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Blockchain in Digital Rights Management Market Trends, Top Companies, Share, Growth And Forecast 2033
Blockchain in Digital Rights Management Market Trends
According to The Business Research Company's, The blockchain in digital rights management market size has grown exponentially in recent years. It will grow from $0.11 billion in 2023 to $0.16 billion in 2024 at a compound annual growth rate (CAGR) of 53.6%. The growth in the historic period can be attributed to secure content distribution, anti-piracy measures, decentralized DRM demand, traditional DRM inefficiencies, fair compensation concerns, blockchain adoption, and content monetization platforms.
The blockchain in digital rights management market size is expected to see exponential growth in the next few years. It will grow to $0.92 billion in 2028 at a compound annual growth rate (CAGR) of 54.3%. The growth in the forecast period can be attributed to digital content expansion, IP rights protection regulations, blockchain-DRM integration, smart contract royalty management, media industry blockchain adoption, NFT (non-fungible token) growth in digital asset ownership, interoperability focus in blockchain DRM. Major trends in the forecast period include integration of blockchain technology, adoption of smart contracts, growth in demand for blockchain-based solutions, development of decentralized content marketplaces, adoption of non-fungible tokens, integration with content management systems, increasing emphasis on interoperability standards, and development of blockchain-based identity solutions.
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Market Drivers and Trends:
The rising popularity of online gaming is expected to propel the growth of blockchain in the digital rights management market going forward. Online gaming refers to the activity of playing video games over the Internet, whether via a computer, gaming console, or mobile device. The rise of online gaming can be attributed to several factors, such as the rise of esports, competitive gaming tournaments, live streaming platforms, and increased accessibility due to the proliferation of smartphones. The integration of blockchain technology into digital rights management in online gaming provides a decentralized, transparent, and secure framework for managing and protecting digital assets, such as in-game items, virtual currency, and game licenses. Blockchain can also improve interoperability and cross-platform compatibility, allowing players to use their digital assets across different games, platforms, and ecosystems. For instance, in May 2023, according to reports published by Uswitch Communications Ltd., a UK-based comparison service and switching website, sales of digital games in the UK increased by one million units between 2021 and 2022, from 61 million to 62 million. Additionally, roughly 40% of the world's population are online gamers in 2023. Therefore, the rising popularity of online gaming is driving the growth of the blockchain in the digital rights management market.
Major companies operating in the blockchain in digital rights management market are focused on the adoption of technologically advanced solutions, such as digital rights management tools, to drive their revenues in the market. A digital rights management tool refers to a software solution that utilizes blockchain technology to manage and protect digital assets, such as media files, documents, or software, by enforcing access control, usage restrictions, and content encryption. For instance, in January 2024, Elastos, a Singapore-based internet operating system powered by blockchain technology, launched Elacity DRM, a new digital rights management (DRM) tool designed specifically for Web3, focusing on video content creators. Elacity DRM introduces the Access Economy Protocol (AEP), which blends non-fungible token (NFT) technology and decentralized DRM. This interface enables creators to distribute, monetize, and resell their material at set scarcity levels, giving them direct control over their digital rights. Elacity uses blockchain and decentralized technology to ensure that digital assets are not only secure but also retain their true worth in the Web3 era. The tool is built on the Elastos Smart Chain (ESC) and is EVM compatible, making it available to a wide spectrum of developers on the Elastos SmartWeb.
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Major Key Players of the Market:
Microsoft Corporation, Sony Corporation, International Business Machines Corporation, Oracle Corporation, Adobe Systems Incorporated, Verisign Inc, Kudelski Group, Blockchain.com Inc, ConsenSys LLC, Irdeto Inc, Exodus Information Technology Pvt. Ltd, Applied Digital Corporation, Mediachain Labs Inc, Axoni Inc, Eluvio Inc, Bitmark Inc, Custos Media Technologies Inc, Scenarex Inc, Pixsy Inc, Provenance Blockchain Inc, Binded Inc, Enterprise Ethereum Alliance, Theta Labs Inc, Publica Ltd, Gilgamesh Platform Inc, RecordsKeeper Technologies Inc.
Blockchain in Digital Rights Management Market 2024 Key Insights:
• The blockchain in digital rights management market size is expected to see exponential growth in the next few years. It will grow to $0.92 billion in 2028 at a compound annual growth rate (CAGR) of 54.3%.
• Impact Of Online Gaming On Blockchain In Digital Rights Management Market
• Blockchain-Powered DRM Tools Transforms Digital Rights Management
• North America was the largest region in the blockchain in digital rights management market in 2023
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