What Is The Scope Of The Global Blockchain in Digital Rights Management Market?
Blockchain in digital rights management refers to utilizing blockchain technology to manage and protect digital content by controlling access to copyrighted material, ensuring the rights of copyright holders, and preventing unauthorized distribution and modification. The implementation of blockchain in DRM aims to build a decentralized, transparent, and tamper-proof system for tracking the ownership, distribution, and usage of digital assets.
Blockchain in Digital Rights Management Global Market Report 2024 provides data on the global blockchain in digital rights management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The blockchain in digital rights management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Blockchain in Digital Rights Management?
The blockchain in digital rights management sector has experienced significant growth in recent years, expanding from $0.11 billion in 2023 to $0.16 billion in 2024, reflecting a compound annual growth rate (CAGR) of 53.6%. This growth can be attributed to secure content distribution, anti-piracy measures, rising demand for decentralized DRM solutions, inefficiencies in traditional DRM systems, concerns over fair compensation, increasing blockchain adoption, and the development of content monetization platforms. Looking ahead, the market is projected to grow exponentially, reaching $0.92 billion by 2028 with a CAGR of 54.3%. Key drivers include the expansion of digital content, stricter IP rights protection regulations, integration of blockchain with DRM systems, smart contract-based royalty management, adoption of blockchain in the media industry, the rise of NFTs for digital asset ownership, and a focus on interoperability in blockchain DRM. Emerging trends include the adoption of blockchain technology, smart contracts, decentralized content marketplaces, integration with content management systems, interoperability standards, and blockchain-based identity solutions.
What Factors Are Driving Growth In The Blockchain in Digital Rights Management Market?
The growing popularity of online gaming is expected to drive the expansion of blockchain technology in digital rights management. Online gaming involves playing video games over the internet on various platforms such as computers, consoles, and mobile devices. Factors such as the rise of esports, gaming tournaments, live streaming, and increased accessibility through smartphones contribute to its growth. Blockchain integration into digital rights management offers a decentralized, transparent, and secure system for managing digital assets like in-game items, virtual currencies, and game licenses. It also enhances interoperability, allowing players to use digital assets across various games and platforms. For example, in May 2023, reports from Uswitch Communications Ltd. revealed that digital game sales in the UK increased by one million units from 2021 to 2022, and around 40% of the global population were online gamers by 2023. As such, the increasing popularity of online gaming is fueling the growth of blockchain technology in digital rights management.
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What Are The Main Segments Of The Global Blockchain in Digital Rights Management Market?
The blockchain in digital rights management market covered in this report is segmented –
1) By Type: Public Blockchain, Private Blockchain
2) By Application: Content Protection and Security, Royalty Tracking and Payments
3) By End User: Content Creators and Artists, Media and Entertainment Companies
What Emerging Trends Are Influencing The Growth Of The Blockchain in Digital Rights Management Matket?
Major companies operating in the blockchain in digital rights management market are focusing on adopting technologically advanced solutions, such as digital rights management tools, to boost their revenues. A digital rights management tool refers to a software solution that uses blockchain technology to manage and protect digital assets, such as media files, documents, or software, by implementing access control, usage restrictions, and content encryption. For example, in January 2024, Elastos, a Singapore-based internet operating system powered by blockchain technology, introduced Elacity DRM, a new digital rights management (DRM) tool specifically designed for Web3, targeting video content creators. Elacity DRM includes the Access Economy Protocol (AEP), which combines non-fungible token (NFT) technology and decentralized DRM. This tool allows creators to distribute, monetize, and resell their material at predefined scarcity levels, providing them with direct control over their digital rights. Elacity leverages blockchain and decentralized technology to ensure the security and value preservation of digital assets in the Web3 era. The tool is built on the Elastos Smart Chain (ESC) and is compatible with EVM, making it accessible to a broad range of developers on the Elastos SmartWeb.
What Is The Largest Region In The Blockchain in Digital Rights Management Market?
North America was the largest region in the blockchain in digital rights management market in 2023. The regions covered in the blockchain in digital rights management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
