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Crypto ATM Market Size & Share, by Type (One Way Crypto ATM, Two Way Crypto ATM); Offering (Software, Hardware); Coin (Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Dash, Tether, Litecoin); Deployment (On-premises, Cloud Based); Application (Commercial Spaces, Restaurants, Transportation Hubs, Standalone Units) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5843
  • Published Date: Mar 08, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Crypto ATM Market size is expected to reach USD 5 billion by the end of 2036, growing at a CAGR of 55% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of crypto ATM was over USD 600 million. A surge in installations is what is fueling the Bitcoin automated teller machine market's expansion. Large R&D expenditures are being made by vendors to produce innovative goods and technologies. They are also expanding their footprint by introducing reasonably priced Bitcoin ATMs. For example, in May 2021, Bitcoin Depot revealed that over 350 more bitcoin ATMs will be operating in the US. Consequently, the growing quantity of emerging cryptocurrencies will propel the installation of new ATMs and the growth of the cryptocurrency ATM market.

ATMs for cryptocurrencies also facilitate transactions, allowing customers to obtain cash more quickly. Crypto ATMs are user-friendly and offer a straightforward, step-by-step procedure that makes it easy for consumers to complete transactions. Other drivers fueling the market's revenue growth are the increasing emphasis of cryptocurrency ATM providers on strengthening security to thwart possible cyberattacks and guaranteeing safe transactions for their customers, a trend that is anticipated to last throughout the forecast period.

Crypto ATM Market
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Crypto ATM Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Startups and Investment in Crypto -To support the expansion of the cryptocurrency exchange, the majority of nations are investing in firms that focus on building cryptocurrency ATMs. Given that these firms are receiving millions of dollars in financing from venture capitalists, the market for Bitcoin ATMs is expected to explode in the upcoming years. This would seem to be a no-brainer because investors are eager to fund these firms because they provide a highly reliable source of income and a far greater return on investment than a fiat currency exchange. These elements will thus provide the industry with a profitable development potential in the upcoming years.
  • Expanding Popularity of Cryptocurrencies - The growth of the market is also projected to be fueled by increasing popularity of cryptocurrencies around the world. According to Coin ATM Radar, the United States is the leader in the number of crypto ATMs with 30,714. In emerging countries such as Vietnam, the Philippines and Thailand, which are among the top 10 countries in terms of adoption of cryptocurrencies according to Chainalysis 2022 Global Crypto Adoption Index, there has also been an increase. Individuals and businesses would have the opportunity to take part in the world's economy without having to rely on traditional Financial Intermediaries thanks to the increasing market for cryptocurrencies around the globe. This is predicted to drive the growth of market in the future.

Challenges

  • High Transaction Fees Required - It is also expected that the market growth will be hampered by higher transaction charges imposed on users by operators. For instance, according to statistics, the average online Bitcoin ATM fee charges between 11% to 25% of the total transaction. In the first months of 2023, when the number of new crypto ATMs installed decreased due to the market downturn and geopolitical tensions around the world, the challenges to the growth of the crypto ATM market were noted.
  • Limited Knowledge Available About Bitcoin is Expected to Hamper the market growth in the forecast period
  • Lack of Standardized regulations is estimated to pose limitation on the market growth in the forecast period

Crypto ATM Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~55%

Base Year Market Size

~USD 600 million

Forecast Year Market Size

~USD 5 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Crypto ATM Segmentation

Offering (Software, Hardware)

Based on the offering, the hardware segment is predicted to account for 70% share of the global crypto ATM market during the forecast period.  Hardware that can be integrated with the current standard ATMs is offered by crypto ATM providers. This integration makes it possible for financial institutions and businesses to offer their services in addition to traditional banking services by offering the ability to buy and sell cryptocurrencies. In addition, the growth of this segment is expected to be driven by a growing demand for hardware components from cryptographic ATM manufacturers in order to build ATMs.

Coin (Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Dash, Tether, Litecoin)

In terms of coin, the bitcoin segment in global crypto ATM market is anticipated to hold a CAGR of 20% during the forecast period. Increasing penetration of Bitcoin and use of it as a significant payment method is expected to raise the segment growth in the projected period. For example, in September 2022, a software-as-a-service e-commerce stage BigCommerce reported its association with Coin Payments and Bit pay, empowering shippers to acknowledge Bitcoin and other cryptocurrency instalments.  In addition, in May 2022, Gucci began accepting cryptocurrencies such as bitcoin at some of its stores and it has since expanded to more than 70 per cent of retail outlets that accept crypto payments.

Our in-depth analysis of the global market includes the following segments:

          Type

  • One Way Crypto ATM
  •  Two Way Crypto ATM

          Offering
  • Software
  • Hardware

          Coin
  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Dogecoin
  • Dash
  • Tether
  • Litecoin

          Deployment
  • On-premises
  • Cloud Based

          Application
  • Commercial Spaces
  •  Restaurants
  •  Transportation Hubs
  •  Standalone Units

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Crypto ATM Industry - Regional Synopsis

North American Market Forecasts

The crypto ATM market in the North America region is set to hold the largest market share of 33% during the time period between 2024-2036. Regional growth is expected to be driven by the presence of players such as Covault and Coinme in the region. Multiple cryptocurrencies are supported at crypto ATMs in North America, including Bitcoin. Digital assets such as Ethereum, Litecoin and Bitcoin Cash are accessible to users. Moreover, the US is home to a large number of cryptocurrencies owners and thus bode well for growth in this region. In Coinbase's estimation, 20% of the US is invested in cryptocurrencies.

APAC Market Statistics

The market in the Asia Pacific region is expected to register significant growth during the notified period. The installation of crypto ATMs in Asia Pacific countries such as Phillipines is anticipated to drive the growth of the market in this region during the projected period.  In addition, smartphones and the continued deployment of 5G technology are expected to create an opportunity for growth in the region's markets. In order to simplify operations and provide better customer experiences, businesses in the Asia Pacific region increasingly use crypto ATMs.

Research Nester
Crypto ATM Market Size
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Companies Dominating the Crypto ATM Landscape

top-features-companies
    • Bitcoin Depot
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Bitstop
    • Cash Cloud, Inc.
    • Coinsource
    • Covault, LLC
    • GENERAL BYTES s.r.o.
    • Genesis Coin Inc.
    • Kurant GmbH
    • TGU Consulting Group
    • Coinstar LLC

In the News

  • Retail giant Walmart launched a pilot program in October 2021 to allow customers to buy bitcoin at Coinstar vending machines in its stores. Walmart claims that it will allow customers to buy bitcoin in some of its stores across the U.S. by way of ATM machines built and installed by Coinstar.
  • In Honduras, the TGU Consulting Group introduced a crypto ATM in an office building in Bogota during August 2021 and has since installed it. The machine has been generally known as “la bitcoinera” and will enable users to acquire Bitcoin and Ethereum using the local lempira currency. Through firsthand experience, the company seeks to raise people's awareness of Virtual Assets. This is the first crypto ATM in the country.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5843
  • Published Date: Mar 08, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing number of startups and research in crypto field and increasing installation of crypto ATM at various places are some of the major factors anticipated to drive the growth of the crypto ATM market.

The market is anticipated to attain a CAGR of ~55% over the forecast period, i.e., 2024-2036.

The major players in the market are of Covault, LLC, GENERAL BYTES s.r.o., Genesis Coin Inc., Kurant GmbH, TGU Consulting Group, Coinstar LLC., and others.

The hardware segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Crypto ATM Market Report Scope
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