According to a new market research report "Blockchain in Media, Advertising, and Entertainment Market by Provider, Application (Licensing & Rights Management, Digital Advertising, Smart Contracts, Content Security, Online Gaming, Payments), Enterprise Size, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market to grow from USD 51.4 million in 2018 to USD 1,000.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 81.1% during the forecast period.
The increasing adoption of the blockchain technology for various applications in the media, advertising, and entertainment vertical and growing demand to eliminate intermediaries between content creator and end-users are expected to drive the Blockchain in Media, Advertising, and Entertainment Market.
The payments application is expected to grow at the highest CAGR during the forecast period
In the Blockchain in Media, Advertising, and Entertainment Market, the payments application is used for transparent royalty payments to eliminate intermediaries between content creator and end-users. The blockchain technology also enables small transactions equivalent to fraction of cents, and the understanding of human languages via virtual chatbots. The use of blockchain technology by media companies helps them in improving the royalty payment process by real-time allocation of royalty payments.
The Small and Medium-sized Enterprises (SME) segment is expected to have a larger market size during the forecast period
By enterprise size, the Blockchain in Media, Advertising, and Entertainment Market is segmented into SMEs and large enterprises. The SMEs segment is expected to have a larger market size during the forecast period. The increasing demand for secured and faster transactions is expected to drive the adoption of blockchain technology among SMEs.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
In the APAC region, global as well as domestic enterprises are investing in the Blockchain in Media, Advertising, and Entertainment Market. Increasing incidents of data piracy in the media, advertising, and entertainment vertical are expected to drive the adoption of blockchain solutions. The region has also emerged as a potential market that provides lucrative opportunities for the leading players in the market.
The Blockchain in Media, Advertising, and Entertainment Market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. Major vendors in the Blockchain in Media, Advertising, and Entertainment Market include IBM (US), Microsoft (US), SAP (Germany), Accenture (Ireland), AWS (US), Oracle (US), Digital Currency Group (US), Bitfury Group (US), Factom (US), Guardtime (Estonia), BRAINBOY (Germany), ARK (US), Auxesis (India), Synereo (Israel), NYIAX (US), MetaX (US), BTL (Canada), Voise (Canada), UJo (US), BigchainDb (Germany), Bloq (US), Clearcoin (US), iProdoos (US), Current (US), and Decent (Switzerland).
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