essential. Additionally, the software segment held a share of 40.9% in the year 2019.
On the basis of technology, the market is segregated into computer vision, machine learning and natural language processing. Based on deployment, it is further bifurcated into cloud and on-premise. By industry, the market is separated into healthcare, retail, IT and telecom, BFSI, automotive, advertising and media, and manufacturing among others. In terms of region, the global market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Drivers and Restraints
Budding BFSI Industry to Inflate Opportunities for Artificial Intelligence Market
The BFSI industry is estimated to extend the applications of artificial intelligence (AI). It is already consuming the technology for making trading decisions, for chatting robots, credit scoring applications, and to study the financial market impact analysis, among others. For example, several banks are utilizing ML tools to generate trading robots that are capable of self-analysing and to teach trading, based on past data. Moreover, BFSI is making use of AI technology to provide personalized guidance to its users concerning debt administration, investment tactics, refinancing, and much more. The technology is also efficient in detecting fraud activities. This is expected to create widespread opportunities for the application of the technology, thereby initiating in the artificial intelligence market growth in the near future.
North America to Hold Command Backed by Active Government Initiatives
The artificial intelligence market share in the North American region was USD 11.40 billion in 2019, where the U.S. was a major contributor due to increasing government initiatives and investments in the market. This is expected to boost demand for artificial intelligence in the near future.
Europe is estimated to be an equal contributor to the global economy in the artificial intelligence market. Countries in the European region are tactically financing in AI. For example, the European Investment Fund, assigned USD 111 million for the AI-based start-ups in 2020.
Asia Pacific is estimated to witness speedy growth during the forecast period. In this region, China is responsible for generating the main income share, owing to collective investments by leading players in the technology. Furthermore, to offer strong outcomes in the field, it also presented the New Generation Artificial Intelligence Development Plan.
Competitive Landscape
Partnerships and Mergers to Help Developers Innovate New Ideas and Expand Business
Prominent players in the market often come up with efficient strategies that include partnerships, acquisitions and mergers, product launches, etc. These strategies bolster their position as leading players and also benefit the other involved companies as well.
For instance, in May 2020, IPsoft Inc. protracted its collaboration with Unisys Corporation to apply AI capabilities in InteliServe and Amelia. The incorporated suite will aid organizations to solve workplace concerns with its intellectual technology.
Industry Development
June 2020: Microsoft Corporation made an investment in the Mount Sinai Health System. The company is a healthcare based firm and will be using AI to improve the COVID-19 related care through its advanced digital tools. This is likely to boost demand for artificial intelligence in the upcoming years.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
