印度加密貨幣市場評估：依類型、組成部分、流程、最終用戶、地區、機會、預測（2018 財年-2032 財年）

印度加密貨幣市場規模預計將從 2024 財年的 3.0168 億美元增至 2032 財年的 5.3286 億美元，在 2025 財年至 2032 財年的預測期內複合年增長率為 7.37%。分散式帳本技術的採用增加，跨國匯款中加密貨幣的使用增加，數位資產的採用增加，技術創新，公眾意識的提高，金融支付系統透明度的需求增加，市值的增加是國內加密貨幣的成長因素市場。

加密貨幣（虛擬貨幣）以數位方式存在，並使用區塊鏈等分散式帳本技術來驗證和保護交易。它不是依賴銀行來驗證交易，而是一個點對點系統，允許用戶從世界任何地方發送和接收付款。加密貨幣有不同類型，每種都有自己的規則。加密貨幣是去中心化的，用於購買、出售、交換和儲存加密貨幣，因為沒有監管機構對其進行管理。

加密貨幣價格的波動取決於政府政策、經濟狀況、媒體報告和許多其他因素。銀行開始投資加密貨幣平台並推出基於區塊鏈的系統。印度有超過 1,900 萬加密貨幣投資者，其中 75% 屬於 18-35 歲的青年族群。由於區塊鏈技術和數位貨幣的優勢，企業紛紛投資加密貨幣，與其他企業合作，為用戶提供優質服務。

數位資產的激增推動市場成長

加密貨幣市場表明，數位資產的採用正在增加。隨著越來越多的個人和企業認識到加密貨幣在安全、高效的交易和通膨對沖方面的潛力，加密貨幣的使用正在擴大。金融機構也越來越多地採用加密貨幣服務，提高了市場的可信度。它的廣泛接受度超越了比特幣和以太坊，擴展到提供多樣化投資機會的各種山寨幣和代幣。與傳統金融系統相比，加密貨幣的去中心化性質具有優勢，例如較低的交易成本和更高的金融服務可用性，尤其是在銀行服務有限的地區。根據《富比士》報道，2024 年 1 月至 2 月，數位資產成長了 80%。過去3個月總交易量增加了100%。根據市場趨勢和分析，系統交換的是數位貨幣，而不是像現金一樣的銀行存款，因此不需要銀行間支付。在加密貨幣市場中獲得更高回報的能力對於在其投資組合中尋求阿爾法的機構投資者來說很有吸引力。機構投資者的採用為加密貨幣市場帶來了穩定性、流動性和可接受性。

財務透明度推動市場擴張

對金融支付系統營運效率和透明度的日益增長的需求正在推動加密貨幣市場的成長。數位貨幣是使用區塊鏈技術創建的，該技術允許多個實體儲存過去交易的副本。區塊鏈採用加密技術來確保交易的安全性，使敵對行為者難以闖入系統。這種高端證券鼓勵投資者和企業參與加密貨幣市場，提高其整體流動性、穩定性和可靠性。根據Global Crypto Adoption Index 2023，印度在消費者日常生活中草根加密貨幣採用方面在 154 個國家中排名第一。傳統的金融系統通常涉及中介機構，支付過程需要時間，導致高額費用和延誤。區塊鏈消除了中介機構的作用，並賦予消費者暫停交易並將其記錄在分類帳上的權力。它實現了即時、低成本的國際貿易，這對於跨國公司和個人來說尤其有前途。

本報告研究和分析了印度加密貨幣市場，提供市場規模和預測、市場動態以及主要參與者的現狀和前景。

目錄

第一章研究方法論

第二章 專案範圍與定義

第三章執行摘要

第四章 客戶回饋

• 人口統計（年齡/群組分析 - 嬰兒潮世代和 X 世代、千禧世代、Z 世代、性別、收入 - 低收入、中等收入、高收入、地區、國籍等）
• 市場意識和產品訊息
• 品牌知名度和忠誠度
• 購買決策時考慮的因素
• 使用加密貨幣的目的

第五章 印度加密貨幣市場展望（2018財年-2032財年）

• 市場規模及預測
  • 金錢金額
• 依類型
  • 比特幣
  • 以太坊
  • 繫繩
  • 波紋
  • 其他
• 依組件
  • 硬件
  • 軟件
• 依流程
  • 礦業
  • 交易
• 依最終用戶
  • 交易
  • 零售、電子商務
  • 銀行業
  • 政府
  • 其他
• 依地區
  • 北方
  • 南部
  • 東
  • 西部、中部
• 市佔率：依公司劃分（2024 財年）

