India Cryptocurrency Market Analysis & Forecast 2019-2030
$2,380.00 – $4,800.00
The Intervention of Decentralized Finance (DeFi) Driving the Cryptocurrency Market
According to RationalStat analysis, the India cryptocurrency market is expected to reach US$ 250 million by 2023, and it is expected to grow at a CAGR of 9.2% during the forecast period 2023-2028. Because of their volatility, cryptocurrencies have often been popular with economic chaos and attract users to that volatility to make money from speculation.
With the help of blockchain technology and smart contracts, the growing field of “decentralized finance,” or DeFi, aspires to replicate and enhance existing financial services. DeFi eliminates the need for intermediaries like banks, brokers, or other financial institutions by utilizing the decentralized characteristics of cryptocurrencies and blockchain networks.
Decentralized blockchain platforms like Ethereum, Binance Smart Chain, and others are used for DeFi apps. These platforms do away with the requirement for centralized management and enable peer-to-peer transactions. DeFi programs are frequently open-source, meaning the source code is accessible to everyone for review and input. This encourages openness, creativity, and everyone’s ability to engage with the ecosystem.
The use of smart contracts increases the possibility of faults, vulnerabilities, or code mistakes that bad actors could abuse. Users may suffer financial damages as a result of this. DeFi uses cryptocurrencies, which are extremely erratic investments. The value of collateral, interest rates, and the stability of decentralized financial services can all be impacted by price changes.
Alternative Methods for International Remittances will be the driving reason for Cryptocurrency adoption
Cryptocurrencies have gained popularity as an alternate method for sending money overseas since they may provide advantages like speed, efficiency, and accessibility. Traditional means of sending money abroad often take days or weeks. Near-instantaneous transactions are made possible by cryptocurrencies, particularly by blockchain-based cryptocurrencies with quick confirmation times. This speed can be quite helpful for beneficiaries that might want fast access to funds.
Due to their universal nature, cryptocurrencies are a substitute for conventional currency in international transfers. In situations when several currency conversions would be necessary using conventional transfer techniques, this can streamline transactions and possibly save on exchange rate expenses.
Request for Sample and Scope of the Study
Bitcoin to dominate the cryptocurrency market both in terms of market capitalization and usage
Satoshi Nakamoto originally unveiled Bitcoin in 2009. Since then, it has taken some time for it to reach the Indian market. In 2012, cryptocurrency quietly entered the Indian market, but it wasn’t until 2013 that bitcoin began to earn some disrepute. It has the most users in the nation because it was the first cryptocurrency ever created and is the oldest. A sizeable portion of the populace knew the currency and had been accustomed to using it for a longer time. Additionally, because bitcoin dominated the India cryptocurrency market, it took some time for other cryptocurrencies to make an appearance.
Maharashtra in West and Central India is dominating the India cryptocurrency market. There are numerous cryptocurrency exchanges, fintech firms, and blockchain-focused businesses in the financial center of India. Its thriving financial and IT sectors draw talent and promote innovation in the cryptocurrency industry. Bengaluru, sometimes referred to as the Silicon Valley of India, is home to a large number of tech firms and startups. It boasts a robust cryptocurrency community that actively participates in blockchain development, cryptocurrency trading, and different conferences and events focused on the subject.
Market Structure and competition landscape
The India cryptocurrency market is fragmented, with several players offering a wide range of product portfolios. Some of the key market players include Bitmain Technologies Ltd., Intel Corporation, Ripple Labs, Inc., BitGo Inc., Coinbase, CoinDesk.com, Ethereum Foundation, Intel Corporation, Bitfury Group Limited, and Nvidia Corporation, among others.
- In September 2022: The historic ‘Merge’ of Ethereum, hailed by the Indian blockchain industry will build a more energy-efficient network based on the second-largest cryptocurrency (after Bitcoin). The Merge, which changed Ethereum from a proof-of-work consensus method to a proof-of-stake Blockchain in order to make it at least “99% more energy efficient,” was the most difficult upgrade to the platform to date.
Also explore related report on Global Cryptocurrency Market
Key market segmentation
RationalStat has segmented the India cryptocurrency market based on type, product type, end use, and region.
