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Crypto ATM Market Research Report - Segmentation By Type (One Way, Two Way), ATM Hardware (Display, ATM Printer, QR Scanner, Others), Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin) – Demand Analysis and Opportunity Outlook 2027

Published: January, 2022
ID: 8292
Pages: 170

Crypto ATM Market Size (2022 – 2027)

The Global Crypto ATM Market was worth US$ 63.8 billion in 2021, and it is estimated to reach a valuation of US$ 864.38 billion by the end of 2027, expanding at an annual growth rate of 54.4% between 2022 and 2027.

The cryptocurrency is the alternate form of payment to cash, credit cards, and checks. In cryptocurrency, the customer directly sends money without interaction with the bank. Crypto ATM is a kind of ATM through which individuals can transfer cryptocurrency easily through an ATM machine. For purchasing cryptocurrency through Crypto ATM, the crypto user must go through the KYC process, input the address of the crypto wallet to make a deposit into, insert the order money through the crypto ATM and finally confirm the transaction. Also, the crypto ATM auto generates receipts for every transaction. These receipts contain public and private keys in the form of QR codes for security purposes. These ATMs provide easier options for customers and users to do not set up an account, online wallet, or deal with lengthy public keys. Additionally, the growing demand for cryptocurrencies and surge in the number of crypto adopters encourages a shift in investment pattern that is mostly driven by the younger population, therefore, fueling the growth of the Crypto ATM Market in the coming years.

MARKET DRIVERS

The driving force of the Crypto ATM Market is the rising number of crypto ATs being installed worldwide; Crypto ATMs are being installed in various countries around the globe as businesses are putting significant focus on meeting the changing needs of their customers. According to statistics provided by Coinsource in January 2021, there are about 14,012 crypto ATMs worldwide. Additionally, the efforts being pursued by various governments to deploy cryptocurrency are also driving the growth of the market. For example, in September EI Salvador government has installed over 200 crypto ATMs after accepting Crypto ATMs as a legal tender. In Addition to it, the government has entered into a partnership with Chivo, to expand the crypto ATM network and usage of bitcoin wallets in the country.

Additionally, the growing penetration of smartphones across the globe is fueling the growth of the crypto ATM market as smartphones allow cryptocurrency users to leverage the capabilities of crypto ATMs seamlessly. According to the Coin Dance (a cryptocurrency information provider) statistics,  in March 2021 almost 34.45% of people globally used smartphones to buy and sell bitcoin and 3.03% and 62.53% of the people used tablets and desktops respectively to research and exchange bitcoin.

Furthermore, the Crypto ATM providers are putting a strong emphasis on minimizing the threat posed by potential cyberattacks to crypto ATMs are creating new opportunities for the growth of the market in coming years. Facial recognition, biometric features, QR codes, and time stamp features are being incorporated in crypto ATMs to help in verifying the identity of the user and enhance security. Additionally, Crypto ATM service providers are equally ensuring strong compliance with KYC and anti-money laundering requirements. Owing to the above reasons, the use of the crypto ATM is increasing which is further increasing the growth of the crypto ATM market during the forecast period between 2022 and 2027

MARKET RESTRAINTS

The uncertain regulatory status of cryptocurrencies and the lack of awareness and technical understanding regarding cryptocurrencies are the factors that are restraining the growth of the crypto ATMs market.

Market Segmentation

Crypto ATM Market - By Type:

  • One Way
  • Two Way

Based on Type, the Global Crypto ATM Market is segmented into One Way, Two Way. Two-way segments are expected to dominate the global crypto ATM market during the forecast period due to its multifunctionality features. In a two-way crypto ATM, a user can buy cryptocurrencies and also sell them using a single machine. These types of crypto ATMs are majorly installed in North America. They are significantly used by cryptocurrency investors therefore, the market for 2 way crypto ATMs is expected to boom in coming years.

Crypto ATM Market - By ATM Hardware:

  • Display
  • ATM Printer
  • QR Scanner,
  • Others

Based on ATM Hardware, the Global Crypto ATM Market is segmented into Display, ATM Printer, QR Scanner, Others. The ATM Printers is expected to grow at the highest CAGR during the forecast period due to its functionality of providing public and private keys on printed receipts. It is an output component that dispenses receipt as per the application. It is significantly used for printing QR codes. It generates a receipt for every transaction containing public and private keys in the form of QR codes.

