Exploring the Critical Markets of AI, AR & Blockchain
Last updated
Last updated
As businesses face the decline of traditional operations, merging AI, AR, and blockchain technologies offers a lifeline of innovation. AI empowers companies to smarten up their operations and connect better with customers, using data to tailor experiences. AR transforms these digital offerings into immersive, real-world interactions, making shopping or navigation engaging. Blockchain is the backbone, ensuring these innovations are secure and trustworthy. Each avenue turns tech advancements into practical, profitable tools, helping businesses stand out in a crowded digital space.
Application in Business
AI
- Business operations improvement
- Cybersecurity and fraud management
- Digital personal assistants
- Customer relationship management
- Inventory management
- Content production
- Product recommendations
AR
- Real-world interactions with digital information
- Engaging navigation aids
- Animating print ads
Blockchain
- Securing transactions and data
- Digitalization efforts across sectors
- Decentralized applications
- Cryptocurrency usage
Businesses increasingly integrate AI into their operations, with a Forbes Advisor survey highlighting varied applications: 56% improve business operations with AI, 51% use it for cybersecurity and fraud management, and 47% employ digital personal assistants. AI also plays a significant role in customer relationship management (46%), inventory management (40%), and content production (35%) ().
The AR worldwide market is projected to grow from $25.1 billion in 2023 to $71.2 billion by 2028, with a CAGR of 23.2% (). Overlaying digital information like 3D models or animations onto the real world, AI offers practical applications, from navigation aids displaying arrows on streets through a smartphone camera to animating print ads via AR apps, thereby enriching user experience and utility.
Global blockchain market growth is remarkable, with expectations to soar from US$11.02 billion in 2022 to US$265.01 billion by 2028 (). Key factors fueling demand include widespread digitalization efforts across sectors, favorable government initiatives recognizing blockchain's potential in areas such as land registration and identity management, broad adoption in diverse industries like BFSI, retail, and healthcare, the rising popularity of decentralized applications requiring robust blockchain solutions, and increasing cryptocurrency usage.