Global AI & Smart Contract Blockchain Market to Grow at CAGR of 53.39% by 2029
The global AI and smart contract blockchain market is poised for significant growth, projected to increase at a compound annual growth rate (CAGR) of 53.39% during the forecast period from 2022 to 2029. This growth is driven by a convergence of identities and contracts, both physical and digital, which underpin a globalized world. At the same time, the rapid pace of technological change and increased adoption of artificial intelligence (AI) and eGovernment are transforming the way we authenticate ourselves and conduct business through smart contracts.
Revolutionizing industries
Smart contracts have already proven to be useful in various sectors, such as government, farming, healthcare, banking, insurance, and business, and they also enable central bank digital currencies (CBDCs). Implementing AI through smart contracts can make processes more efficient, leading to faster and cheaper cross-border payments. For instance, the settlement process could be reduced from two days to several seconds, which would create a less costly and more efficient settlements process.
Driving AI adoption
The adoption of AI is being driven by several factors, including concerns over global warming, Chinese investment in the military, and big tech research and development spending. The increased adoption of AI is creating opportunities to implement more efficient business practices in various industries, with smart contracts fulfilling the need to implement AI more efficiently. The rapid pace of technological change means that AI will bring the same digital revolution that PCs, smartphones, and the Internet have already brought, but quicker and with a greater impact.
Adding trillions to the global economy
Implementation of electric vehicles is expected to add $114 trillion to the global economy by 2029, which is in addition to the current world economy. Microsoft is also investing an additional $10 billion in CHATgpt and adding AI functionality to Excel and Word immediately, which is driving another $100 trillion into the global economy. Groups such as teachers, professors, and law firms are already noticing the effects of CHATgpt and need to understand smart contracts and how the market will play out to start aligning with the companies that are installing smart contract technology.
Key Topics Covered
The report covers key topics such as smart contract market definition and market dynamics, smart contracts market shares and market forecasts, CBDCs and smart contracts, smart contract regional analysis, and company profiles. Key issues covered include improvements in payment systems, digital money, and central bank monetary policy. The report also profiles companies that are at the forefront of AI and smart contract technology, such as AIWORK, Accenture, AWS, OpenAI/ChatGPT, Ethereum, Everscale, Goldman Sachs, Huawei, and IBM.
Source: Research and Markets