第 6 章 市場測繪（2024 財政年度）

• 依類型
• 依組件
• 依流程
• 依最終用戶
• 依地區

第七章 宏觀環境與產業結構

• 供需分析
• 價值鏈分析
• PESTEL 分析
• 波特五力分析

第八章市場動態

• 增長動力
• 成長限制因素（問題、限制因素）

第九節 主要公司狀況

• 前 5 名市場領導者的競爭矩陣
• 前 5 名市場領導者的市場收入分析（2024 財年）
• 併購/合資（如適用）
• SWOT 分析（5 家市場公司）
• 專利分析（如果適用）

第10章案例研究

第十一章 開戶費用定價分析

第十二章 主要公司展望

• iBlock Technologies Private Limited
• WazirX
• Primestack Private Limited
• Hyperlink Infosystem Private Limited
• Unocoin Technologies Private Limited
• Krypc Technologies Private Limited
• Antier Solutions Private Limited
• Monkhub Innovations Private Limited
• Systango Technologies Limited
• Bitdeal

第十三章 戰略建議

第十四章關於我們公司、免責聲明

India Cryptocurrency market is projected to witness a CAGR of 7.37% during the forecast period FY2025-FY2032, growing from USD 301.68 million in FY2024 to USD 532.86 million in FY2032. The rise in distributed ledger technology adoption, increasing use of cryptocurrencies for cross-border remittances, rising adoption of digital assets, technological innovations, rising awareness among individuals, rise in the need for transparency in the financial payments systems, and improved market capitalization are some of the factors that have led to the growth of cryptocurrency market in the country.

Cryptocurrency, or virtual currency, exists digitally and uses distributed ledger technology such as blockchain to validate and secure transactions. It does not rely on banks to validate the transactions but is a peer-to-peer system that allows users to send and receive payments from anywhere in the world. Various types of cryptocurrencies exist, each with its own set of rules. Cryptocurrencies are decentralized, as there is no regulatory body governing them, and they are used for buying, selling, swapping, and storing cryptos.

Prices of cryptocurrencies fluctuate due to government policies, economic conditions, media coverage, and many other factors. Banks have started investing in cryptocurrency platforms and launching their blockchain-based systems. India has over 19 million cryptocurrency investors, 75% of whom belong to the youth demographic aged between 18 and 35. With the advantages of blockchain technology and digital currency, companies are collaborating with other companies and investing in cryptocurrencies to offer quality services to their users.

Rise in Adoption of Digital Assets Will Boost the Market Growth

The cryptocurrency market reveals the rise in the adoption of digital assets. As more individuals and businesses identify the potential of cryptocurrencies for secure, efficient transactions, and hedge against inflation, their usage is growing. Financial institutions are growingly incorporating crypto services, incorporating credibility into the market. Its broader acceptance is not limited to Bitcoin and Ethereum, but it extends to a variety of altcoins and tokens that offer diverse investment opportunities. Decentralized feature of cryptocurrencies provides benefits compared to conventional financial systems which include reduced transaction costs and advanced availability of financial services, especially in areas with limited banking access. According to Forbes, deposits saw an 80% increase in digital assets from January to February in FY2024. There was a 100% rise in total transactions over the last three months. Oriented with market trends and analysis, no interbank payments are required as the system exchanges digital currencies instead of bank deposits like cash. The capability for more returns in the crypto market is attractive to institutions seeking alpha in their portfolios. Institutional adoption brings stability, liquidity, and acceptance to the cryptocurrency market.

Financial Transparency Boosting Market Expansion

An increase in the need for operational efficiency and transparency in financial payment systems is driving the growth of the cryptocurrency market. Digital currencies are being created using Blockchain technology which allows multiple entities to keep copies of their historic transactions. It employs cryptographic techniques to secure transactions, making it difficult for hostile actors to hack into the system. The high-end security has drawn investors and institutions to participate in the cryptocurrency market, increasing its overall liquidity, stability, and credibility. According to Global Crypto Adoption Index 2023, India bagged the first position amongst 154 nations in grassroots crypto adoption by consumers for daily life. Traditional financial systems often involved intermediaries and lengthy settlement processes, causing high fees and delays. Blockchain eliminates the middlemen role and consumers have the authority to pause transactions and note them in their ledger. It enables real-time, low-cost international transactions, which is especially promising for global businesses and individuals.

