Rise in data breaches boosting blockchain in media and entertainment market growth
NEW YORK, United States, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in the media and entertainment market Analysis by Type, Platform, Organization Size, Region – Ready to Reach ‘Predictions to 2030’ Valuations USD 11.8 billion by 2024, recording a CAGR of 30.4% over the forecast period (2022-2030).
An overview of blockchain in the media and entertainment market
Rising internet penetration and growing use of AI-enabled smartphones provide a strong opportunity for the market during the evaluation period.
Scope of the Blockchain in Media and Entertainment Market Report:
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Reporting metrics |
detail |
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Market size by 2030 |
US$11.8 billion |
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CAGR |
30.4% |
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base year |
2021 |
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Forecast period |
2022-2030 |
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driver
Increase in data breaches to boost market growth
Rise in data piracy will boost the market growth during the forecast period. Due to its openness, blockchain allows content creators to securely and accurately track the distribution of material hosted on the blockchain by verifying that users have made payments and examining usage patterns. . Blockchain is secure and data cannot be hacked for shady distribution, thus eliminating significant piracy at the source. A pay-as-you-go micropayment system built on blockchain is more efficient and affordable than existing systems when used in the media, entertainment, and advertising industries. Per-use vending of content such as graphic arts, essays, and videos helps artists reduce administrative costs and software he costs.
Dynamic regulatory standards acting as market constraints
Dynamic regulatory standards in software are likely to act as market constraints over the forecast period.
Lack of awareness to act as a market issue
Lack of awareness and availability of substitutes may act as market challenges during the forecast period.
Blockchain in media and entertainment market segment
The media and entertainment market blockchain is bifurcated based on application, organization size, platform, and type.
By type, the media and entertainment market blockchain is segmented into consortium, private, and public.
By platform, the media and entertainment market blockchain is divided into Multichain, Hyperledger, R3 Corda, Ethereum, Ripple, Bitcoin, etc.
By organization size, SMEs will lead the market over the forecast period.
By application, payments will dominate the market over the forecast period.
Read our in-depth market research report on blockchain in the media and entertainment market (page 111).
https://www.marketresearchfuture.com/reports/blockchain-media-entertainment-market-8072
Blockchain in Regional Analysis of Media and Entertainment Market
North America Leads Blockchain in Media and Entertainment Markets
North America holds the largest market share for blockchain in the media and entertainment industry. The use of blockchain is expanding rapidly. Additionally, the region is home to a large number of blockchains from market-leading companies. Technology has brought great advantages to the video streaming sector. Major investors in the region include the United States and Canada. Additionally, adoption from both of these countries is very strong.A global survey found that 9 out of 10 media companies have implemented blockchain software. All of this underpins America’s enormous rate of return. Blockchain market prospects and innovation in media and entertainment will reach a climax. In terms of market size, the global blockchain market for media, entertainment, and advertising is projected to be led by North America.
The media, advertising, and entertainment industries are increasingly investing in blockchain 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 where blockchain technology has been successfully adopted in the regional media, entertainment, and advertising sectors. North America is expected to have the largest market share in the global blockchain market for media, entertainment, and advertising during the forecast period. Due to the presence of major companies, the region has seen an increase in blockchain investments in the media, advertising, and entertainment sectors. The expansion of blockchain in media, advertising and entertainment markets is expected to be driven by early adoption of cutting-edge technology and digitization.
Canada is among the countries in the region that are among the earliest to develop blockchain. This is largely due to projects such as his BC Blockchain Forum in Vancouver, Blockhouse in Montreal and Blockchain Institute in Toronto. These projects bring together start-ups, private companies such as IBM and Accenture, and various levels of government to lay a solid foundation for a growing ecosystem.
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APAC Sees Blockchain Steady Growth in Media and Entertainment Markets
The Asia-Pacific market for blockchain in media and entertainment will grow fastest during the forecast period as a result of major players increasing investment to provide services across the region and increasing demand for critical online content. is expected to grow to countries such as China, Japan, and India. The Asia-Pacific market is expected to expand significantly during the forecast period, owing to rising internet penetration, advances in blockchain technology, and growing use of AI in the region. In 2017, nearly 44% of his individuals in Asia and the Pacific were connected to the internet, an increase of over 48% in just two years.
Moreover, this region is expected to hold the largest share of the market during the evaluation period. This can be attributed to increased digitization efforts in the region, early adoption of cutting-edge technologies, and increased investment in media, advertising and entertainment. sector. The huge amount of users is one of the main factors in the expansion of the blockchain market. With a young, tech-savvy and curious population, the region’s interest in cutting-edge technology is fueling industry growth.
COVID-19 analysis
COVID 19 has caused unexpected developments in many places. The virus outbreak has seriously damaged the blockchain market. Epidemics are slowing market operations in the media industry. Fewer media items are used and sold during this time. Investments in the entertainment sector have been affected by the recession. It’s a time of uncertainty about life and health. However, online entertainment is growing.
The use of blockchain in the media and entertainment industry is beneficial for online media services. The consumer base of the market is expanding rapidly. The demand for Internet services such as OTT is increasing. Customers have high expectations for blockchain-related products in the media and entertainment business. Growth is fueled by the availability of online services and the purchase of entertainment devices. Blockchain’s positioning in media and entertainment business is favorable after Covid 19.
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Blockchain in Competitive Analysis of Media and Entertainment Market
The dominant key players of blockchain in the targeted media and entertainment market are:
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IBM Corporation
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SAP SE
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microsoft
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Amazon Web Services
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Oracle Corporation
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Accenture
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PLC BTL group voice
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Infosys Limited
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Factom Co., Ltd.
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Bitfury USA Inc.
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GuardTime AS Nyax Corporation
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MetaX Auxesis Group
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clear coin.
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