Increasing adoption of digital currency is expected to drive the growth of Indian cryptocurrency market. According to TechSci Research report, “India Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Ethereum, 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 Indian cryptocurrency market.
The Important Factors in India Cryptocurrency Market
Rising awareness among investors about cryptocurrency is expected to bode well for the growth of India cryptocurrency market through the forecast period. In addition to this, the legalization of cryptocurrencies as a medium of exchange is positively influencing the growth of Indian cryptocurrency market. Also, growing internet penetration in the country is making headway in the growth of the 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 the 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’s 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, Ethereum, bitcoin cash, ripple, dash coin, 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 investors along with the 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, 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, the 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 the segment over the coming years.
The Major competitors of India’s Cryptocurrency Market
- 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, among others, is the leading player operating in the 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 the presence of an enormous consumer base. Furthermore, favorable government regulations in the country are further expected to boost the market for cryptocurrency over the coming years. In addition to this, the 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, Ethereum, 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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