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IN THE NEWS· March 2021- Microsoft launched decentralized identity platform named ION on Bitcoin’s blockchain. The project is open source and is designed for individuals who are willing to run their own node.
The global blockchain in media, advertising, and entertainment market is estimated to grow at a CAGR of ~40% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand to eliminate intermediaries between end-users and content creators, rising number of incidences of data piracy in the media industry, and increasing adoption of blockchain technology in the advertising vertical across the world. Along with these, escalating demand for faster and safer transactions globally is also considered to be a crucial factor expected to drive market growth in the upcoming years. Furthermore, the rise in penetration of internet coupled with the boom in the usage of AI-enabled smartphones are projected to offer profitable opportunities for the growth of the market in the near future. As of January 2021, more than 4.5 billion people used internet worldwide, i.e., almost 60 percent of the total world population. Amongst these, almost 4.3 billion people accessed the internet by mobile devices.
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The market is segmented by application into licensing & rights management, digital advertising, smart contracts, content security, online gaming, and payments, out of which, the payments segment is anticipated to hold the largest share in the global blockchain in media, advertising, and entertainment market on account of the fact that blockchain technology provides real-time payments against assets with an immutable digital identity. In addition, this technology also helps in automating processing activities and significantly reducing administrative costs, which are also predicted to boost the growth of the market segment in the future. Moreover, on the basis of enterprises, the segment for small and medium-sized enterprises is assessed to observe the highest CAGR over the forecast period owing to the high demand for integrating blockchain technology-based solutions in media, advertising and entertainment industry.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global blockchain in media, advertising, and entertainment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing penetration of internet, rising technological advancements in blockchain technology and escalating adoption of AI in the region. In 2017, almost 44 percent of people in the Asia and Pacific region had access to the internet, which increased up to more than 48 percent in just two years. Additionally, the market in the North America is projected to grab the largest share during the forecast period, which can be credited to the growing investments in the media, advertising and entertainment industry, early adoption of advanced technologies and rising number of digitization initiatives in the region.
The global blockchain in media, advertising, and entertainment market is further classified on the basis of region as follows:
Our in-depth analysis of the global blockchain in media, advertising, and entertainment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand to eliminate intermediaries between end-users and content creators and rising number of incidences of data piracy in the media industry.
The market is anticipated to attain a CAGR of ~40% over the forecast period, i.e., 2022 – 2030.
Problems faced during integration of old systems are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market ascribing to the increasing penetration of internet and rising technological advancements in blockchain technology in the region.
The major players in the market are Microsoft Corporation, SAP SE, IBM Corporation, Oracle Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by blockchain type, enterprise size, application, and by region.
The payments segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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