Cryptocurrency ATM Market Size to Grow by USD 2.37 Billion

NEW YORK – The cryptocurrency ATM market size is expected to grow by USD 2.37 billion from 2021 to 2026. Moreover, the growth momentum of the market will accelerate at a CAGR of 53.09% during this period. The increasing number of installations is driving the cryptocurrency ATM market growth. However, factors such as limited acceptance of cryptocurrencies as a legal tender may challenge the market growth.

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.

Cryptocurrency ATM Market: Segmentation by Type

Based on the segmentation by type, the market has been segmented into one way and two way. The one-way segment will have significant market share growth during the forecast period. The growth of this segment is attributed to the fact that A one-way cryptocurrency ATM is more affordable compared to a two-way cryptocurrency ATM. A one-way cryptocurrency ATM allows users to buy or sell cryptocurrency. These ATMs are the safest ways to buy, send, or sell cryptocurrency.

Cryptocurrency ATM Market: Segmentation by Geography

Based on segmentation by geography, the market has been segmented into North America, Europe, APAC, the Middle East and Africa, and South America. North America will have the highest market share growth during the forecast period. The rising investments by vendors to expand their operations will drive the growth of the cryptocurrency ATM market in North America during the forecast period. Market growth in this region will be faster than the growth of the market in Europe and South America. The US, Canada, China, Japan, Germany, and France are the key countries for the cryptocurrency ATM market in North America.

Cryptocurrency ATM Market: Major Vendors

The cryptocurrency ATM market report provides information on several market vendors, including ATM OPS LLC, Bitaccess Inc., Cash Cloud Inc., ChainBytes LLC, Clark, Sharp, and Reynolds LLC, Coinme Inc., Express Systems USA Inc., General Bytes SRO, Genesis Coin Inc., GFT Technologies SE, Kurant GmbH, Lamassu Industries AG, Lux Vending LLC, ORDERBOB, RockItCoin LLC, and RusBit Ltd. among others.

The cryptocurrency ATM market is concentrated, and the vendors are deploying organic and inorganic growth strategies to compete in the market. It includes a few international players and a considerable number of small-scale participants regionally. However, due to the fluctuating prices of cryptocurrencies, various enterprises are closing their operations as it is becoming difficult to operate in a profitable way. As a result, vendors are reducing the prices of their cryptocurrency ATMs to increase the adoption of the same. At the same time, the reduced prices of cryptocurrency ATMs can affect the revenue of the vendors in the market.

Source: Technavio