- By Type
- Hardware
- ASIC (Application-Specific Integrated Circuit)
- GPU (Graphical Programming Units)
- FGPAs (Field-Programmable Gate Arrays)
- Software
- Payments
- Wallets
- Exchanges
- Mining
- Hardware
- By Product Type
- Altcoins
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin (BCH)
- Dogecoin (DOGE)
- Monero (XMR)
- Dash (DASH)
- Others (Ripple, Ether Classic)
- Tokens
- IOTA (MIOTA)
- EOS (EOS)
- Exchange Union (XUC)
- Veritaseum (VERI)
- Ontology (ONT)
- Altcoins
- By End Use
- Trading
- E-commerce & Retail
- Peer-to-Peer Payment
- Banking
- Remittance
- By Region
- North India
- Uttar Pradesh
- Punjab
- Haryana
- Delhi
- Others
- West and Central India
- Maharashtra
- Madhya Pradesh
- Rajasthan
- Gujarat
- Others
- East India
- Bihar
- West Bengal
- Odisha
- Jharkhand
- Others
- South India
- Tamil Nadu
- Karnataka
- Andhra Pradesh
- Telangana
- Others
- North India
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analysing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Primary Intelligence
- RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
- RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
- We have the technology and strong in-house resource pool with extensive experience in the Indian and regional markets, across a wide variety of categories and stakeholders.
- Strong language proficiency and capability with coverage across more than 70 language areas.
Secondary Sources
- Annual reports, company filings, investor presentations, product catalogs, and company documents.
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others.
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for Indian cryptocurrency manufacturers and producers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Key Questions Answered in the Cryptocurrency Report:
- What will be the market value of the India cryptocurrency market by 2030?
- What is the market size of the India cryptocurrency market?
- What are the market drivers of the India cryptocurrency market?
- What are the key trends in the India cryptocurrency market?
- Which is the leading region in the India cryptocurrency market?
- What are the major companies operating in the India cryptocurrency market?
- What are the market shares by key segments in the India cryptocurrency market?
| ADDITIONAL FEATURE | 24×7 Post sales support and 15% free customization |
|---|---|
| REGION | India |
| RELEASE YEAR | 2023 |
| RESEARCH CODE | RST-SAR-2221 |
| User License | Single User/Team License, Corporate License |
Table of Contents
1. Market Introduction
1.1. Scope of Study
1.2. Problem Statement
1.3. Market Segmentation
2. Assumptions and Acronyms
3. Executive Summary
3.1. Indian Market in 2022
3.2. Analyst Insights & Recommendations
3.3. Growth Opportunities and Key Strategies
3.4. Supply-side and Demand-side Trends
4. Research Methodology
5. Analysis of COVID-19 Impact and Road Ahead
5.1. Impact on Growth Strategies
5.2. Impact on Operations and Supply Chain
6. Market Indicators and Background
6.1. Macro-Economic Factors
6.1.1. India Population Overview and Forecast
6.1.2. Per Capita Income by Select States
6.1.3. GDP Analysis and Forecast: 2018-2028
6.1.4. Banking Financial Services and Insurance (BFSI) Sector Overview by Region
6.2. Forecasting Factors
Robust assessment of various factors including industrial performance, industry players’ expenditures, and economic conditions, among others
6.3. Value Chain and Supply Chain Analysis
6.3.1. Mining Companies
6.3.2. Exchanges
6.3.3. Wallet Providers
6.3.4. Payment Processors
6.3.5. Staking Providers
6.3.6. Lending Platform
6.3.7. Derivatives Exchanges
6.4. Industry SWOT Analysis
6.5. PESTLE Analysis
6.6. Porter’s Five Forces Analysis
7. Government Laws and Industry Regulations
8. Indian Market Dynamics
8.1. Drivers
8.2. Restraints
8.3. Trends
8.4. Opportunities
9. India Cryptocurrency Market: Pricing Analysis
