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
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