Crypto ATM Market - By Coin Type:

  • Bitcoin
  • Dogecoin
  • Ethereum
  • Litecoin

Based on Coin Type, the Global Crypto ATM Market is segmented into Bitcoin, Dogecoin, Ethereum, Litecoin. The bitcoin segment is dominating the market due to the growing acceptance of bitcoin as a payment method worldwide. Moreover, several financial service providers are trying aggressively to include bitcoin services in their respective service portfolios is boosting the growth of the market. However, due to increasing demand for Litecoin crypto ATMs around the world, the Litecoin category is likely to rise significantly over the forecast period.

Crypto ATM Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • RoW (Rest of the World)

North America is expected to dominate the Crypto ATM Market due to the high adoption of technology in this region. In North America, a large number of crypto ATMs have installed particularly two-way crypto ATMs. Additionally, the presence of a large number of key players who are investing in the Research and Development of Crypto ATMs and bringing new solutions into the market fuels the growth of the Crypto ATMs market. The start-ups for crypto ATMs are also bolstering the growth of the market as investors are keen to invest in these startups. For instance, LibertyX which is a U.S based start-up has generated billions of dollars of investment and will bring new solutions into the market. Therefore, the U.S has a large number of ATM hardware and software service providers and a favorable investment environment that boosts the growth of the market in near future. Additionally, the government of Mexico has declared bitcoin legal and Canada has recorded extensive start-up activity, particularly for cryptocurrency. Owing to the above reasons the growth of crypto ATMs will boost in the forecast period between 2022 and 2027.

In the Asia-Pacific region, there will be huge opportunities for crypto ATMs if the legal barriers will be removed. The population of this region is willing to trade on cryptocurrency but due to governmental regulation and legal norms, crypto is not yet legalized in several countries in this region. But it is expected that if barriers will be removed, the Asia-Pacific region for crypto ATMs will grow with significant CAGR in coming years.

European for Crypto ATM show stable growth rate during the forecast period. The European crypto ATM market stagnates and there are not many new installations highly likely due to AMLD5 regulation. Europe market is dominated by General Bytes with Lamassu being second with a large gap. In this region majority of machines allow selling cryptocurrency for cash. Additionally, top operators in Europe control a larger share of the market after the U.S, and also the fee charged by these operators are lower in Europe than in the U.S.

Covid-19 Impact on Global Crypto ATM Market

The COVID-19 pandemic is expected to play a vital in fueling the growth of the crypto TM market growth during the forecast period. During pandemic social distancing and other protocols has imposed but at that time crypto ATMs became a blessing as it allows users to send or receive cryptocurrencies digitally without any physical contact. Simultaneously, in the aftermath of the pandemic, crypto ATM manufacturers are taking appropriate precautions to clean their equipment. Such initiatives encourage people to prefer cryptocurrency as part of the efforts to maintain social distancing thereby fueling the growth of the crypto ATMs market in near future.

Key Players:

Some of the leading companies operating in the Global Crypto ATM Market are:

  • GENERAL BYTES (Czech Republic)

  • Genesis Coin (US)

  • Lamassu (UK)

  • COVAULT (US)

  • Bitaccess (Canada)

  • Coinme (US)

  • Coinsource (US)

  • Bitxatm (German)

  • Orderbob (Austria)

  • RUSbit (Russia)

Recent Market Developments:

  • April 2020, recently the crypto ATM manufacturer General Byte has announced that they have implemented 2-way support into their ATM software for SLP tokens. The Simple Ledger Protocol (SLP) token has become a prevalent application within the Bitcoin Cash (BCH) ecosystem SLP tokens and their transactions have metadata attached to them that describes them and gives information about the token’s properties.

  • In February 2020, Coinsource (the world’s leader in bitcoin in ATMs) has announced that it has launched the platform as a service offering and has doubled its machine deployment in less than 60 days. Due to increased demand for Bitcoin ATMs, Coinsource has expanded beyond renting spaces at brick and motor stores.

