What is Blockchain in Media and Entertainment Market?
The entertainment industry is continuously implanting technology advancements and is continuously changing its norms and distribution practices with an aim to reach a vast amount of audience. One of the key factors driving the growth of the Blockchain in the Media and Entertainment market is the rising adoption of blockchain technology for different applications in the media, advertising, and entertainment industry as well as the use of transparent, faster, and secure transactions. Blockchain refers to a distributed ledger technology that keeps digital assets unchanged and transparent through the use of decentralization and cryptographic hashing.
The market study is being classified, by Application (Content Security, Licensing and Rights Management, Smart Contract, Pay, Digital Advertising, Online Game and Other) and major geographies with country level break-up.
IBM (United States), Microsoft (United States), SAP (Germany), Accenture (Ireland), Oracle (United States), BRAINBOY (Germany), ARK (United States), Auxesis (India), Synereo (Israel), Digital Currency Group (United States) and Bitfury Group (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Factom (United States), Guardtime (Estonia), Clearcoin (United States), iProdoos (United States), Current (United States) and Decent (Switzerland).
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Blockchain in Media and Entertainment market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Blockchain in Media and Entertainment market by Type, Application and Region.
On the basis of geography, the market of Blockchain in Media and Entertainment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The increasing adoption of blockchain technology for various applications in the media
- The increasing demand for the integration of blockchain technology-powered solutions in the media
Restraints
- Lack of skilled professionals
Opportunities
- The global blockchain in the media, advertising, and entertainment market is expected to witness high growth during the forecast period.
Challenges
- lack of standardization is hindering the growth
In July 2020 Tech Mahindra India based company Blockchain is a revolutionary technology that promises the security of data. Indian IT service firm, Tech Mahindra is offering a new digital platform known as 'Blockchain-based Contracts and Rights Management System' (bCRMS) for the media and entertainment industry
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Blockchain in Media and Entertainment Manufacturer, Government Regulatory and Research Organizations and End-Use Industry