Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "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, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global Crypto ATM market is on the brink of significant expansion as cryptocurrency use surges. This growth is driven by a substantial increase in crypto-based payments at retail stores and the growing ease of converting cryptocurrencies into fiat cash via these ATMs. Staying ahead of the curve is crucial, and this in-depth market research report is the tool executives need to make informed decisions based on rigorous analysis and comprehensive market insights.
The Crypto ATM market size is poised to reach USD 5,451.0 million by 2030, growing at an impressive CAGR of 62.5% from 2023 to 2030. The recognition of Bitcoin as legal tender in countries such as the Central African Republic and El Salvador is expected to contribute to the use of crypto ATMs over the forecast period. The growing use of cryptocurrencies for payments at retail stores is a major driving force behind this growth.
Global retailers, including giants like Walmart and Circle K, are increasingly embracing cryptocurrency. This embrace elevates the demand for accessible crypto ATMs. Rigorous surveys reveal a strong belief among retail and institutional investors that cryptocurrencies will achieve mainstream acceptance over the next decade. Moreover, as businesses like restaurants and commercial spaces explore additional revenue streams through crypto ATM installations, the market's growth is set to accelerate exponentially.
The rise of prominent retail stores installing crypto ATMs is anticipated to be a significant factor contributing to market growth. For instance, Giant Eagle's GetGo Cafe + Market announced plans to install online Bitcoin ATMs in more than 125 locations across the U.S. Similarly, major chains like Circle K, 7-Eleven, and Shell have ramped up demand for online Bitcoin ATMs.
The popularity and potential growth prospects of leading cryptocurrencies bode well for market growth. Globally, nearly 23 Bitcoin ATMs are installed daily, according to data from Coin ATM Radar, an online Bitcoin ATM information provider. This rapid adoption of cryptocurrencies such as Bitcoin and Ethereum is set to create growth opportunities for the crypto ATM industry.
The COVID-19 pandemic had a positive impact on the crypto ATM market, with users worldwide demanding more advanced software to simplify the process of storing, buying, and selling cryptocurrencies. Crypto ATM providers are focusing on launching advanced software to streamline transactions.
Crypto ATM Market Report Highlights
- In 2022, the one-way segment dominated the market due to increasing demand for one-way crypto ATMs for cryptocurrency purchases. Many countries have imposed taxes on short-term cryptocurrency sales, and the ability to buy them with cash is a key driver for this segment's growth.
- The hardware segment led the market in 2022. Hardware components of crypto ATMs provide the user interface for customer interactions. Secure microcontrollers and cryptographic modules play a crucial role in securing crypto transactions, driving this segment's growth.
- Bitcoin was the dominant cryptocurrency in the market in 2022. Its ability to facilitate faster international transactions than traditional banking systems and its appeal to institutional investors as a hedge against inflation and a store of value drove its adoption.
- The restaurants and other hospitality spaces segment held the largest market share in 2022, driven by the growing deployment of crypto ATMs in food and entertainment outlets.
- North America was the leading regional market in 2022, with a high availability of crypto ATMs in the region and a willingness among large-scale businesses to incorporate blockchain and cryptocurrency.
Key Players:
- GENERAL BYTES s.r.o.
- Genesis Coin Inc.
- Lamassu Industries AG
- Covault
- Bitaccess Inc.
- Coinme
- Coinsource
- Kurant GmbH
- Orderbob
- Cryptomat
For more information about this report visit https://www.researchandmarkets.com/r/32a9og
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