Indian Blockchain Technology Market – Trends & Growth Forecasts 2023

Bharat Book Bureau Provides the Trending Market Research Report on “Indian Blockchain Technology Market” under Media & Technology category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.

Blockchain Technology, popularly known as a protocol for value exchange is registering rising adoption among several applications including banking and financial services, transportation, supply chain as well as government verticals in India. The solution is gaining awareness owing to more efficient, transparent, and secured database solutions. Further, recent pilot project initiatives in Andhra Pradesh would result in greater adoption of blockchain solution in certain key states including Delhi, Madhya Pradesh, Uttar Pradesh and Punjab over the coming years.

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Indian Blockchain Technology Market

India blockchain technology market is projected to grow at a CAGR of 58% during 2018-24. Over the past few months, especially in last quarter of 2017, blockchain technology registered rising end-customer acceptance towards the adoption of this solution, especially among banking and financial services, transportation, and government verticals. In addition, during the forecast period, the market is projected to be driven by rising adoption in BFSI vertical, especially led by banking institutions integration of blockchain technology in their information and financial services database.

Moreover, the solution is further anticipated to register higher growth among several verticals as it offers transparent, faster, secure, and cost-effective alternative as compared to conventional database solutions. Some of the key players in India blockchain technology market include- Zebi, Primechain, Krypc, Accubits and IBM, and Ernst & Young.

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