Crypto ATM Market is projected to be worth USD 14.19 billion by 2033 and is anticipated to surge at a CAGR of 58.71%.
Cryptocurrency is a payment method that is different from cash, credit cards, and checks. The customer uses bitcoin to send money without engaging with the bank. A cryptocurrency ATM is a machine that enables customers to easily transfer bitcoin. To buy bitcoin using a crypto ATM, first go through KYC, then enter the address of the crypto wallet into which the deposit will be made, insert the order money through the crypto ATM, and finally complete the transaction. Every transaction is accompanied by an automatic receipt created by the crypto ATM. For further security, these receipts feature public and private keys in the form of QR codes.
Global Crypto ATM Market Driving Factors and Challenges
Drivers: Installations are increasing, which is propelling the bitcoin automated teller machine (ATM) market forward. Vendors are heavily investing in R&D to develop cutting-edge items and technology. In an effort to expand nationally, they are also launching affordably priced bitcoin ATMs. For example, Bitcoin Depot announced in May 2021 that over 350 new bitcoin ATMs would be launching in the United States. As a result, the increasing number of new cryptocurrencies being introduced will accelerate the growth of the cryptocurrency automated teller machine (ATM) sector. Furthermore, in order to expedite the growth of the crypto exchange, most countries are investing in organizations that specialize in the establishment of cryptocurrency ATMs.
Challenges: However, a lack of awareness about blockchain technology and cryptocurrency in some regions of the world is projected to impede business growth. Furthermore, higher transaction fees levied by operators on clients are expected to hinder market expansion. According to Coinsource, the average online Bitcoin ATM fee ranges from 11% to 25% of the transaction amount. The impediments to the crypto ATM Company's expansion were observed in the first months of 2023, when the number of new crypto ATMs installed decreased due to a market slowdown and global geopolitical concerns.
Impact of COVID-19 on Global Crypto ATM Market
Customers increased their investment in cryptocurrencies during the COVID-19 pandemic, which has had a significant influence on the bitcoin ATM business. Furthermore, the rise of cryptocurrencies was limited prior to the epidemic, but during the pandemic, there has been a significant increase in investment in Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies. As a result, during the global health crisis, this became one of the key growth drivers for the cryptocurrency ATM business.
Crypto ATM Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Genesis Coin Inc., Kurant GmbH, BITCOIN DEPOT, Coinsource, Cash Cloud, Inc, Bitstop, Covault, LLC, Lamassu Industries AG, RockitCoin, GENERAL BYTES s.r.o.
Global Crypto ATM Market Segmentation:
By Offering: Based on the Offering, Global Crypto ATM Market is segmented as; Hardware, Software.
By Type: Based on the Type, Global Crypto ATM Market is segmented as; One Way, Two Way.
By Coin: Based on the Coin, Global Crypto ATM Market is segmented as; Bitcoin, Bitcoin Cash, Coin, Dash, Dogecoin, Ethereum (ETH), Litecoin, Tether (USDT), others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.