Crypto automated teller machines (ATMs) have gained popularity worldwide in line with cryptocurrency’s growing adoption rate. A cryptocurrency ATM resembles a traditional ATM and is often used for trading bitcoin or withdrawing money.
Recent data suggest the continued surge in the global crypto ATM market size in the coming years, thus facilitating the adoption of digital assets.
As per data from Grand View Research, an India & U.S.-based market research and consulting company, the market size is projected to record a growth of 61.7% between 2022 and 2030, yielding a valuation of $5.45 billion.
The projected growth of the crypto ATM market size is also expected to boost crypto usage for retail payments and enable users to convert cryptocurrency into fiat currency simultaneously. Researchers also suggest that the increasing number will be facilitated by several businesses, including restaurants and commercial spaces, that are installing crypto ATMs to lure extra revenues, thus further fueling the market’s growth.
“The rising awareness and adoption of cryptocurrencies among retailers, such as Walmart and Circle K, are expected to drive the growth of the crypto ATM market over the forecast period. In addition, several businesses, including restaurants and commercial spaces, are involved in installing crypto ATMs to earn extra revenues, which is expected to further fuel the market’s growth.”
In the report, the researchers also pointed out that the coronavirus pandemic fueled the increase of crypto ATMs as users seek to leverage improved software to process digital assets’ storing, buying, and selling and prevent fraud. Additionally, the crypto ATM providers are also focusing on launching advanced software to simplify the process of crypto ATMs for transactions.
On the geographical scale, North America has dominated the crypto industry, given the openness towards crypto adoption and the increasing number of crypto ATMs in the area. North America is to be followed by Europe and Asia Pacific. Elsewhere, Latin America, the Middle East, and Africa are projected to account for a minor share of crypto ATMs.
Further, the report revealed that in 2021, the hardware segment dominated the market, as revealed by the growth of the hardware segment. The hardware components of the crypto ATM include a display, printer, scanner, cash dispenser, etc. However, bitcoin ATMs have continued to rise owing to the increasing popularity and acceptance of bitcoin by merchants globally compared to others. Besides Bitcoin, the study noted other assets to record interest, including Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC).
Another research by Coin ATM Radar, a bitcoin ATM information provider, suggests that about 23 bitcoin ATMs are being installed daily across the globe. In December 2021, around 1,970 ATMs were installed globally. Thus, the rising bitcoin ATM industry is further expected to create growth opportunities for the crypto ATM market over the mentioned period.
Earlier this year, a survey by a crypto firm revealed that about 75% of retail and 88% of institutional investors are set to witness mainstream adoption in the coming decade.