9.1. By Product Type
9.1.1. Altcoins
9.1.1.1. Ethereum (ETH)
9.1.1.2. Litecoin (LTC)
9.1.1.3. Bitcoin (BCH)
9.1.1.4. Dogecoin (DOGE)
9.1.1.5. Monero (XMR)
9.1.1.6. Dash (DASH)
9.1.1.7. Others (Ripple, Ether Classic)
9.1.2. Tokens
9.1.2.1. IOTA (MIOTA)
9.1.2.2. EOS (EOS)
9.1.2.3. Exchange Union (XUC)
9.1.2.4. Veritaseum (VERI)
9.1.2.5. Ontology (ONT)
9.2. By Region
9.2.1. North India
9.2.2. West and Central India
9.2.3. East India
9.2.4. South India
10. Cryptocurrency Demand Outlook
10.1.Total Cryptocurrency Sales
10.2.Product Type Wise Cryptocurrency Registration
10.3.Projected Cryptocurrency Sales
10.4.Global Comparison
11. India Cryptocurrency Market: Consumer Spending v/s Government Spending
11.1.By Region
11.1.1. North India
11.1.2. West and Central India
11.1.3. East India
11.1.4. South India
11.2.India Cryptocurrency Market: Key Investment Analysis
11.2.1. By Industry Players
Includes analysis of investments made by key industry players and OEM announcements related to electric vehicles sales till 2030
11.2.2. By Region
11.2.3. M&A Activities
12. End User Outlook
12.1.BFSI
12.1.1. By Application
12.1.1.1. International Payments
12.1.1.2. Capital Markets
12.1.1.3. Trade Financing
12.1.1.4. Regulatory Compliance and Audit
12.1.1.5. Money Laundering Protection
12.1.1.6. Insurance
12.1.2. By Transaction Type
12.1.2.1. Peer-to-Peer Payment
12.1.2.2. Remittance
12.2.Real Estate
12.2.1. By Application
12.2.1.1. Listing Homes for Sale for Bitcoin
12.2.1.2. Renting Homes for Bitcoins
12.2.1.3. Real Estate Funding
12.2.1.4. Others
12.3.Gaming
12.3.1. By Application
12.3.1.1. In-App Purchases
12.3.1.2. In-App Advertising
12.3.1.3. Affiliate Or Referral Marketing
12.4.Government
12.4.1. By Application
12.4.1.1. Digital Currency
12.4.1.2. Payment for Government Services
12.4.1.3. Investment by Government Pension Funds
12.4.1.4. Remittances
12.5.Healthcare
12.5.1. By Application
12.5.1.1. Medical Services Payment
12.5.1.2. Donation to Hospitals
12.5.1.3. Storing Medical Records
12.5.1.4. Managing Supply Chain
12.5.1.5. Research & Development
Some companies that are using cryptocurrencies in the Healthcare sector include Medicalchain, MediLedger, BitHealth, etc.
12.6.Retail & E-Commerce
12.6.1. By Application
12.6.1.1. Payments
12.6.1.2. Discounts
12.6.1.3. Loyalty Programs
12.6.1.4. Investments
Some companies that are using cryptocurrencies in Retail & Commerce sector include Overstock, Newegg, Gyft, Bitify, etc.
12.7.Others
13. Parent Market Overview:
13.1.India Digital Currency Market Overview
13.2.India Financial Assets Sector Analysis and Forecast
13.3.India Banking Financial Services and Insurance (BFSI) Market Outlook
14. Segmental Analysis
14.1.Indian Cryptocurrency Market by Type in Terms of Value (US$ Million)
14.1.1. Segment Overview
14.1.1.1. Hardware
14.1.1.1.1. ASIC (Application-Specific Integrated Circuit)
14.1.1.1.2. GPU (Graphical Programming Units)
14.1.1.1.3. FGPAs (Field-Programmable Gate Arrays)
14.1.1.2. Software
14.1.1.2.1. Payments
14.1.1.2.2. Wallets
14.1.1.2.3. Exchanges
14.1.1.2.4. Mining
14.2.Indian Cryptocurrency Market by Product Type in Terms of Value (US$ Million)
14.2.1. Segment Overview
14.2.1.1.1. Ethereum (ETH)
14.2.1.1.2. Litecoin (LTC)
14.2.1.1.3. Bitcoin (BCH)
14.2.1.1.4. Dogecoin (DOGE)
14.2.1.1.5. Monero (XMR)
14.2.1.1.6. Dash (DASH)
14.2.1.1.7. Others (Ripple, Ether Classic)
14.2.1.2. Tokens
14.2.1.2.1. IOTA (MIOTA)
14.2.1.2.2. EOS (EOS)
14.2.1.2.3. Exchange Union (XUC)
14.2.1.2.4. Veritaseum (VERI)
14.2.1.2.5. Ontology (ONT)
14.3.Indian Cryptocurrency by End Use in Terms of Value (US$ Million)
14.3.1. Segment Overview
14.3.1.1. Trading
14.3.1.2. E-commerce & Retail
14.3.1.3. Peer-to-Peer Payment
14.3.1.4. Banking
14.3.1.5. Remittance
14.4.Indian Cryptocurrency Market by Region in Terms of Value (US$ Million)
14.4.1. North India
14.4.1.1. Uttar Pradesh
14.4.1.2. Punjab
