India Blockchain Technology Market Research Report, 2030

The blockchain technology market in India is a burgeoning landscape marked by rapid growth and immense potential. This remarkable expansion is driven by the increasing adoption of blockchain across various sectors, including financial services, healthcare, supply chain management, and digital identity. The history of blockchain technology in India is a fascinating journey of innovation and adaptation, marked by significant milestones and evolving regulatory policies. The technology gained traction in 2016, with early adopters in the banking and financial sectors experimenting with blockchain for various use cases. Financial institutions like the State Bank of India and ICICI Bank are leveraging blockchain to enhance transaction security and streamline operations, while healthcare organizations are using it to secure patient data and improve the interoperability of medical records. Digital identity solutions are also gaining traction, with companies like SecureKey offering secure and user-controlled identity verification. The Indian government and institutions like NITI Aayog are actively supporting blockchain research and development, fostering a culture of innovation and collaboration. With a strong foundation and a supportive ecosystem, India's blockchain market is poised for continued growth and success, making it a key player in the global blockchain landscape. The Reserve Bank of India (RBI) and the Institute for Development and Research in Banking Technology (IDRBT) played pivotal roles in exploring blockchain's potential. In 2018, the Indian government, through NITI Aayog, launched a national strategy on blockchain, aiming to enable trusted digital platforms and improve governance. The Securities and Exchange Board of India (SEBI) also introduced regulations for blockchain-based securities, mandating depositories to use distributed ledger technology (DLT) for recording and monitoring securities. The regulatory landscape continued to evolve, with the Ministry of Electronics and Information Technology releasing a comprehensive national strategy on blockchain in 2021, focusing on enhancing transparency, efficiency, and trust in digital transactions. These efforts have positioned India as a key player in the global blockchain ecosystem, fostering innovation and driving economic growth. According to the research report "India blockchain technology Market Research Report, 2029," published by Actual Market Research, the India blockchain technology market was valued at more than USD 0.88 Billion in 2023. The blockchain technology market in India is witnessing a transformative evolution, driven by a blend of progressive regulatory support, increasing demand for secure digital transactions, and the innovative spirit of tech-savvy entrepreneurs. Key market drivers include the growing need for transparency and efficiency in financial services, healthcare, supply chain management, and digital identity verification. Financial institutions like the State Bank of India and ICICI Bank are harnessing blockchain to enhance transaction security and streamline operations, while healthcare organizations are adopting it to secure patient data and improve the interoperability of medical records. The supply chain sector is revolutionized by blockchain's capability to provide end-to-end visibility and traceability, ensuring the authenticity of goods and optimizing logistics processes. Leading tech firms such as Infosys and Tata Consultancy Services (TCS) are spearheading the development of blockchain solutions across various sectors. Government initiatives, such as those by NITI Aayog and the Ministry of Electronics and Information Technology, are fostering a supportive ecosystem for blockchain innovation, underscoring India's potential as a global blockchain hub. This dynamic environment is set against the backdrop of India's rapidly digitizing economy, making the blockchain market a cornerstone of the country's technological and economic advancement. With a strong foundation and an ever-expanding application landscape, India's blockchain technology market is poised for sustained growth, promising a future marked by transparency, efficiency, and widespread technological adoption.