Northern Region of the Country to Dominate the Market Share

The market is dominated by the North, owing to the country's acceptance of cryptocurrency and the increase in the number of cryptocurrency exchanges. The robust regulatory framework, fostering innovation, and investor confidence are the factors boosting the market growth. Institutions are increasingly investing in cryptocurrencies, while retail adoption continues to grow. The leading players in the region are entering into partnerships and collaborating with companies to address the competitive market.

South is emerging at a faster pace in India cryptocurrency market. The region is witnessing high investments in companies developing blockchain technology and innovative solutions for cryptocurrency mining systems that have higher hash rates and reliable power efficiency.

Hardware Dominates the Market

The hardware segment dominated the market. It embraces the physical components and devices used in cryptocurrency transactions and mining, which includes cryptocurrency wallets, which store digital assets securely. Various hardware types are prevalent with distinct features and utilities. Application-Specified Integrated Circuits (APICs) specializes in mining specific cryptocurrencies such as Bitcoin or Ethereum efficiently, while Graphic Processing Units (GPUs) offer versatility with lower efficiency. Understanding these hardware segments aids businesses in approaching customers effectively. The hardware segment is vital to the integrity and efficiency of cryptocurrency networks, as it assists in the computational power needed for mining and ensures the resilience of the underlying blockchain technology. The Bitmain Antminer S19j Pro+ is one of the most powerful and efficient ASIC miners in the market with a power efficiency of 28 J/TH. Software is a fast-growing segment, encompassing a wide range of applications, tools, and platforms that enable the creation and exchange of digital assets.

Bitcoin is Highly Adopted in the Market

Bitcoin has emerged as an extraordinary performer in FYF2023, overshadowing traditional assets. Boasting a 154.37% rise in 2023 it has contributed $530 billion to its market capitalization. Bitcoin is a virtual currency operating as a decentralized alternative payment method in the cryptocurrency market which can be used for accounting, investing, and establishing smart card contracts in the virtual market. The development of Bitcoin Exchange Traded Funds (ETFs) is anticipated to increase the volume of Bitcoin trade during the forecast period in the country. It urges a wide range of investors, from institutional players seeking a store of value to retail investors involved in trading and long-term investment.

Ethereum is the next fastest-growing cryptocurrency in the country driven by its fundamental role in the blockchain revolution, technical expertise, and a macroeconomic environment advanced for disruption. Ethereum is an open software platform that introduced the concept of smart cards and allows users to build a range of decentralized applications.

Future Market Scenario (FY2025 - FY2032F)

According to the Mudrex survey, 45% of users are with retirement plans investing in cryptocurrencies. This interesting insight shows a growing trend of using digital assets in long-term financial goals like a retirement investment strategy. It sheds light on the perception that cryptocurrencies will be the main asset class in the future.

India has emerged as the fastest-growing adopter of cryptocurrency investments in FY2024, as on-chain value received by Indians reached USD 270 billion in FY2024, up 60% year-on-year. These statistics show that the future of the cryptocurrency market has a wide prospect and together with AI tools it will be more innovative, and user-friendly and will act as an important asset class in the future.

Key Players Landscape and Outlook

India cryptocurrency market can be described as a moderately competitive market characterized by the presence of expert players. Market leaders are boosting the competition in the market by seeking several strategies aimed at long-term sustenance, thereby making it challenging for new players to enter the market. The strategies followed by these companies are product innovations, strong focus on research and development activities, geographical expansions, robust partnership agreements, and joint ventures. Moreover, there is a growing emphasis on compliance and regulatory fidelity to address concerns about money laundering and fraud.

WazirX founder Nischal Shetty launched their new venture, Pi42, in February 2024. Pi42 is a crypto-INR futures exchange that will provide a platform for users to invest in crypto tokens without worrying about paying tax. It is registered under the Financial Intelligence Unit-India and is currently providing 5 tokens. Retail investors can now access the cryptocurrency market with leverage up to 20 times with no expiry dates.

Table of Contents

1.Research Methodology

2.Project Scope & Definitions

3.Executive Summary

4.Voice of Customer

• 4.1.Demographics (Age/Cohort Analysis - Baby Boomers and GenX, Millennials, Gen Z; Gender; Income - Low, Mid and High; Geography; Nationality; etc.)
• 4.2.Market Awareness and Product Information
• 4.3.Brand Awareness and Loyalty
• 4.4.Factors Considered in Purchase Decision
  • 4.4.1.Type of Cryptocurrency
  • 4.4.2.Minimum Investment
  • 4.4.3.Trading Platform
  • 4.4.4.Account Opening Fees
  • 4.4.5.Portfolio Goals
  • 4.4.6.Risk and Return
  • 4.4.7.Promotional Offers & Discounts
• 4.5.Purpose of Using Cryptocurrency

