Wintergreen Research, Inc. has released its “AI and Smart Contracts: Market Shares, Market Strategies, and Market Forecasts, 2023 to 2029” report, which projects significant growth in the global AI and smart contract blockchain market. The report projects a compound annual growth rate (CAGR) of 53.39% throughout the projected period of 2022-2029. This highlights the revolutionary effects that AI technology and eGovernment will have on contracts and identities across a variety of industries.
The report highlights the efficient implementation of AI technology through smart contracts, which is transforming the way business is conducted in various industries, including government, agriculture, healthcare, banking, insurance, and CBDCs. This implementation is making cross-border payments faster and cheaper, with the settlement process moving from two days to several seconds, creating a less costly and more efficient settlement process.
AI and Smart Contracts Set to Revolutionize Global Business
The Wintergreen Research report notes that AI technology is rapidly being adopted by various sectors, including the military, agriculture, electric vehicles, and digital currency, with unprecedented adoption driving strong growth in the U.S. and world GDP. The report emphasizes the need for businesses to understand smart contracts and how they will be used to benefit from the companies that are installing smart contract technology.
It is projected that the introduction of electric vehicles will add $114 trillion to the global economy by the year 2029. In anticipation of this growth, Microsoft has invested $10 billion into ChatGPT and is immediately bringing AI technology to Excel and Word. It is anticipated that the functionality of AI will add another $100 trillion to the world economy.
The report further examines the impact that artificial intelligence technology is having on a variety of businesses as well as the role that smart contracts play in the operation of AI. The consequences of ChatGPT are already being felt by users, teachers, and professors, and these transitions to AI are creating an economic push for CBDCs and smart contracts.
Overall, the report emphasizes the need for businesses to understand smart contracts, their implementation, and how the market will play out. Understanding these aspects will enable businesses to ally with companies that are installing smart contract technology and benefit from the significant growth expected in the AI and smart contract blockchain market.