인도 암호화폐 시장 규모는 2024년 3억 1,680만 달러에서 2032년까지 5억 3,286만 달러에 달할 것으로 예상되며, 예측 기간인 2025-2032년간 연평균 7.37% 성장할 것으로 예상됩니다. 분산형 원장 기술 채택 증가, 국경 간 송금에 암호화폐 사용 증가, 디지털 자산 채택 증가, 기술 혁신, 사람들의 인식 향상, 금융 결제 시스템의 투명성에 대한 요구 증가, 시가총액 증가 등이 국내 암호화폐 시장의 성장 요인으로 작용하고 있습니다.
암호화폐(가상화폐)는 디지털 상에 존재하며, 블록체인과 같은 분산형 원장 기술을 이용해 거래의 검증과 안전을 보장합니다. 거래 검증을 위해 은행에 의존하지 않고 P2P 시스템이기 때문에 사용자는 전 세계 어디에서나 결제를 주고받을 수 있습니다. 다양한 유형의 암호화폐가 존재하며, 각기 다른 규칙을 가지고 있습니다. 암호화폐를 관리하는 규제 기관이 없기 때문에 암호화폐는 비중앙집권적이며, 암호화폐를 사고 팔고, 스왑하고, 보관하는 데 사용됩니다.
암호화폐의 가격은 정부 정책, 경제 상황, 언론 보도 및 기타 여러 가지 요인에 따라 변동합니다. 은행들은 암호화폐 플랫폼에 투자하기 시작했고, 블록체인 기반 시스템을 구축하고 있습니다. 인도에는 1,900만 명 이상의 암호화폐 투자자가 있으며, 그 중 75%는 18세에서 35세 사이의 젊은 층에 속합니다. 블록체인 기술과 디지털 화폐의 장점으로 인해 기업들은 다른 기업들과 협력하고 사용자에게 양질의 서비스를 제공하기 위해 암호화폐에 투자하고 있습니다.
디지털 자산의 확산으로 시장 성장 촉진
암호화폐 시장은 디지털 자산의 채택이 증가하고 있음을 보여주고 있습니다. 더 많은 개인과 기업이 안전하고 효율적인 거래와 인플레이션 헤지를 위한 암호화폐의 잠재력을 인식하고 그 활용이 확대되고 있습니다. 금융기관들도 암호화폐 서비스를 도입하려는 움직임을 강화하며 시장의 신뢰도를 높이고 있습니다. 이러한 폭넓은 수용은 비트코인, 이더리움에 국한되지 않고 다양한 투자 기회를 제공하는 다양한 알트코인과 토큰으로 확대되고 있습니다. 암호화폐의 탈중앙화 특성은 기존 금융 시스템에 비해 거래 비용 절감, 특히 은행 접근성이 제한된 지역에서 높은 수준의 금융 서비스 이용 가능성과 같은 이점을 제공합니다. 증가했습니다. 지난 3개월간 총 거래액은 100% 증가했습니다. 시장 동향과 분석에 따르면, 현금과 같은 은행 예금 대신 디지털 통화를 교환하는 시스템이기 때문에 은행 간 결제가 필요 없습니다. 암호화폐 시장에서 더 많은 수익을 얻을 수 있는 능력은 포트폴리오에 알파를 추구하는 기관 투자자들에게 매력적입니다. 기관투자가의 채택은 암호화폐 시장에 안정성, 유동성, 수용성을 가져다 줄 수 있습니다.
금융의 투명성이 시장 확대에 힘을 실어주다.
금융 결제 시스템의 운영 효율성과 투명성에 대한 요구가 높아지면서 암호화폐 시장의 성장을 가속하고 있습니다. 디지털 화폐는 여러 주체가 과거 거래의 사본을 보관할 수 있는 블록체인 기술을 활용해 만들어집니다. 블록체인은 거래의 안전을 보장하기 위해 암호화 기술을 사용하여 적대적인 행위자가 시스템에 침입하는 것을 어렵게 만듭니다. 이러한 높은 수준의 안전성으로 인해 투자자와 기업이 암호화폐 시장에 참여하게 되면서 전반적인 유동성, 안정성, 신뢰성이 높아졌고, Global Crypto Adoption Index 2023에 따르면, 인도는 154개국 중 소비자의 일상 생활에 대한 풀뿌리 암호화폐 채택률에서 1위를 차지했습니다. 1위를 차지했습니다. 전통적인 금융 시스템에서는 중개인이 개입하는 경우가 많아 결제 프로세스에 시간이 오래 걸리고, 높은 수수료와 지연이 발생합니다. 블록체인은 중개자의 역할을 없애고 소비자가 거래를 일시 중지하고 원장에 기록할 수 있는 권한을 가지고 있습니다. 실시간, 저비용의 국제 거래가 가능해져 세계 기업이나 개인에게 특히 유망합니다.
이 보고서는 인도 암호화폐 시장을 조사 분석하여 시장 규모와 예측, 시장 역학, 주요 기업 현황 및 전망 등의 정보를 제공합니다.
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.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work