Home > Pressrelease > Crypto ATM Market worth over $4.5bn by 2028
Crypto ATM Market worth over $4.5bn by 2028
- Published Date: May 4, 2022
Crypto ATM Market size is set to surpass USD 4.5 billion by 2028, according to a new research report by Global Market Insights Inc.
Crypto ATMs are kiosks that allow the customer to purchase bitcoin or any other cryptocurrency using a QR code, cash, or card. The overall industry share is increasing globally owing to the availability of crypto ATMs that can be managed and upgraded remotely. Market players such as General Byte s.r.o. offer configuration options on the server. This comprises the status of the online terminal, the current cash box contents, the exchange rate, cash transaction limitations, customer behavior, and performed transactions & their status. The server notifies the operator through SMS or email when specific events occur such as when transactions are completed or a particular quantity of cash in the terminal is achieved. The industry participants also enable software update distribution over the internet without the need for user intervention. This reduces operator expenses as it minimizes the need to visit a crypto ATM and perform machine upgrades.
The ongoing COVID-19 pandemic had a moderate impact on the crypto ATM market progression in 2020. The industry leaders experienced significant losses in 2020 impelled by the stringent lockdown measures and travel restrictions imposed by government organizations. The market gained traction in the last quarter of 2020 due to a surge in investment made by individuals in cryptocurrencies as they offered high ROI. The industry experienced growth in 2021 as industry players increased the number of crypto ATM installations to provide services to a large consumer base.
Rising availability of crypto ATMs with high-resolution displays propels the market growth
The crypto ATM market is expected to register a significant growth on account of the introduction of innovative products with eye-catching designs that use color-changing neon lights. The sleek design and high-resolution screen of the crypto ATM save space and act as an attractive focal point for any location. Major industry participants, such as Bitaccess Inc. and Genesis Coin Inc., offer crypto ATMs with a 17 - 21-inch touchscreen display, ethernet + WiFi connection, HD camera, ID scan, fingerprint reader, and an optional printer to enable seamless transactions. The companies offer advanced displays that are designed to make the initial signup process smooth with easy steps for registration and trading. The display segment is in high demand in the market as it provides manufacturers cost-related benefits such as keyboard setup and extra-fitting charges.
Browse key industry insights spread across 250 pages with 179 market data tables and 27 figures & charts from the report, “Crypto ATM Market Size By Component (Hardware [Display, Printer, Scanner], Software, Services), By Type (One-Way, Two-Way), By Coin Type (Bitcoin (BTC), Litecoin, Ethereum (ETH), Dogecoin), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Increasing demand for cost-effective one-way crypto ATMs drives the market expansion
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The market share of one-way crypto ATMs is growing globally as purchases are securely connected to users’ accounts through a phone number, thus minimizing the occurrence of frauds. One-way crypto ATMs offer strong trading options, encouraging the industry leaders to collaborate with retailers to provide easy access to their products. For instance, in October 2021, Walmart partnered with Coinstar Asset Holdings, LLC and Coinme Inc. to conduct a pilot project for one-way crypto ATMs. Walmart plans to install 200 bitcoin ATMs in its stores across the U.S. as part of the agreement. Such initiatives will increase the acceptance of one-way crypto ATMs as they safely convert fiat money into cryptocurrency and reduce the volatility risks for the operator.
Rising digitalization of banking services will spur the adoption of crypto ATMs in the North America region
North America crypto ATM market is predicted to observe a 50% growth rate till 2028. This growth is attributed to the increasing usage of digital technologies by the banking industry participants. For instance, in October 2021, the U.S. Bank announced the cryptocurrency custody services for its Global Fund Services clients. NYDIG partnered with the U.S. Bank to provide its customers with a custody solution that meets the highest security, compliance, and regulatory standards. Banks are focusing on strengthening the standards of quality and risk management as data integrity is critical to safeguard a client’s valuable assets. These factors will increase the adoption of crypto ATMs that are designed to meet various banking compliance related to Know Your Customer (KYC) and anti-money laundering.
Increasing the introduction of innovative products forms a key strategy amongst the market players
Prominent companies operating in the crypto ATM market include Bit Base S.L, Bitaccess Inc., Bitcoin Depot, Bitstop, Byte Federal, Inc., Coin Cloud, CoinFlip, Coinme, Coinsource, GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Localcoin, National Bitcoin ATM, Orderbob (ServiceBob), and RockitCoin.
These leaders are introducing new products that offer two-way operations using recycler technology. For instance, in April 2022, GENERAL BYTES s.r.o. released the BATMTwoUltra that includes the possibility to set the ATM for two-way operations. It has an additional extended recycler system known as BNR that can distribute up to 15 banknotes at the same time. There is also the option of selecting acceptor/recycler capacities of 600, 1,200, or 1,400 so that the BATMTwoUltra can service the busiest of sites. Crypto ATM market participants are concentrating their efforts on gaining a competitive edge by providing both high speed and security.
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