Increased Bitcoin Use, Technological Advancements, and Growing Investor Interest Driving Growth of Crypto ATM Market
Rockville , Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global crypto ATM market is exhibiting unprecedented growth as digital currency use continues to gain traction. The market is estimated at a value of US$ 181 million in 2023 and is projected to expand swiftly at a CAGR of 57% through the forecast period (2023 to 2033), as per a new study conducted by Fact.MR, a market research and competitive intelligence provider.
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The crypto ATM business is expanding rapidly owing to many factors such as rising bitcoin use, technological developments, and increased investor interest. Bitcoin is riding the tide of cryptocurrency acceptance, providing customers with a simple and safe means of accessing digital assets. The industry is positioned for significant expansion in the near future, owing to rapid technological breakthroughs and supportive regulatory reforms.
Cryptocurrency ATMs serve as a vital link between established banking systems and the world of cryptocurrencies. These machines make it simple for users to enter and traverse the cryptocurrency industry, thus offering valuable access and liquidity. Crypto ATMs are projected to remain a vital part of the Bitcoin ecosystem as the digital asset landscape evolves.
|Value Projection (2033)||US$ 16.85 Billion|
|Growth Rate (2023-2033)||57% CAGR|
|No. of pages||170 Pages|
|No. of Tables||80 Tables|
|No. of Figures||219 Figures|
Key Takeaways from Market Study
- The global crypto ATM market is currently estimated at US$ 181 million.
- The market is projected to accelerate at a high-value CAGR of 57% and reach US$ 16.85 billion by the end of 2033.
- The one-way segment led the market in 2022, accounting for more than 68% of global revenue share.
- North America held a leading market share of 45% in 2022.
- The two-way segment in Asia Pacific is projected to expand significantly and become a key segment over the coming years.
- The hardware segment accounted for 75% of the global market in 2022.
- The Bitcoin segment contributed 30% revenue share in 2022.
- Restaurants and other hospitality spaces collectively accounted for a leading market share of 31% in 2022.
“The crypto ATM market benefits from the broader trends of digital transformation and rising adoption of cryptocurrency. These trends are altering financial services and the way people interact with money. Crypto ATMs are at the crossroads of these shifts, offering a physical and accessible entry point into the realm of digital banking while addressing the expanding requirements of the consumers in an increasingly digital and decentralized financial landscape,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- BITCOIN DEPOT
- Cash Cloud, Inc.
- Covault LLC
- Bitaccess Inc.
- GENERAL BYTES s.r.o
- Genesis Coin Inc.
- Kurant GmbH
- Lamassu Industries AG
- Coin ATM Radar
- Soft-logic Co.
- Byte Federal Inc.
- Chain Bytes LLC
Growing Adoption of Cryptocurrencies as Legitimate Financial Assets
Crypto ATM operators are motivated to support a diverse variety of digital assets other than Bitcoin, as the prevalence of multiple cryptocurrencies grows. This variety targets visitors who are interested in a variety of cryptocurrencies.
Crypto ATMs allow consumers to manage their Bitcoin investments more easily. As more people diversify their holdings, the need for simple ways to buy, sell, and manage these assets becomes obvious.
Many people consider cryptocurrencies like Bitcoin as a possible store of value and a hedge against traditional financial markets. Crypto ATMs make it simple to convert fiat currencies into digital assets for investment purposes. Cryptocurrencies are gradually gaining popularity in the mainstream. As more businesses, both online and offline, begin to accept cryptocurrency as payment, demand for Crypto ATMs grows.
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Why is the US a Significant Contribution to the Growth of ATMs Accepting Digital Currency?
"Availability of Significant Investment Money and the Presence of Bitcoin ATMs Nationwide"
Due to its vast and diverse market, well-defined regulatory environment, vibrant culture of financial innovation, growing acceptance of cryptocurrencies, access to an abundance of investment capital, extensive geographic reach, presence of trailblazing operators, and consumer demand for cash-to-crypto services, the United States is a major factor in the proliferation of digital currency ATMs.
A significant portion of Bitcoin owners are in the United States, which indicates the growth of the local industry. For instance, according to Coinbase, 20% of Americans are bitcoin owners.
Throughout the forecast period, rising cryptocurrency use is anticipated to support market expansion. With 30,714 crypto ATMs, the United States has the most, according to Coin ATM Radar.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the crypto ATM market for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (one way, two way), offering (hardware, software), coin (Bitcoin [BTC], Litecoin [LTC], Ethereum [ETH], Dogecoin, Bitcoin Cash, Dash, Tether [USDT], others), and end use (commercial spaces, restaurants, hospitality spaces, transportation hubs, standalone units, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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