The flexibility in blockchain market can be achieved by integrating blockchain solutions and services with media, advertising, and entertainment network. Additionally, there is an increase in the adoption rate of the blockchain technology for various applications, such as sales and marketing, predictive risk assessment, and customer experience management. These factors are expected to drive the blockchain in media, advertising and entertainment market.
MarketsandMarkets forecasts the global blockchain in media, advertising, and entertainment 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.
North America is expected to hold the largest market size in the global blockchain in media, advertising and entertainment market. The region is the early of blockchain technologies. It also houses the major market players, and is open to blockchain technology-related innovations. Asia Pacific (APAC) is expected to record the highest growth rate in the blockchain in media, advertising and entertainment market during the forecast period, due to an increase in the number of internet and smartphone users in the APAC region. The rapid growth of the blockchain in media, advertising, and entertainment market in the APAC region is attributed to emergence of mobile and convergence of IoT that improves the value of content distribution. Digitalization and adoption of advanced technologies are expected to drive the market growth across major countries in the APAC region.
By providers, the blockchain in media, advertising, and entertainment market is broadly classified into application, middleware, and infrastructure providers. Among these, the application providers segment is expected to grow at the highest CAGR during the forecast period, as these application providers offer end-to-end effective implementation, starting from requirement gathering to user training.
The payments application segment is expected to grow at the highest CAGR during the forecast period. The blockchain technology provides real-time payments against assets with an immutable state and digital identity, thereby resulting in a 40–80% reduction in transaction costs. The blockchain technology automates the payment processing activities, eliminates the need for intermediaries, and reduces the administrative costs and time for the providers and payers.
Based on enterprise size, the blockchain in media, advertising, and entertainment market is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. The SMEs segment is expected to record the growth at a higher CAGR during the forecast period, owing to the increasing demand for the integration of the blockchain technology-powered solution in the media, entertainment, and advertising SMEs in the APAC region.