Global Blockchain in Digital Rights Management (DRM) Market Size By Application, By Type of Blockchain, By End User, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationBlockchain in Digital Rights Management (DRM) Market Size And Forecast
Blockchain in Digital Rights Management (DRM) Market size was valued at USD 100.00 Million in 2023 and is projected to reach USD 1762.74 Million by 2030, growing at a CAGR of 50.67% during the forecast period 2024-2030.
Global Blockchain in Digital Rights Management (DRM) Market Drivers
Numerous variables propel the Blockchain in the Digital Rights Management (DRM) Market, fostering its expansion and use. Here are a few significant market drivers
- Improved Security and Transparency The decentralized, unchangeable record that blockchain technology creates improves the security and transparency of transactions involving digital rights. In particular, the protection of digital content and intellectual property depends heavily on this enhanced security.
- Preventing Piracy and unlawful Distribution Blockchain technology aids in the prevention of piracy and unlawful distribution of digital content by generating a tamper-resistant record of ownership and transactions. For content creators and distributors looking for reliable DRM solutions, this is a major motivator.
- Smart Contracts for Automated Royalty Payments A blockchain technology feature, smart contracts allow for transparent and automated royalty payments. It is possible for content creators and rights holders to promptly and effectively obtain their just compensation, which lowers the possibility of underpayment or disagreements.
- Decentralized Distribution Platforms By removing the need for middlemen, blockchain technology makes it possible to create decentralized content distribution platforms. This can result in more direct interactions between customers and content creators, saving them money on distribution and boosting their income.
- Globalization of material Distribution Blockchain technology makes it easier to distribute material globally by offering a safe and effective way to manage rights internationally. In the digital age, where information is accessible everywhere and DRM solutions have to work under a variety of legal and regulatory frameworks, this is very helpful.
- Immutable Record of Ownership and Transactions A trustworthy and long-lasting record of ownership and transactions is guaranteed by the immutability of blockchain records. This function is essential for proving ownership and resolving issues with digital rights and intellectual property.
- Effective Rights Management Blockchain simplifies digital rights management’s intricate procedures, increasing its effectiveness and lowering its error rate. This effectiveness is especially useful for managing substantial amounts of digital content and related rights.
- Growing Consumption of Digital Content There is a greater need for strong DRM solutions due to the rising consumption of digital content, which includes software, e-books, music, and videos. Blockchain offers a cutting-edge and practical framework to meet the changing demands of the digital content sector.
- Copyright Law Compliance Distributors and authors of material can make sure that they are in compliance with copyright laws and regulations by using blockchain-based DRM solutions. Blockchain transactions’ transparency aids in proving compliance with legal obligations.
- Integration with developing Technologies Innovative DRM systems that adjust to changing content consumption patterns can be made by integrating blockchain technology with other developing technologies, such as artificial intelligence and the Internet of Things (IoT).
Global Blockchain in Digital Rights Management (DRM) Market Restraints
Although the blockchain has a lot of potential for the digital rights management (DRM) market, there are some obstacles and limitations that could limit its expansion. Here are a few significant market constraints
- Lack of Standardization Interoperability may be hampered by the lack of established frameworks and protocols for deploying blockchain-based DRM systems. The absence of industry-wide standards could lead to incompatibilities and fragmentation.
- Scalability Issues Blockchain networks, particularly public blockchains, may experience scalability issues when managing a high amount of DRM-related transactions. Transaction fees may rise and there may be delays as a result.
- Implementation Complexity Integrating blockchain technology with DRM systems can be difficult and time-consuming, requiring resources and technical know-how. Certain firms could encounter difficulties while attempting to smoothly incorporate blockchain technology into their current DRM framework.
- Regulatory Uncertainty Blockchain and digital rights are subject to a constantly changing regulatory landscape. Businesses looking to implement blockchain-based DRM solutions may face difficulties due to unclear or uncertain rules, particularly when operating in many jurisdictions.
- Energy Consumption Proof-of-work-based systems and public blockchains have the potential to use a lot of energy. The adoption of blockchain in DRM may be impacted by the environmental effects of energy-intensive blockchain networks, particularly in areas where sustainability is emphasized.
- Perceived Lack of Control Rights holders and content producers might believe that using blockchain-based DRM means they are giving up some degree of control over parts of their intellectual property. Adoption of blockchain technologies may be slowed down by resistance to giving up control.
- Educational Barriers Some stakeholders may find it difficult to comprehend blockchain technology and how it affects DRM. One potential limitation is the requirement for education and understanding on the features and advantages of blockchain technology.
- Integration with Legacy Systems A lot of businesses still use DRM systems from the past. It can be difficult to integrate blockchain into current systems and may need large investments in both technology and manpower.
- User Experience Issues Cryptographic keys and wallet management are common components of blockchain transactions. For blockchain technology to be widely adopted, content consumers who may not be familiar with it must have a smooth and intuitive experience.
- Possibility of Misuse Although blockchain improves transparency, there is a chance that private data could be misused. Implementing blockchain-based DRM requires careful consideration of privacy protection and secure transactions.
- Traditional Intermediaries’ Resistance Because the switch to blockchain-based DRM could upend their existing roles and business models, current intermediaries in the digital content distribution chain, such as licensing agencies and collecting societies, may be resistant to the change.
Global Blockchain in Digital Rights Management (DRM) Market Segmentation Analysis
The Global Blockchain in Digital Rights Management (DRM) Market is Segmented on the basis of Application, Type of Blockchain, End User, and Geography.
Blockchain in Digital Rights Management (DRM) Market, By Application
- Content Protection and Security Blockchain is used to secure digital content by providing tamper-resistant records of ownership, preventing unauthorized access, and protecting against piracy.
- Royalty Tracking and Payments Blockchain facilitates transparent and automated royalty tracking and payments through smart contracts, ensuring fair compensation for content creators and rights holders.
Blockchain in Digital Rights Management (DRM) Market, By Type of Blockchain
- Public Blockchain Open and decentralized blockchains, accessible to anyone, may be used for transparent transactions and broad participation in DRM processes.
- Private Blockchain Restricted-access blockchains, often used within specific organizations or consortia, offer more control over access and data privacy.
Blockchain in Digital Rights Management (DRM) Market, By End User
- Content Creators and Artists Blockchain in DRM can empower individual content creators and artists by ensuring secure and transparent management of their digital rights and royalties.
- Media and Entertainment Companies Larger entities in the media and entertainment industry can leverage blockchain for comprehensive DRM solutions, covering a wide range of content.
Blockchain in Digital Rights Management (DRM) Market, By Geography
- North America Market conditions and demand in the United States, Canada, and Mexico.
- Europe Analysis of the Blockchain in Digital Rights Management (DRM) Market in European countries.
- Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa Examining market dynamics in the Middle East and African regions.
- Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Blockchain in Digital Rights Management (DRM) Market are
- Microsoft
- Adobe
- IBM
- Irdeto
- Mycelia
- Bitmark
- Eluvio
- Theta Network
- Enterprise Ethereum Alliance
- Open Digital Rights Management Initiative (ODRMI)
- Provenance
- Axoni
- ConsenSys
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2020-2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Historical Period | 2020-2022 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Microsoft, Adobe, IBM, Irdeto, Mycelia, Bitmark, Eluvio, Theta Network, Enterprise Ethereum Alliance, Open Digital Rights Management Initiative (ODRMI), Provenance, Axoni, ConsenSys |
| Segments Covered | By Application, By Type of Blockchain, By End User, and By Geography. |
| Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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