USD 71.9 million
Crypto ATM Market Size, Share, Growth Analysis, By Offering(Hardware and Software), By Type(One Way and Two Way), By Coin(Bitcoin (BTC), Litecoin, Ethereum (ETH), Dogecoin), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2044 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
91
|Figures:
76
Crypto ATM Market Insights
Global Crypto ATM Market size was valued at USD 71.9 million in 2022 and is poised to grow from USD 116.7 million in 2023 to USD 5451 million by 2031, growing at a CAGR of 62.5% in the forecast period (2024-2031).
Cryptocurrency is a mode of payment that is distinct from cash, credit cards, and cheques. In cryptocurrency, the user transmits money without interacting with the bank. Crypto ATMs enable customers to effortlessly transfer cryptocurrency via an ATM machine. To purchase cryptocurrency using a crypto ATM, the individual must first go through KYC, then enter the address of the crypto wallet into which the deposit will be made, then inject the order money through the crypto ATM, and lastly complete the transaction. For each transaction, the crypto ATM creates receipts automatically. For security purposes, these receipts include public and private keys in the form of QR codes.
Currently, there are 35,984 crypto ATMs worldwide. The growth of crypto ATMs is due to the rising popularity of cryptocurrencies and the high adoption rate of crypto for day-to-day transactions. The use of cryptocurrency ATMs allows swift transactions, which is propelling market growth. When a buy order is placed, a purchase is made for the complete payment amount as soon as money is deposited into the ATM. Furthermore, if the consumer wishes to put a sell order, the crypto ATMs facilitate it, allowing customers to obtain cash without having to wait for many days. Furthermore, it simplifies trading alternatives for consumers, and users do not need to create an account, an online wallet, or deal with long public keys. The customer receipt includes a QR code with the public and private keys, which can be scanned and instantly recognized by ordinary wallet programs, allowing a transaction to be simply conducted.
Crypto ATM companies are putting a lot of effort into reducing the risks posed by potential cyberattacks on crypto ATMs. Efforts in this direction, in particular, are generating new market growth opportunities. In August 2021, for instance, bitcoin ATM operators from around the United States formed the Cryptocurrency Compliance Corporative to strengthen compliance standards and, eventually, prevent cryptocurrency-related crimes. The 15-member group is dedicated to make the cryptocurrency industry a safer place. Additionally, facial recognition and biometric features are being implemented into crypto ATMs to give users with two-layer security when processing transactions. Crypto ATMs are also using QR code and time stamp elements to aid in the authentication of users' identities.
US Crypto ATM Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
One Way
Fastest Growth
Two Way
Growth Rate
62.5% CAGR
Global Crypto ATM Market, 2021-2027 ($ Mn)
Country Share for North America Region- 2021 (%)
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Crypto ATM Market Segmental Analysis
The Global Crypto ATM market is segmented based on Type, Coin, Offering and Region. Based on Type Crypto ATM Market is categorized into: 1 Way and 2 Way. Based on Coin Crypto ATM Market is categorized into: Bitcoin (BTC), Litecoin, Ethereum (ETH), Dogecoin, Bitcoin Cash, Dash, Tether (USDT), and Others. Based on Offering Crypto ATM Market is categorized into: Hardware (Display, ATM Printer, QR Scanner, Others) and Software. Based on region Crypto ATM Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Crypto ATM Market Analysis by Type
In 2021, the one-way segment led the crypto ATM market, accounting for more than 68% of revenue. Users can utilize one-way crypto ATMs to buy or sell bitcoin. These ATMs are in high demand since they allow for the secure and seamless transfer of money. According to Cryptodispensers, a cryptocurrency service provider, 70% of bitcoin ATMs worldwide are one-way crypto ATMs.
Crypto ATM Market Analysis by Coin
In 2021, the bitcoin segment dominated the market, accounting for more than 30% of total revenue. The increasing acceptance of bitcoin as a payment mechanism around the world is boosting demand for bitcoin ATMs. Furthermore, some financial service companies are aggressively attempting to include bitcoin services into their respective service portfolios. For example, in April 2021, PayPal announced that consumers would be able to pay with bitcoin at various merchant checkouts. The project was designed to assist the organisation in attaining a competitive advantage.
Global Crypto ATM Market By Type , 2021(%)
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Crypto ATM Market Regional Insights
In 2021, North America dominated the crypto ATM market with a revenue share of around 45%. In 2021, the United States was the world's most "crypto-ready" country that received a score of 7.3 out of 10 in the Crypto Head ranking, owing to the availability of Bitcoin, Dogecoin, and other cryptocurrencies and an extensive and expanding crypto ATM network. In 2021, there were 17,436 crypto ATMs around the country.
Canada holds 1,464 cryptocurrency ATMs, while the United Kingdom is third with 200. Aside from that, the presence of major market players, including Bitcoin Depot, Coin Cloud, and CoinFlip, are based in North America, contributing to the region's growth. Furthermore, the use of crypto ATMs in public locations is gaining steam in North America, particularly in the United States. The city of Williston in the United States state of North Dakota, for instance, announced the installation of a crypto ATM at the Williston International Airport in November 2021. Passengers would be able to buy and sell digital currencies at the airport using the crypto ATM.