  • In January 2020, General Bytes has announced the launch of “BATMFour” which is the latest addition to the popular range of BATM cryptocurrency ATMs. It has a large vertically mounted 23” touch screen, eye-catching neon bezel, customizable acceptor capacity and can support over 50 crypto-currencies in an all new form factor.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Crypto ATM Market , By Type                             

                                6.1.1 One Way  

                                6.1.2 Two Way 

                                6.1.3 Market Size Estimations & Forecasts (2022-2027)

                                6.1.4 Y-o-Y Growth Rate Analysis              

                                6.1.5 Market Attractiveness Index           

                6.2 Crypto ATM Market , By ATM Hardware                         

                                6.2.1 Display      

                                6.2.2 ATM Printer           

                                6.2.3 QR Scanner             

                                6.2.4 Others      

                                6.2.5 Market Size Estimations & Forecasts (2022-2027)

                                6.2.6 Y-o-Y Growth Rate Analysis              

                                6.2.7 Market Attractiveness Index           

                6.3 Crypto ATM Market , By Coin Type                   

                                6.3.1 Bitcoin      

                                6.3.2 Dogecoin 

                                6.3.3 Ethereum

                                6.3.4 Litecoin    

                                6.3.5 Market Size Estimations & Forecasts (2022-2027)

                                6.3.6 Y-o-Y Growth Rate Analysis              

                                6.3.7 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Crypto ATM Market , by Region                           

                7.2 North America - Market Analysis (2022-2027)

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Type    

                                7.2.3 By ATM Hardware                

                                7.2.4 By Coin Type          

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Type    

                                7.3.3 By ATM Hardware                

                                7.3.4 By Coin Type          

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Type    

                                7.4.3 By ATM Hardware                

                                7.4.4 By Coin Type          

                7.5 Latin America                            

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Type    

                                7.5.3 By ATM Hardware                

                                7.5.4 By Coin Type          

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Type    

                                7.6.3 By ATM Hardware                

                                7.6.4 By Coin Type          

8. Key Player Analysis                                    

                8.1 GENERAL BYTES                        

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Genesis Coin                              

                8.3 Lamassu                       

                8.4 COVAULT                    

                8.5 Bitaccess                     

                8.6 Coinme                        

                8.7 Coinsource                 

                8.8 Bitxatm                        

                8.9 Orderbob                    

                8.10 RUSbit                        

9. Market Outlook & Investment Opportunities                                 

Appendix                                           

                List of Tables                     

                List of Figures                   

  1. Global Crypto ATM Market By Region, From 2022 - 2027 ( USD Billion )
  2. Global Crypto ATM Market By Type, From 2022 - 2027 ( USD Billion )
  3. Global One way Market By Region, From 2022 - 2027 ( USD Billion )
  4. Global Two way Market By Region, From 2022 - 2027 ( USD Billion )
  5. Global Crypto ATM Market By ATM Hardware, From 2022 - 2027 ( USD Billion )
  6. Global Display  Market By Region, From 2022 - 2027 ( USD Billion )
  7. Global Printer  Market By Region, From 2022 - 2027 ( USD Billion )
  8. Global QR Scanner Market By Region, From 2022 - 2027 ( USD Billion )

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FAQ's

What is the size of the crypto ATM market?

The crypto ATM market size was estimated at USD$ 63.8 billion in 2021 and estimated to reach USD$ 98.50 billion in 2022.

What is the crypto ATM market growth?

The crypto ATM market is expected to grow at a compound annual growth rate of 54.4% from 2022 and 2027 to reach USD$ 864.38 billion in 2027.

Which region is accounted for the largest crypto ATM market share?

North America holds the largest share of the crypto ATM market approx. 45.0%in 2021 due to the presence of significant players in this region such as Bitcoin Depot, Coin Cloud, and Coin Flip among others.

What are the major factors that are driving the growth of the crypto ATM market?

The key factors include rising fund transfer in developing countries and increasing installations of crypto ATMs is fueling the growth of the crypto ATM market.

What are the key growth strategies of the crypto market players?

The key growth strategies of crypto market players are to increase their market penetration and strengthen their position in the crypto ATM industry by bringing new innovations into the market.

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