ATM Crypto Market to Grow to $144.5 Million by 2023
A new research conducted by MarketsandMarkets and titled “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” predicts that the Crypto ATM market is expected to grow from $16.3 million in 2018 to $144.5 million by 2023 at a CAGR of 54.7% during the forecast period.
According to the study, a significant growth during the forecast period will be from two-way ATMs, which would let customers change digital currency into fiat and vise-versa using a single machine.
The report discussed some factors that will influence the growth of the crypto ATM market, drivers, opportunities, restraints, challenges, along with the detailed value chain. One of the primary growth drivers will be to come as a result of 2-way ATM.
During the forecast period, ATM is likely to grow at its highest CAGR. From 2018 to 2023, the 2-way crypto ATM market is expected to skyrocket to its peak owing to it multi-functionality.
One unique feature of a 2-way crypto ATM is that it offers multiple options to users for trading. In a 2-way ATM, a user can easily buy cryptocurrencies and also sell them off to other buyers using the same machine
Other factors that are expected to influence this growth is the Display system – it is expected to hold the most substantial chunk of crypto ATM market. As expected during the market forecast period, the display segment will dominate the crypto ATM market. This is because of the importance of the displays on crypto hardware in ATMs. The display provides a user-friendly environment to an ATM user.
The report also highlights some key players in the crypto ATM space, which includes Coinme (US), Coinsource (US), COVAULT (US), Genesis Coin (US), Bitaccess (Canada), Lamassu (UK), Bitxatm (German), Orderbob (Austria), GENERAL BYTES (Czech Republic), and RUSbit (Russia).
The research shows that the North American crypto ATM market will hold the largest share of the crypto market by 2023. This is as a result of a favorable investment environment as well as the presence of a large number of manufacturers of crypto ATM hardware and software. This situation will facilitate the dominant position the U.S. will hold in the crypto market.
Some challenges the crypto market is expected to face as identified by the study includes regulatory uncertainty, in addition to lack of technical understanding and awareness of cryptocurrencies.
While the crypto ATM market is projected to grow over the next five years, traditional ATM manufacturers consider digital currencies a threat to their business. In March, the world’s largest ATM operator Cardtronics isolated cryptocurrencies among the major risks to their business in an annual report. Consumer behavior analysis reportedly showed a significant shift in preferred payment methods, with more customers now choosing electronic forms of payment over traditional physical banknotes, leading to a decline in the use of ATMs.