Over the projection period (2020-2027), the Asia Pacific region is predicted to be the fastest-growing regional market. The continued installation of two-way crypto ATMs in Asia Pacific nations such as the Philippines is likely to boost regional market growth during the forecast period. The proliferation of smartphones, as well as the continuous implementation of 5G technology, are likely to create prospects for regional market growth. Crypto ATMs are frequently used by businesses in the Asia Pacific to streamline operations and improve customer experiences.
Global Crypto ATM Market By Geography, 2021 - 2027
- Largest
- Fastest
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Crypto ATM Market Dynamics
Crypto ATM Market Driver
- Several businesses are attempting to offer cryptocurrency ATM services to their consumers as part of their efforts to digitalize their offerings while improving customer experiences. For instance, in October 2021, Walmart announced a collaboration with Coinstar, a coin-cashing machine firm, and Coinme, a cryptocurrency exchange provider. Walmart intends to put 200 bitcoin ATMs in its stores across the United States as part of the collaboration.
- The COVID-19 pandemic is predicted to have a significant impact on market growth. During the COVID-19 pandemic, consumers began to invest in cryptocurrencies more frequently due to lower access fees and convenience of use. According to the U.S. Consumer Crypto Survey, 48% of Americans purchased cryptocurrency in the first half of 2021.
Crypto ATM Market Restraint
- The limited adoption of cryptocurrencies as legal tender is a major constraint to the Crypto ATM market. Due to their decentralised nature, volatility, perceived danger to established monetary systems, and linkages to criminal activities such as drug trafficking and money laundering, several countries have refused considering cryptocurrencies to be legal tender. Some countries have explicitly banned digital currency, while others have attempted to cut off any support from the banking and financial systems that is necessary for its trade and use. Bitcoin is effectively prohibited in a number of nations, including China, Russia, Colombia, Algeria, and Egypt. Transacting or dealing in Bitcoin is forbidden for all banks and other financial entities, such as payment processors. Furthermore, cryptocurrency exchanges are prohibited by numerous country governments, which complicates matters even more.
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Crypto ATM Market Competitive Landscape
The majority of countries are investing in companies for Crypto ATMs in order to accelerate the expansion of cryptocurrency exchange. These firms are receiving millions of dollars in venture capital funding, demonstrating that the market for cryptocurrency ATMs will expand tremendously in the upcoming years. Furthermore, investors are interested in investing in these firms because crypto ATMs are a solid source of profit and hence have a larger return on investment.
Startups like Robocoin in Las Vegas, Bitcoiniacs in Vancouver, and LibertyX in the United States have raised trillions of dollars in funding. As a result, these factors will present profitable prospects for the crypto ATM sector to flourish in the upcoming years.
Crypto ATM MarketTop Players Company Profiles
- General Bytes
- Genesis Coin
- Bitaccess
- Lamassu
- Coinsource
- Bitstop
- Chainbytes
- ByteFederal
- Cryptocurrency ATM
- CryptoGo
- Cryptospace
- DCoin
- Coin Cloud
- CoinFlip
- CoinOutlet
- RockItCoin
- Shitcoins Club
- Bitcoin Depot
- Bitcoin of America
- Vault Logic
Crypto ATM Market Recent Developments
- In September 2021, Bitcoin Depot announced that it has reached a new milestone, with the company currently operating over 5,000 Bitcoin ATMs across the United States and Canada. In the last six months, the firm has tripled its kiosk count as it continues to provide rapid and secure access to bitcoin transactions for communities across North America, particularly the underbanked.
- In June 2021, Coinsource, reported a quick expansion in Washington State, reaching a new high of 40 kiosk locations. Coinsource is the state's main Bitcoin ATM provider, and it is now present in 44 states across the country.
- In April 2021, RockItCoin, announced the installation of its 1,000th Crypto ATM at the well-known University Village 76 gas station in Seattle, WA. RockItCoin ATMs offer a quick, easy, and secure alternative for anyone to invest in cryptocurrencies, regardless of whether they have a formal bank or cryptocurrency account.
Crypto ATM Key Market Trends
- The restaurant and other hospitality spaces dominated the market in 2021, accounting for more than 33% of total sales. The installation of bitcoin ATMs at nightclubs throughout the world is growing in popularity. For instance, in November 2021, Bitcoin of America announced the construction of a bitcoin ATM in Chicago's Joy District, Illinois. Customers can buy bitcoins or withdraw cash from the ATM. The installation of the crypto ATM was meant to increase bitcoin awareness among people across the United States.
- The global cryptocurrency mining hardware market is expected to increase significantly. Technology advancements to make cryptocurrency mining more viable by reducing power consumption while improving hash rates are projected to fuel market growth over the forecast period.
Crypto ATM Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Crypto ATMs facilitate rapid transactions, propelling industry expansion. When a buy order is placed, a purchase for the complete payment amount is made as soon as money is deposited into the ATM. Furthermore, if the consumer wishes to put a sell order, the crypto ATMs facilitate it, so that customers no longer have to wait many days to obtain cash.
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| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 71.9 million |
| Market size value in 2031 | USD 5451 million |
| Growth Rate | 62.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Crypto ATM Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Crypto ATM Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Crypto ATM Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Crypto ATM Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Crypto ATM Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Crypto ATM Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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