According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in Media and Entertainment Market Analysis by Type, by Platform, by Organization Size, by Region - Forecast till 2030” valuation is poised to reach USD 11.8 Billion by 2024, registering an 30.4% CAGR throughout the forecast period (2022–2030).
Blockchain in Media and Entertainment Market Overview
The increasing internet penetration and the rise in the use of AI-enabled smartphones will offer robust opportunities for the market in the assessment period.
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Blockchain in Media and Entertainment Market Competitive Analysis
Dominant Key Players on Blockchain in Media and Entertainment Market Covered are:
- IBM Corporation
- SAP SE
- Microsoft Corporation
- Amazon Web Services
- Oracle Corporation
- PLC BTL Group Voise
- Infosys Limited
- Factom Inc.
- Bitfury USA Inc.
- GuardTime AS Nyiax Inc.
- MetaX Auxesis Group
Increase in Data Piracy to Boost Market Growth
The increase in data piracy will boost market growth over the forecast period. Due to its openness, blockchain enables content creators to securely and precisely trace the dissemination of their blockchain-hosted material by confirming that users have made payments and examining usage patterns. Blockchain eliminates material piracy at the source because it is safe and data cannot be hacked for shady distribution. It is more efficient and affordable to adopt than existing systems when a pay-per-use micropayment system built on blockchain is used in the media, entertainment, and advertising industries. Automated sales of content, such as graphical art, essays, or videos, on a per-use basis can help artists cut their administrative and software costs.
Dynamic Regulatory Standards to act as Market Restraint
The software’s dynamic regulatory standard may act as a market restraint over the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness and availability of substitutes may act as market challenges over the forecast period.
Blockchain in Media and Entertainment Market Segments
The blockchain in media & entertainment market is bifurcated based on application, organization size, platform, and type.
By type, the blockchain in media and entertainment market is segmented into consortium, private, and public.
By platform, the blockchain in media and entertainment market is segmented into multichain, hyperledger, R3 corda, ethereum, ripple, bitcoin, and others.
By organization size, SMEs will lead the market over the forecast period.
By application, payments will dominate the market over the forecast period.
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Blockchain in Media and Entertainment Market Regional Analysis
North America to Lead Blockchain in Media and Entertainment Market
The largest market share for Blockchain in the media and entertainment industry will be held by North America. The use of blockchain is expanding quickly. Additionally, this region is home to numerous Blockchain in Market Leading Companies. Technology is providing great advantages to the video streaming sector. Leading investors in the region include the US and Canada. Additionally, adoption from both of these nations is very strong. 9 out of 10 media companies are implementing Blockchain software, according to a global survey. All of these will support America's enormous revenue rates. The market prospects and innovation for blockchain in media & entertainment will climax. In terms of market size, the worldwide blockchain market for media, entertainment, & advertising is predicted to be led by North America.
The media, advertising, & entertainment industries have seen a growth in blockchain investments in the North American region. Digital advertising, smart contracts, licensing and rights management, online gaming, content security, and payments are just a few of the applications that the blockchain technologies are successfully employed for in the region's media, entertainment, and advertising sectors. During the projected period, North America is anticipated to have the greatest market share in the worldwide blockchain market for media, entertainment, and advertising. Due to the presence of major businesses, the region has seen growing blockchain investments in the media, advertising, & entertainment sectors. The expansion of the blockchain in the media, advertising, & entertainment markets is anticipated to be fueled by the early adoption of the cutting-edge technology & digitization.
Canada is amid the nations in this region which is developing the blockchain fastest. This is chiefly due to projects like those of the BC Blockchain Forum in Vancouver, the Blockhouse in Montreal, and the Blockchain Research Institute in Toronto. In order to lay down the solid foundation for the expanding ecosystem, these projects are bringing together start-ups, private sector businesses like IBM and Accenture, & various levels of government.
APAC to Have Favorable Growth in Blockchain in Media and Entertainment Market
The market for blockchain in media & entertainment in Asia Pacific is anticipated to grow at the quickest rate during the forecast period as a result of major players increasing their investments to offer services throughout the region as well as the rising demand for the online content in important nations like China, Japan, and India. On the strength of rising internet penetration, advancing blockchain technology, and expanding use of AI in the region, the market in APAC is anticipated to have notable expansion over the forecast period. Nearly 44% of individuals in the Asia & Pacific area had internet connection in 2017, an increase of more than 48% in only two years.
Additionally, it is anticipated that the region will hold the largest share of the market during the assessment period, which can be attributed to the region's increasing digitization efforts, early adoption of cutting-edge technologies, and growing investments in media, advertising, and entertainment sectors. The sheer volume of users is one of the main drivers of the blockchain market's expansion. Due to the presence of youthful, tech-savvy, inquisitive minds, the region's interest in the cutting-edge technology is fueling industry growth.
The COVID 19 has caused unforeseen developments in many places. The virus outbreak is seriously harming the Blockchain market. The epidemic is slowing down market operations in the media industry. During this time, fewer media items are being used and sold. Investments in entertainment sector are being impacted by the economic downturn. It is a time when worries about life & health are present. Online entertainment is growing, though.
The media and entertainment industry's use of blockchain is beneficial for the online media services. The market's consumer base is growing quickly. Demand for OTT and other internet services are rising. Customers have high expectations for blockchain-related products in the media and entertainment business. Growth is being stimulated via the availability of the online services and the purchasing of entertainment devices. The position for the blockchain in the media and entertainment business is favourable post-Covid 19.
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