IMARC Group, a leading market research company, has recently releases report titled, “India Cryptocurrency Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the India cryptocurrency market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the India cryptocurrency market?
The India cryptocurrency market is projected to exhibit a growth rate (CAGR) of 60.12% during 2023-2028.
What is cryptocurrency?
Cryptocurrency refers to digital or virtual currency that operates on decentralized technology known as blockchain. Unlike traditional currencies issued by governments and central banks, cryptocurrencies rely on cryptographic techniques to control the creation of new units, secure financial transactions, and verify asset transfers. Bitcoin is the well-known and widely used cryptocurrency, introduced in 2009 by an anonymous person or group under the pseudonym Satoshi Nakamoto. They operate on a distributed ledger called the blockchain, a continuously emerging list of records or blocks linked together and secured using cryptographic techniques. The blockchain is maintained and validated by a network of computers, known as nodes, rather than being controlled by a single central authority. This decentralized structure ensures transparency, security, and immutability of transactions, making it challenging for any single entity to manipulate the currency’s value or transactions. They enable borderless and fast transactions, allowing users to send and receive funds globally without requiring intermediaries like banks. They have opened up new avenues for financial innovation, such as the development of decentralized finance (DeFi) applications and non-fungible tokens (NFTs). As a result, cryptocurrencies are gaining immense traction across India due to their potential as a digital alternative to traditional financial systems.
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What are the growth prospects and trends in the India cryptocurrency industry?
The India cryptocurrency market is primarily driven by numerous regulatory developments owing to the decisions made by regulatory bodies to maintain pace with the evolving nature of cryptocurrencies. Moreover, various technological advancements, including innovations in blockchain and digital assets that attract individual and institutional investors seeking opportunities for diversification and decentralization, are positively influencing the market growth. Apart from this, the rising interest in cryptocurrencies as potential hedges or alternative assets due to various macroeconomic factors such as inflation, currency devaluation, and economic instability is another major growth-inducing factor. Additionally, the heightening awareness among the masses about the benefits of utilizing cryptocurrencies and the increasing demand for operational efficacy and transparency in financial payment systems have accelerated the product adoption rate. Besides this, the shifting preferences toward virtual currencies and convenient financial services as they offer increased adaptability, secured confidentiality, and minimal country-to-country transaction fee is propelling the market growth. Furthermore, the rising online shopping activities to purchase products and services at discounted prices are contributing to market growth. Other factors, including increasing partnerships and collaborations within the industry, escalating preference for contactless payments, rising digital investments by individuals in venture capital, and the introduction of Bitcoin cash and Lite, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Litecoin
- Dashcoin
- Others
Component Insights:
- Hardware
- Software
Process Insights:
- Mining
- Transaction
Application Insights:
- Trading
- Remittance
- Payment
- Others
Breakup by Region:
- South India
- North India
- West & Central India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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