The Latin America, Middle East and Africa Blockchain AI Market would witness market growth of 25.1% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Blockchain AI Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $44.9 million by 2031. The Argentina market is showcasing a CAGR of 26.1% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 24.7% during (2024 - 2031).
Both blockchain and AI have proven to help companies reduce operational costs. AI enables the automation of tasks that would otherwise require manual labor, while blockchain reduces the need for intermediaries and decreases transaction costs. Combining both technologies results in an even more efficient system, leading to significant cost savings in operations.
This has a wide array of uses across various industries. Some of the most impactful uses include AI-powered predictive analytics, which can help businesses predict demand fluctuations and optimize supply chain operations. Blockchain ensures transparency and traceability. By combining these technologies, companies can track products in real-time, improve inventory management, and ensure product authenticity, especially in industries like food and pharmaceuticals.
The rising healthcare industry in the UAE is playing a pivotal role in the growth of this market. In the UAE’s 2022 federal budget, USD 15.8 billion (AED 58.931 billion) was allocated for public spending, with 8.4% dedicated to healthcare. This significant investment underscores the UAE’s commitment to advancing its healthcare infrastructure, which the government’s Vision 2040 further emphasizes. The rising healthcare industry in Brazil is a key catalyst for the growth of the country's blockchain AI market. In 2023, Brazil saw significant advancements in AI, with spending exceeding US$1 billion, reflecting a 33% year-over-year increase. This surge in AI investment includes a substantial focus on Intelligent Process Automation (IPA), which surpassed US$214 million, marking a 17% growth from the previous year. Therefore, increasing healthcare sector and rising adoption of AI in the region is driving the growth of the market.
Free Valuable Insights: The Worldwide Blockchain AI Market is Projected to reach USD 2.2 Billion by 2031, at a CAGR of 23.2%
Based on Component, the market is segmented into Platform, and Services. Based on Deployment Mode, the market is segmented into Cloud, and On-premise. Based on Organization Size, the market is segmented into Large Enterprises, and SMEs. Based on Technology, the market is segmented into Machine Learning (ML), Computer Vision, Natural Language Processing (NLP), and Other Technologies. Based on Application, the market is segmented into Logistics & Supply Chain Management, Smart Contracts, Payments & Settlements, Governance, Risk, & Compliance Management, and Other Applications. Based on Vertical, the market is segmented into BFSI, Government, Energy & Utilities, Healthcare & Lifesciences, Telecom, Media & Entertainment, Manufacturing, Retail & Consumer Goods, Travel & Transportation, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Component
By Deployment Mode
By Organization Size
By Technology
By Application
By Vertical
By Country
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