The Global Crypto ATM Market size is expected to reach USD 6.8 million in 2019, at a Compound Annual Growth Rate (CAGR) of 54.10% during the forecast period. The global crypto ATM market reached a value of US$ 130 million in 2021 and is expected to reach US$ xx.xx million by 2027; the base year considered for the study is 2017, and the forecast period is from 2018 to 2023. The objective of the report is to provide a detailed analysis of the market based on type, ATM hardware, and geography. The increase in installations of crypto ATMs is anticipated to augment the growth of the Crypto ATM Market within the estimated period. Crypto ATMs are now seen installed in most countries across the globe as businesses are putting a strong emphasis on meeting the changing needs of their customers. According to the statistics provided by Coinsource, a financial service provider, in January 2021, there were about 14,012 crypto ATMs worldwide. According to the statistics published by Tokenpost, crypto ATM installations reached about 50.9 machines per day in July 2021 worldwide.
The report focuses on growth prospects, restraints, and trends of the crypto ATM market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers on the crypto ATM market outlook.
Cryptocurrency ATM Market: Driver
The increasing number of installations is driving the crypto automated teller machine (ATM) market growth. Vendors are investing significantly in R&D to develop innovative products and technologies. They are also launching affordable cryptocurrency ATMs to expand their foothold. For instance, in May 2021, Bitcoin Depot announced the launch of over 350 new cryptocurrency ATMs opening across the US. Thus, the increasing installation number of new cryptocurrency ATMs will drive the crypto automated teller machine (ATM) market growth during the forecast period.
The crypto ATM market is segmented into offering, type, coin, and region. By offering, the market is bifurcated into hardware and software. The hardware segment is further segregated into display, ATM printer, QR scanner, and others Based on type, the market is divided into one way and two ways. Coins covered in the study include bitcoin (BTC), litecoin, ethereum (ETH), dogecoin, bitcoin cash, dash, tether (USDT), and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America has dominated the Global Crypto ATM Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the rising deployment of crypto ATMs in public places in the region. Furthermore, the presence of key market players, like Coin Cloud, Bitcoin Depot, and Coin Flip along with favorable investment environment is also anticipated to encourage the adoption of cyber insurance.
The Asia Pacific region is expected to emerge as the fastest-growing regional market over the forecast period. Continued installation of two-way crypto ATMs across Asia Pacific countries, such as the Philippines, is expected to drive the growth of the regional market over the forecast period. The proliferation of smartphones and the continued rollout of 5G technology are also expected to open opportunities for the growth of the regional market. Organizations in the Asia Pacific are widely adopting crypto ATMs for streamlining operations and enhancing customer experiences.
Key players profiled in the global crypto ATMs market report include,
The uncertain regulatory status of cryptocurrencies and lack of awareness and technical understanding regarding cryptocurrencies restrict the market growth for crypto ATM manufacturers and operators. Further, concern regarding security and privacy is expected to pose a challenge to the market players. Key players operating in the market include GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Covault, Bitaccess Inc., Coinme, Coinsource, Coin ATM Radar, Orderbob, Cryptomat
Critical questions the report answers
1. What are the current trends that are driving the crypto ATMs market?
2. In which trading type most of the financial institutions are deploying crypto ATMs?
3. Where will all these developments take the industry in the mid-to-long term?
4. Who are the top vendors in the market and what is their competitive analysis?
5. What are the drivers and challenges of the crypto ATMs market?
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