Crypto Automated Teller Machine Market: Global Industry Analysis And Forecast (2023-2029)

Global Crypto Automated Teller Machine Market size was valued at US$ 107.58 Million in 2022 and the Crypto Automated Teller Machine revenue is expected to grow at 40.5% through 2023 to 2029, reaching nearly US$ 1162.74 Million.
Crypto Automated Teller Machine Market Overview:
Crypto Automated Teller Machines are used by consumers to buy different types of crypto-currencies e.g. Bitcoin, Litecoin, Dogecoin, etc using either debit cards or cash. Crypto is a type of binary data that acts as a medium of exchange. The validity of every cryptocurrency is determined by a blockchain. Some crypto ATMs allow users a two-way service. .i.e. the consumers can buy as well as sell their crypto assets through crypto ATMs. Currently, only 30% of the total crypto ATMs are bi-directional. The receipts of the crypto transactions are generated automatically by the ATM. These receipts contain the transaction details as well as private keys in the form of QR codes. More than 29,000 bitcoin ATMs are currently active around the world.To know about the Research Methodology :- Request Free Sample Report

In this report, the Crypto Automated Teller Machine market's growth reasons, as well as the market's many segments (Type, Hardware), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Crypto Automated Teller Machine market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Crypto Automated Teller Machine market situation.
Market Dynamics:
A major driver of the crypto ATM market is instant transactions coupled with convenient trading features. The customer order whether it is to buy or to sell gets executed immediately once the person enters his or her security details. Especially if a customer has made a selling decision on his crypto money; the waiting period like the traditional stock market sales has been eliminated by the crypto ATMs. The consumer can receive their money within 24 hours after their transactions. These hassle-free transactions coupled with rising installations of crypto ATMs in hotels, malls, residential apartments are expected to drive the growth of the crypto ATM market in the forecast period (2023-29).

A major restraint in the global crypto ATM market is the many countries outright refusing to give crypto-currencies legal tender. Countries that have either restricted the use of crypto or made it illegal include Russia, Egypt, Morocco, Nigeria, Bolivia, Ecuador, Vietnam. This trend among the world governments is expected to hamper the overall growth of the market.

The constant threat of cryptocurrency scams is expected to be the primary challenge in the crypto ATM market in the aforementioned forecast period. These scams include honey trapping, imposter scams, social engineering scams (a scam in which a victim is made to believe that he/she is speaking to an authorized person), phishing scams, blackmail, and extortion scams, etc. For example. A study published by the Federal Trade Commission which detailed the crypto transaction history from October 2021 to March 2021 says that nearly 7000 people lost US$ 80 million.
Crypto Automated Teller Machine Market Segment Analysis:
By Type, Two-way crypto ATMs are expected to dominate the crypto ATM market in the year 2029. This domination can be attributed to the ease of transaction a customer receives because of having both (buying and selling) facilities under one outlet. The two-way crypto ATM segment is expected to grow at the CAGR of 25% in the forecast period (2023-2029). Their multifunctionality is responsible for such a high growth rate.

By Hardware, The crypto ATM display segment is expected to dominate the market in 2029. The growth of this segment is attributed to the rapid technology evolution in display screens. One such example is the rise of surface acoustic wave-based display screens. When compared to the conventional resistive or capacitive touch screens; surface acoustic wave-based display screens are superior in every way as the resolution of these screens is high as compared to normal screens.

The growth in the QR scanner segment is attributed to the development of more efficient scanners when it comes to their data reading abilities. For example, the FBI issued a warning saying that there is a steep increase in quick response code scanning based scams where the victim is lured to scan a QR code of the scammer’s crypto wallet. These scams can be avoided simply if the QR codes can be traced back to their owners. These trends are expected to hamper the overall growth in the aforementioned forecast period.
Regional Insights:
The North American region dominated the crypto ATM market in the year 2022. The primary reason behind this domination was the US being the home of the highest crypto ATMs in the world with 29000 bitcoin ATMs. This number has grown to over 38,000. Some of the cryptocurrency ATMs from the USA are imported from other countries. For example, Czechoslovakian company General Bytes shipped their products to Las Vegas. Some of the major North American crypto ATM companies include Bitcoin Depot, CoinMe.

In January 2021, 14,000 ATM locations around the world supported crypto transactions. Canada has less than two thousand followed by Europe which has less than 1300 units. In the South American region, Colombia has the highest number of ATMs as of October 2021, i.e. 46. Which accounts for a total of 0.7% of the total crypto ATMs around the globe. The number of crypto ATMs in Spain has decreased to a total of 155 in October 2021.

The objective of the report is to present a comprehensive analysis of the Crypto Automated Teller Machine Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Crypto Automated Teller Machine Market dynamics, structure by analyzing the market segments and `projecting the Crypto Automated Teller Machine Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Crypto Automated Teller Machine Market make the report investor’s guide.
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Global Crypto Automated Teller Machine Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 107.58 Million.


Forecast Period 2023 to 2029 CAGR:
40.5%
Market Size in 2029:
US $ 1162.74 Million.


 Segments Covered:
by  Type
One way
Two way


by Hardware
Display
ATM Printer
QR Scanner
Others


by Component
Solution
Services



Crypto Automated Teller Machine Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina and Rest of South America)
Crypto Automated Teller Machine Market Key Players are:
1. Lamassu Industries AG
2. COVAULT
3. Bitaccess
4. Coinme
5. Coinsource
6. Bitxatm Technology Limited
7. Orderbob
8. RUSbit
9. iQCashNow
10.Saint Bitts LLC (Bitcoin.com)
11.Bitstop
12.Bytefederal
13.LightningXchange
14.Cryptocurrency ATM
15.Ghostlab
16.zzBit
17.ChainBytes

FAQs:

1. Which is the potential market for Crypto Automated Teller Machine in terms of the region?
Ans. The North American region dominated the global crypto ATM makes in the year 2022.

2. What are the challenges for new market entrants?
Ans. The constant threat of cryptocurrency scams is expected to be the primary challenge in the crypto ATM market

3. What is expected to drive the growth of the Crypto Automated Teller Machine market in the forecast period?
Ans. A major driver of the crypto ATM market is instant transactions coupled with convenient trading features.

4. What is the projected market size & growth rate of the Crypto Automated Teller Machine Market?
Ans. Crypto Automated Teller Machine Market size was valued at US$ 107.58 Million in 2022 and the global Crypto Automated Teller Machine revenue is expected to grow at 40.5% through 2023 to 2029, reaching nearly US$ 1162.74 Million.

5. What segments are covered in the Crypto Automated Teller Machine Market report?
Ans. The segments covered are Type, Hardware, and Region.