Increasing adoption of the digital currency is expected to drive the growth of India cryptocurrency market.
According to TechSci Research report, “India Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Region, Competition, Forecast & Opportunities, FY2026”, India cryptocurrency market is expected to witness substantial CAGR during the forecast period. Increasing fluctuation in monetary regulations is one of the major factors accounting for the growth of India cryptocurrency market. Moreover, rising awareness among the investors about cryptocurrency is expected to bode well for the growth of India cryptocurrency market through the forecast period. In addition to this, legalization of cryptocurrencies as a medium of exchange is positively influencing the growth of India cryptocurrency market. Also, growing internet penetration in the country is making headway for the growth of cryptocurrency market in India. Along with this, increased investment in blockchain technology is providing favorable opportunities for advancements in the cryptocurrency industry. However, there are some factors that might act as major impediments to the growth of India cryptocurrency market through FY2026 including lack of regulations and the uncertainty regarding the same. Moreover, decentralized control and regulations related to cryptocurrencies might hamper the growth of this market across the country.
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India cryptocurrency market can be segmented based on offering, process, type, end user, company, and region. Based on type, the market can be categorized into bitcoin, etgereum, bitcoin cash, ripple, dashcoin, litecoin, and others. Out of these, the bitcoin segment dominated the market until FY2019 and is expected to grow at the highest CAGR during the forecast period on account of growing awareness among the investors along with availability of larger returns. In addition to this, bitcoin’s advantage of being the pioneer in the field because of which it is accepted worldwide, is further contributing to the growing trend. Moreover, the ethereum witnessed significant growth until FY2019 which can be accredited to the advantages offered by ethereum over bitcoin, which includes electronic cash, smart contract technology, and proof-of-stake. This is expected to drive the growth of the market for ethereum. In terms of process, the market is fragmented into mining and transaction. Among them, transaction segment is estimated to dominate the market during the next five years on account of its certain benefits such as enhanced transactional security, decentralized system, protection from fraud and low fees. Furthermore, quick international transfers and protection from consumer chargebacks are some of the other major factors that are anticipated to boost the growth of segment over the coming years.
Intel Corporation India Private Limited, NVIDIA Corporation, Microsoft Corporation India Pvt Ltd, Xilinx India Private Limited, Advanced Microdevices Pvt. Ltd., Amazon India Pvt Ltd., Unocoin, BitGo, Coinbase, Ripple Labs Private Limited, are among others are the leading players operating in India cryptocurrency market. The players are adopting several growth strategies to enhance the market scenario of cryptocurrency.
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“India cryptocurrency market is expected to register high growth in the market during the next five years on account of presence of enormous consumer base. Furthermore, favorable government regulations in the country is further expected to boost the market for cryptocurrency over the coming years. In addition to this, availability of venture capital funding is further anticipated to propel the market growth over the coming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Region, Competition, Forecast & Opportunities, FY20206” has evaluated the future growth potential of India cryptocurrency market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India cryptocurrency market.
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