Crypto ATM market to swell to $144.5 million by 2023, report suggests
A new research conducted by MarketsandMarkets and tilted ‘Crypto ATM Market by Type (One Way and Two Way), Automated Teller Machine Hardware (Display, Printer, QR Scanner), and Geography (North America, Europe, Asia Pacific (APAC), Rest of the World (RoW) – Global Forecast to 2023’ suggests that the Crypto ATM market is expected to grow to $144.5 million in 2023 from $16.3 million in 2018 at a CAGR of 54.7% during the forecast period.
The report also provides information regarding the major factors influencing the growth of the crypto ATM market (drivers, restraints, opportunities, and challenges), along with the detailed value chain.
2-way crypto ATMs will lead the growth
Among all types, the crypto ATM market for 2-way crypto ATM is likely to grow at the highest CAGR during the forecast period. The market for 2-way crypto ATMs is expected to grow at a higher CAGR from 2018 to 2023 owing to their multifunctionality features. A 2-way crypto ATM offers multiple options for trading. In a 2-way ATM, a user can buy cryptocurrencies and also sell them using a single machine
However, 2-way ATMs have not yet taken the lead in the market as people are more focused toward 1-way ATMs.
Display to hold the largest chunk of crypto ATM market
It is expected that the display segment will dominate the crypto ATM market during the forecast period. This is due to the fact that displays are the most vital hardware of crypto ATMs as it provides a user-friendly environment to an ATM user.
North America to lead the charge in the crypto ATM market
North America is predicted to lead the charge in the crypto ATM space. This has got to do with the presence of a large number of crypto ATM hardware and software providers and favorable laws governing the crypto space.
The report also talks about the key players in the crypto ATM space, which include Genesis Coin (US), Lamassu (UK), COVAULT (US), Bitaccess (Canada), Coinme (US), Coinsource (US), Bitxatm (German), Orderbob (Austria), GENERAL BYTES (Czech Republic), and RUSbit (Russia).
According to Coinatmradar figures, there are 3,641 crypto ATMs in the world. 99.9 percent of the total serve Bitcoin and about 56.7 percent ATMs also support altcoins, with Litecoin being the most popular. Seventy-three percent of Bitcoin ATMs are located in North America with over 2000 such ATMs based in the U.S.
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