SAN FRANCISCO, Jan. 17, 2022 /PRNewswire/ — The global crypto ATM market size is expected to reach USD 1.88 billion by 2028, expanding at a CAGR of 59.2% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the consistent increase in the number of new cryptocurrency users and the subsequent need for crypto ATMs to convert cryptocurrency into fiat money. According to the statistics provided by TripleA, a cryptocurrency payment company, there were about 300 million crypto owners worldwide as of 2021.
Key Insights & Findings from the report:
- The one way segment dominated the market in 2021. The increase in demand for one way crypto ATMs among the customers due to its seamless transaction offerings accentuated the segment growth in 2021
- The hardware segment dominated the market in 2021. Crypto ATM hardware providers are focusing on strategic partnerships and mergers & acquisitions to improve their product offerings
- The bitcoin segment dominated the market in 2021. The legalization of bitcoin across various countries worldwide propelled the growth of the segment in 2021
- The restaurants and other hospitality spaces segment dominated the market in 2021. Several hotels worldwide are deploying crypto ATMs as part of the efforts to meet the changing needs of customers
- The increasing use of digital currencies in Asia Pacific countries, such as Australia, Thailand, and Taiwan is expected to drive the growth of the Asia Pacific regional market
Read 150 page market research report, “Crypto ATM Market Size, Share & Trends Analysis Report By Type (One Way, Two Way), By Offering, By Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), By Application, By Region, And Segment Forecasts, 2022 – 2028“, by Grand View Research
Crypto ATMs offer several benefits to cryptocurrency users. They provide cryptocurrency users with easier trading options. Also, users are not required to set up an account or deal with long public keys. Rather, crypto ATMs automatically generate the receipt for transactions and these receipts contain both private keys and public keys in the form of QR codes.
Several retailers are trying to provide crypto ATM services to their customers as part of the efforts to digitalize their offerings while enhancing customer experiences. For instance, in October 2021, Walmart announced a partnership with coin cashing machine company Coinstar and crypto-cash exchange provider Coinme. The partnership envisages Walmart installing 200 bitcoin ATMs in its store across the U.S.
The outbreak of the COVID-19 pandemic is expected to play a decisive role in driving the growth of the market. Lower access fees and ease of access encouraged people to increasingly invest in cryptocurrencies during the COVID-19 pandemic. According to the U.S. Consumer Crypto Survey, 48% of Americans bought cryptocurrencies in H1/ 2021.
Grand View Research has segmented the global crypto ATM market based on type, offering, coin type, application, and region:
- Crypto ATM Type Outlook (Revenue, USD Million, 2017 – 2028)
- One Way
- Two Way
- Crypto ATM Offering Outlook (Revenue, USD Million, 2017 – 2028)
- Crypto ATM Coin Type Outlook (Revenue, USD Million, 2017 – 2028)
- Crypto ATM Application Outlook (Revenue, USD Million, 2017 – 2028)
- Commercial Spaces
- Restaurants & Other Hospitality Spaces
- Transportation Hubs
- Standalone Units
- Crypto ATM Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
List of Key Players of the Crypto ATM Market
- GENERAL BYTES s.r.o.
- Genesis Coin Inc.
- Lamassu Industries AG
- Bitaccess Inc.
- Coin ATM Radar
Check out more studies related to cryptocurrencies, published by Grand View Research:
- Cryptocurrency Exchange Platform Market – The global cryptocurrency exchange platform market is expected to witness significant growth over the forecast period. The market growth can be attributed to the high demand for the platform to facilitate the trading of cryptocurrencies for fiat money.
- Cryptocurrency Mining Hardware Market – The global cryptocurrency mining hardware market is expected to witness significant growth over the forecast period. Advances in technology to make cryptocurrency mining more profitable by reducing power consumption while increasing the hash rates are expected to drive the growth of the market over the forecast period.
- Cryptocurrency Payment Apps Market – Cryptocurrency payment apps allow businesses across the globe to accept payments in cryptocurrencies for the goods or services they provide to their customers. Cryptocurrency payment apps leverage blockchain technology to facilitate secure cross-border payments.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
SOURCE Grand View Research, Inc.