LOS ANGELES – The Global Crypto ATM Market size accounted for USD 76 Mn in 2021 and is expected to reach USD 4,322 Mn by 2030 at a significant CAGR of 57.6% during the forecast timeframe of 2022 to 2030.
Cryptocurrency is also known as an electronic currency. It is a sort of currency that can only be obtained digitally and has no centralized issuing or regulatory authority for it. It uses blockchain technology to authenticate transactions. Blockchain is a distributed computing platform that handles and records transactions across multiple machines. Furthermore, an increase in the need for operational accountability and effectiveness in financial payment services, an increase in data security, an increase in wire transfer consumption in developing countries, and an increase in market cap are the major factors driving the global cryptocurrency market’s growth. The need for bitcoin ATMs is growing because of greater public awareness of crypto currencies, as well as increased cryptocurrency investment and investors.
Cryptocurrency ATMs are the machine that exchanges traditional currencies for virtual currency and conversely. Financial services such as bank withdrawals, cash deposits, and transfers are available through these devices. They can also be used to handle virtual currency transactions. A user can use the ATM to deposit national currencies and withdraw crypto currencies to a digital wallet. They can offer new secure ways of processing cryptocurrency without concern of loss or theft. They also enable customers to do cashless transactions in real-time. Furthermore, owing to its simplicity of use and accessibility, this technology has gained in popularity. Crypto ATMs, on the other hand, presents a number of hurdles that must be overcome before they could even become widely used. These include a general public lack of understanding of bitcoin, high initial expenditures, and governmental issues.
Global Crypto ATM Market Growth Aspects
Growing currency transfers in emerging markets, varying tax legislation, and increased deployment of Crypto ATMs in numerous places are all factors driving business growth. Crypto ATMs are becoming increasingly popular among cryptocurrency enthusiasts. They have evolved into a convenient way to obtain bitcoins without having to deal directly with exchanges. However, the crypto ATM market is still in its infancy, and many challenges must be overcome before this innovation can be considered widespread. Rising blockchain technology acceptance rates, a better understanding of the benefits of using Crypto ATMs, and technological advancements in the field of biometrics are some of the key forces driving the growth of the global crypto ATM market.
However, the unknown regulatory situations of digital currencies, as well as a lack of knowledge and level of expertise in cryptocurrency, will function as market barriers in the anticipated time. The growing concern about security and privacy, as well as technical scaling issues, will be important hurdles to the expansion of the crypto automated teller machine (ATM) sector.
Growing Deployment of Bitcoin ATMs
Bitcoin ATMs allow customers to purchase and exchange cryptocurrency for cash. These ATMs are gaining popularity because they provide complete financial secrecy, are tamper-proof, and provide a rapid way to buy or sell bitcoins. Bitcoin ATMs provide the highest level of protection because customers are not needed to enter any personal information. Crypto currency can only be transferred if the user provides the appropriate security identities and encryption keys. These ATMs are equipped with technology that safeguards against hardware and software failure. As a result, global consumption of these ATMs is increasing.
Crypto ATM Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global crypto ATM market. The Asia-Pacific crypto ATM industry is likely to account for significant shares in the coming years due to greater access to financial transactions. Several countries, like Singapore and India, are investing in enterprises that will assist bitcoin exchanges in increasing their market share. These businesses are obtaining venture capital funding from a number of sources, which is a growing demand for crypto ATMs. Furthermore, the increasing use of digital currencies in Asia-Pacific countries such as Australia, Malaysia, and Taiwan is expected to move the Asia-Pacific regional market ahead. Furthermore, factors such as increased government initiatives toward digitalization in money transfer and increasing utilization of online payment methods by the end industry will generate positive growth predictions for the Asia-Pacific Crypto ATM sector. Smartphone proliferations, as well as the ongoing implementation of 5G technology, are projected to generate opportunities for regional market growth.
Crypto ATM Market Segmentation
The global crypto ATM market has been segmented by Acumen Research and Consulting based on type, offering, and coin type. Based on the type, the market is divided into aircraft one-way, and two-way. Based on the offering, the market separated into hardware and software. Based on coin type, the market is categorized into bitcoin, ethereum, dogecoin, litecoin, and others.
Major Players
Some key players covered global in the crypto ATM industry are GENERAL BYTES s.r.o., Bitstop, Genesis Coin Inc., Cash Cloud, Inc, Lamassu Industries AG, Covault, RockitCoin, Bitaccess Inc., Coinme, Kurant GmbH, Coin ATM Radar, and Cryptomat.
Source: Acumen Research and Consulting
