India Cryptocurrency Market to Witness Impressive Growth During Forecast Period
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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XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on " India Cryptocurrency Market ".
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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