5.India Cryptocurrency Market Outlook, FY2018-FY2032F

• 5.1.Market Size & Forecast
  • 5.1.1.By Value
• 5.2.By Type
  • 5.2.1.Bitcoin
  • 5.2.2.Ethereum
  • 5.2.3.Tether
  • 5.2.4.Ripple
  • 5.2.5.Others
• 5.3.By Component
  • 5.3.1.Hardware
    • 5.3.1.1.Central Processing Unit
    • 5.3.1.2.Graphics Processing Unit
    • 5.3.1.3.Application-Specific Integrated Circuit
    • 5.3.1.4.Field Programmable Gate Array
  • 5.3.2.Software
    • 5.3.2.1.Mining Software
    • 5.3.2.2.Exchange Software
    • 5.3.2.3.Wallet
    • 5.3.2.4.Payment
    • 5.3.2.5.Others
• 5.4.By Process
  • 5.4.1.Mining
  • 5.4.2.Transaction
• 5.5.By End-user
  • 5.5.1.Trading
  • 5.5.2.Retail and E-Commerce
  • 5.5.3.Banking
  • 5.5.4.Government
  • 5.5.5.Others
• 5.6.By Region
  • 5.6.1.North
  • 5.6.2.South
  • 5.6.3.East
  • 5.6.4.West and Central
• 5.7.By Company Market Share (%), FY2024

6.Market Mapping, FY2024

• 6.1.By Type
• 6.2.By Component
• 6.3.By Process
• 6.4.By End-user
• 6.5.By Region

7.Macro Environment and Industry Structure

• 7.1.Supply Demand Analysis
• 7.2.Value Chain Analysis
• 7.3.PESTEL Analysis
  • 7.3.1.Political Factors
  • 7.3.2.Economic System
  • 7.3.3.Social Implications
  • 7.3.4.Technological Advancements
  • 7.3.5.Environmental Impacts
  • 7.3.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)
• 7.4.Porter's Five Forces Analysis
  • 7.4.1.Supplier Power
  • 7.4.2.Buyer Power
  • 7.4.3.Substitution Threat
  • 7.4.4.Threat from New Entrant
  • 7.4.5.Competitive Rivalry

8.Market Dynamics

• 8.1.Growth Drivers
• 8.2.Growth Inhibitors (Challenges and Restraints)

9.Key Players Landscape

• 9.1.Competition Matrix of Top Five Market Leaders
• 9.2.Market Revenue Analysis of Top Five Market Leaders (in %, FY2024)
• 9.3.Mergers and Acquisitions/Joint Ventures (If Applicable)
• 9.4.SWOT Analysis (For Five Market Players)
• 9.5.Patent Analysis (If Applicable)

10.Case Studies

11.Account Opening Fees Pricing Analysis

12.Key Players Outlook

• 12.1.iBlock Technologies Private Limited
  • 12.1.1.Company Details
  • 12.1.2.Key Management Personnel
  • 12.1.3.Products & Services
  • 12.1.4.Financials (As reported)
  • 12.1.5.Key Market Focus & Geographical Presence
  • 12.1.6.Recent Developments
• 12.2.WazirX
• 12.3.Primestack Private Limited
• 12.4.Hyperlink Infosystem Private Limited
• 12.5.Unocoin Technologies Private Limited
• 12.6.Krypc Technologies Private Limited
• 12.7.Antier Solutions Private Limited
• 12.8.Monkhub Innovations Private Limited
• 12.9.Systango Technologies Limited
• 12.10.Bitdeal

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

13.Strategic Recommendations

14.About Us & Disclaimer

List of Tables

• Table 1. Pricing Analysis of Products from Key Players
• Table 2. Competition Matrix of Top 5 Market Leaders
• Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1.India Cryptocurrency Market, By Value, In USD Million, FY2018-FY2032F
• Figure 2.India Cryptocurrency Market Share (%), By Type, FY2018-FY2032F
• Figure 3.India Cryptocurrency Market Share (%), By Component, FY2018-FY2032F
• Figure 4.India Cryptocurrency Market Share (%), By Process, FY2018-FY2032F
• Figure 5.India Cryptocurrency Market Share (%), By End-user Industry, FY2018-FY2032F
• Figure 6.India Cryptocurrency Market Share (%), By Region, FY2018-FY2032F
• Figure 7.By Type Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 8.By Component Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 9.By Process Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 10.By End-user Industry Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 11.By Region Map-Market Size (USD Million) & Growth Rate (%), FY2024