14.4.1.3. Haryana
14.4.1.4. Delhi
14.4.1.5. Others
14.4.2. West and Central India
14.4.2.1. Maharashtra
14.4.2.2. Madhya Pradesh
14.4.2.3. Rajasthan
14.4.2.4. Gujarat
14.4.2.5. Others
14.4.3. East India
14.4.3.1. Bihar
14.4.3.2. West Bengal
14.4.3.3. Odisha
14.4.3.4. Jharkhand
14.4.3.5. Others
14.4.4. South India
14.4.4.1. Tamil Nadu
14.4.4.2. Karnataka
14.4.4.3. Andhra Pradesh
14.4.4.4. Telangana
14.4.4.5. Others
15. Regional Analysis
15.1.North India Cryptocurrency Market Analysis and Forecast 2019-2028
15.1.1. Regional Market Overview and Key Takeaways
15.1.2. North India Cryptocurrency Market by Type
15.1.3. North India Cryptocurrency Market by Product Type
15.1.4. North India Cryptocurrency Market by End Use
15.1.5. North India Cryptocurrency Market by State
15.2.West and Central India Cryptocurrency Market Analysis and Forecast 2019-2028
15.2.1. Regional Market Overview and Key Takeaways
15.2.2. West and Central India Cryptocurrency Market by Type
15.2.3. West and Central India Cryptocurrency Market by Product Type
15.2.4. West and Central India Cryptocurrency Market by End Use
15.2.5. West and Central India Cryptocurrency Market by State
15.3.East India Cryptocurrency Market Analysis and Forecast 2019-2028
15.3.1. Regional Market Overview and Key Takeaways
15.3.2. East India Cryptocurrency Market by Type
15.3.3. East India Cryptocurrency Market by Product Type
15.3.4. East India Cryptocurrency Market by End Use
15.3.5. East India Cryptocurrency Market by State
15.4.South India Cryptocurrency Market Analysis and Forecast 2019-2028
15.4.1. Regional Market Overview and Key Takeaways
15.4.2. South India Cryptocurrency Market by Type
15.4.3. South India Cryptocurrency Market by Product Type
15.4.4. South India Cryptocurrency Market by End Use
15.4.5. South India Cryptocurrency Market by State
16. Competitive Landscape
16.1.Competition Dashboard
16.1.1. Indian and Regional Market Share Analysis
16.1.2. Market Structure
16.2.Competitive Benchmarking
16.3.Key Strategy Analysis
16.4.Competition Metrix
16.5.Company Profiles: Cryptocurrency Manufacturers/Suppliers
16.5.1. Bitmain Technologies Ltd
16.5.1.1. Company Overview
16.5.1.2. Product/Service Offerings
16.5.1.3. Key Financials
16.5.1.4. Recent Developments
16.5.2. Intel Corporation
16.5.2.1. Company Overview
16.5.2.2. Product/Service Offerings
16.5.2.3. Financials
16.5.2.4. Recent Developments
16.5.3. Ripple Labs, Inc.
16.5.3.1. Company Overview
16.5.3.2. Product/Service Offerings
16.5.3.3. Financials
16.5.3.4. Recent Developments
16.5.4. BitGo Inc.
16.5.4.1. Company Overview
16.5.4.2. Product/Service Offerings
16.5.4.3. Financials
16.5.4.4. Recent Developments
16.5.5. Coinbase
16.5.5.1. Company Overview
16.5.5.2. Product/Service Offerings
16.5.5.3. Financials
16.5.5.4. Recent Developments
16.5.6. CoinDesk.com
16.5.6.1. Company Overview
16.5.6.2. Product/Service Offerings
16.5.6.3. Financials
16.5.6.4. Recent Developments
16.5.7. Ethereum Foundation
16.5.7.1. Company Overview
16.5.7.2. Product/Service Offerings
16.5.7.3. Financials
16.5.7.4. Recent Developments
16.5.8. Intel Corporation
16.5.8.1. Company Overview
16.5.8.2. Product/Service Offerings
16.5.8.3. Financials
16.5.8.4. Recent Developments
16.5.9. Bitfury Group Limited
16.5.9.1. Company Overview
16.5.9.2. Product/Service Offerings
16.5.9.3. Financials
16.5.9.4. Recent Developments
16.5.10. Nvidia Corporation
16.5.10.1. Company Overview
16.5.10.2. Product/Service Offerings
16.5.10.3. Financials
16.5.10.4. Recent Developments
A comprehensive list of Cryptocurrency companies will be provided along with geographical reach, employee count, revenue, product capacities, and their capabilities
17. Disclaimer
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Research Methodology
Complete Table of Contents, List of Charts and Tables
Exclusive Facts & Illustrations
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