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, by Platform, by Organization Size, by Region – Prediction Valuation to 2030 is on the verge of reaching USD 11.8 billion by 2024, registering a CAGR of 30.4% throughout the forecast period (2022-2030).
Overview of Blockchain in Media and Entertainment Market
Growing internet penetration and increasing usage of AI-enabled smartphones will provide strong opportunities for the market over the assessment period.
Scope of Blockchain in Media and Entertainment Market Report:
|Market size by 2030||$11.8 billion|
|Year of reference||2021|
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Increase in Data Hacking to Drive Market Growth
Increase in data hacking will drive the growth of the market over the forecast period. Due to its openness, the blockchain allows content creators to securely and accurately track the delivery of their blockchain-hosted material by confirming that users have made payments and reviewing usage patterns. Blockchain eliminates hardware hacking at source because it is secure and data cannot be hacked for shady distribution. It is more efficient and affordable to adopt than existing systems when a blockchain-based pay-as-you-go micropayment system is used in the media, entertainment, and advertising industries. Automated sales of content, such as graphic art, essays, or videos, on a per-use basis can help artists reduce administrative and software costs.
Dynamic regulatory standards to act as market restraint
The dynamic software regulatory standard may act as a restraint of the market during the forecast period.
Lack of awareness to act as market challenge
Lack of awareness and availability of substitutes may pose a challenge for the market during the forecast period.
Blockchain in Media and Entertainment Market Segments
Blockchain in media and entertainment market is divided based on application, organization size, platform, and type.
By Type, blockchain in media and entertainment market is segmented into consortium, private and public.
By platform, the media and entertainment market blockchain is segmented into multichain, hyperledger, R3 corda, ethereum, ripple, bitcoin and others.
By organization size, SMEs will dominate 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 leads blockchain in media and entertainment market
The largest Blockchain market share in the media and entertainment industry will be held by North America. The use of blockchain is growing rapidly. Moreover, this region is home to many Blockchain in market leading companies. The technology offers great benefits to the video streaming industry. The main investors in the region are the United States and Canada. In addition, the adoption of these two countries is very strong. 9 out of 10 media companies implement Blockchain software, according to a global survey. All of these will support America’s huge income rates. The market outlook and innovation for blockchain in media and entertainment will peak. In terms of market size, the global blockchain market for media, entertainment and advertising is expected to be led by North America.
The media, advertising and entertainment industries have witnessed a growth in blockchain investments in the North American region. Digital advertising, smart contracts, license and rights management, online gaming, content security and payments are just some of the applications where blockchain technologies are being used successfully in the media sectors. , entertainment and advertising in the region. During the projected period, North America is expected to hold the largest market share in the global blockchain market for media, entertainment and advertising. Due to the presence of large corporations, the region has seen a growth in blockchain investments in the media, advertising, and entertainment sectors. The expansion of blockchain in the media, advertising and entertainment markets is expected to be fueled by the early adoption of advanced technology and digitization.
Canada is one of the nations in this region that is developing blockchain the fastest. This is mainly due to projects like the BC Blockchain Forum in Vancouver, the Blockhouse in Montreal, and the Blockchain Research Institute in Toronto. In order to lay a solid foundation for the growing ecosystem, these projects bring together start-ups, private sector companies like IBM and Accenture, and various levels of government.
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APAC to See Favorable Blockchain Growth in Media and Entertainment Market
The Asia-Pacific blockchain in media and entertainment market is expected to grow at the fastest rate during the forecast period owing to the increase in investments by major players to offer services across the region as well as growing demand for online content in major nations such as China, Japan and India. With growing internet penetration, advancement in blockchain technology, and growing use of AI in the region, the APAC market is expected to witness notable expansion over the forecast period. Nearly 44% of individuals in the Asia & Pacific region had an internet connection in 2017, an increase of more than 48% in just two years.
Furthermore, the region is predicted to hold the largest market share during the assessment period, which can be attributed to the region’s growing digitization efforts, early adoption of cutting-edge technologies, and growing investments in media, advertising and entertainment. sectors. User volume is one of the main drivers for the expansion of the blockchain market. Due to the presence of young, tech-savvy and curious minds, the region’s interest in cutting-edge technology is fueling the growth of the industry.
COVID 19 has caused unforeseen developments in many places. The virus outbreak is seriously harming the Blockchain market. The epidemic is slowing down the functioning of markets in the media industry. Meanwhile, fewer media items are used and sold. Investments in the entertainment sector are impacted by the economic slowdown. This is a time when worries about life and health are present. Online entertainment is growing, however.
The use of blockchain by the media and entertainment industry is beneficial for online media services. The consumer base of the market is growing rapidly. The demand for OTT and other Internet services is increasing. Customers have high expectations for blockchain-related products in the media and entertainment industry. Growth is driven by the availability of online services and the purchase of entertainment devices. The position of blockchain in the media and entertainment sector is favorable after Covid 19.
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Blockchain in Media and Entertainment Market Competitive Analysis
Top Key Blockchain in Media and Entertainment Market Players 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
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