In terms of revenue, the Global Crypto ATM Market is expected to reach USD 1185.4 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 58.70% from 2022 to 2028. The Global Crypto ATM Market is gaining momentum over the forecast period due to increasing adoption of cryptocurrency among consumers, rising demand for Crypto ATMs across various regions, and technological advancements in Crypto ATMs. Crypto ATMs are gaining popularity among investors due to their ease of use and convenience. However, they have been criticized for being unregulated and not providing any security. In addition, Crypto ATMs have not been widely adopted yet due to their high cost and lack of regulation hinders the market growth.
Key Highlights from the Report:
- The two- way segment dominated the market growth at a substantial Compound Annual Growth Rate (CAGR). The increase in demand for two way Crypto ATMs among the customers due to its versatility of trading opportunities for both crypto and fiat currency accentuated the segment growth in 2021.
- The hardware segment dominated the market in 2021. Crypto ATM hardware providers are focusing on key strategies such as partnerships, mergers & acquisitions to improve their product offerings.
- The bitcoin market segment held a significant market share in 2021. The market growth has been spurred by the legalisation of Bitcoin in several nations around the world.
- North America is the largest regional segment. Increased adoption of digital currencies in North America countries including Mexica, Canada and U.S. is likely to fuel market expansion in the area.
Some of key players in the Crypto ATM Market include, GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Covault, Bitaccess Inc., Coinme, Coinsource, Coin ATM Radar, Orderbob, Cryptomat.
Crypto ATM Market has been gaining momentum over the past few years due to its ability to provide consumers with greater transparency and control over their financial data. This trend is expected to continue to forecast period, as banks are increasingly adopting Crypto ATM platforms to compete against Fintech companies that offer similar services.
Two-way segment of Crypto ATMs offers a variety of trading opportunities in both crypto and fiat currencies. Users can also buy and sell Bitcoin at the same time with a two-way ATM. During the forecast period, new product launches are expected to surge at a significant CAGR.
Manufacturers of cryptographic ATMs use a variety of hardware components to construct their devices. Hardware components include ATM stands, door locks, cash dispensers, extension boxes, cash recyclers, and cash boxes. Depending on the Crypto ATM's design, hardware components may change.
North America is expected to emerge as a potential market for Crypto ATM. The market growth in the region is attributed to high technical advancement in the machines. Good investment environment, without legal barriers in U.S. and with the presence of large number of Crypto ATM hardware and software providers are important factor influencing this market's expansion in this region. Thus, presence of such countries in the region, is further propelling the market growth in the region over the forecast period.