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The service provider segment of India's blockchain technology market is a vibrant and rapidly expanding ecosystem, characterized by a diverse array of innovative companies and startups. Leading the charge are tech giants like Infosys and Tata Consultancy Services (TCS), which are pioneering blockchain solutions across various sectors, including finance, healthcare, and supply chain management. Wipro and Tech Mahindra are also key players, offering comprehensive blockchain services that enhance transparency, security, and efficiency in data management and transactions. Startups like CoinDCX, GoSats, and Flint.money are driving innovation in the cryptocurrency and decentralized finance (DeFi) space, providing user-friendly platforms for crypto trading, investing, and wealth management. OpenXcell and SoluLab are renowned for their expertise in blockchain development, delivering cutting-edge applications and services for both domestic and international clients. Osiz Technologies is another notable player, specializing in hyperledger development and blockchain solutions for the public and private sectors. These service providers are not only contributing to the growth of India's blockchain market but also positioning the country as a global leader in blockchain technology. With a supportive regulatory environment and a culture of innovation, India's blockchain service provider segment is poised for continued success, fostering a future marked by technological advancement and economic prosperity. The application segment of India's blockchain technology market is a testament to innovation and adaptability, with blockchain redefining various industries through enhanced security, transparency, and efficiency. In the financial sector, blockchain is revolutionizing transactions by enabling secure, transparent, and real-time settlements, while decentralized finance (DeFi) platforms democratize access to financial services. Banks like the State Bank of India (SBI) and ICICI Bank are at the forefront, integrating blockchain to enhance transaction security and streamline operations. Supply chain management is witnessing significant advancements, with blockchain providing end-to-end visibility and traceability, ensuring the authenticity of goods, and optimizing logistics processes. Companies like Reliance Industries and Mahindra Logistics are leveraging blockchain to simplify the trading, execution, and settlement of physical commodities, making the process more efficient and transparent. In healthcare, blockchain is securing patient data, improving the interoperability of medical records, and reducing administrative burdens, leading to better patient outcomes and cost efficiencies. The real estate industry is being transformed with blockchain-enabled property transactions, smart contracts, and fractional ownership models, making the buying and selling process more transparent and accessible. Energy companies are utilizing blockchain for peer-to-peer energy trading and grid management, promoting the efficient distribution of renewable energy and driving sustainability efforts. The entertainment and media sectors are adopting blockchain to protect intellectual property rights, ensure fair compensation for creators, and combat piracy, fostering a more equitable ecosystem for artists and consumers. Voting systems are being enhanced with blockchain, providing secure, transparent, and tamper-proof electoral processes, which can enhance democratic participation and trust in elections. Digital identity solutions are also gaining traction, offering individuals secure, user-controlled ways to verify their identities, reducing the risk of identity theft and fraud. The rise of non-fungible tokens (NFTs) is opening new avenues for artists and collectors, enabling the creation and trade of unique digital assets. The organization site segment of India's blockchain technology market is a vibrant and rapidly expanding ecosystem, characterized by a diverse array of innovative companies and startups. Leading the charge are tech giants like Infosys and Tata Consultancy Services (TCS), which are pioneering blockchain solutions across various sectors, including finance, healthcare, and supply chain management. Wipro and Tech Mahindra are also key players, offering comprehensive blockchain services that enhance transparency, security, and efficiency in data management and transactions. Startups like CoinDCX, GoSats, and Flint.money are driving innovation in the cryptocurrency and decentralized finance (DeFi) space, providing user-friendly platforms for crypto trading, investing, and wealth management. OpenXcell and SoluLab are renowned for their expertise in blockchain development, delivering cutting-edge applications and services for both domestic and international clients. Osiz Technologies is another notable player, specializing in hyperledger development and blockchain solutions for the public and private sectors. These service providers are not only contributing to the growth of India's blockchain market but also positioning the country as a global leader in blockchain technology and fostering a culture of collaboration and technological advancement. With a supportive regulatory environment and a culture of innovation, India's blockchain market is poised for continued success, fostering a future marked by technological advancement and economic prosperity.

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Nikita Jabrela

Business Development Manager

The end-user segment of India's blockchain technology market is a dynamic and diverse ecosystem, showcasing the transformative power of blockchain across multiple industries. In the financial services sector, institutions like the State Bank of India (SBI) and ICICI Bank are harnessing blockchain to secure transactions, streamline operations, and introduce innovative products such as digital wallets and decentralized finance (DeFi) platforms. This empowers businesses with faster and safer transactions and offers consumers new ways to manage their finances. In healthcare, blockchain is being utilized to safeguard patient records, ensure the interoperability of medical data, and reduce administrative burdens, leading to improved patient outcomes and cost efficiencies. Major hospitals and healthcare providers are implementing blockchain solutions to enhance data security and patient care. Energy companies are using blockchain for peer-to-peer energy trading and grid management, promoting the efficient distribution of renewable energy and driving sustainability efforts. In the real estate sector, blockchain-enabled property transactions, smart contracts, and fractional ownership models are making the buying and selling process more transparent and accessible. The entertainment and media industries are adopting blockchain to protect intellectual property rights, ensure fair compensation for creators, and combat piracy, fostering a more equitable ecosystem for artists and consumers. Voting systems are being enhanced with blockchain, providing secure, transparent, and tamper-proof electoral processes, which can enhance democratic participation and trust in elections. Digital identity solutions are also gaining traction, offering individuals secure, user-controlled ways to verify their identities, reducing the risk of identity theft and fraud. The rise of non-fungible tokens (NFTs) is opening new avenues for artists and collectors, enabling the creation and trade of unique digital assets. Considered in this report • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030 Aspects covered in this report • Blockchain market with its value and forecast along with its segments • Region & country wise Blockchain market analysis • Segment wise Blockchain Market • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By Service Provider • Application and Solution Provider • Middleware Provider • Infrastructure & Protocol Provider By Application • Payment and Transaction • Smart Contract • Digital Identity • Documentation • Exchanges By Organization Size • Large Enterprise • Small and Medium Enterprise By End Users • BFSI • Government • Healthcare • Media & Entertainment • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, Key and innovative vendors related to Blockchain industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.