Crypto ATM Market to Value Over $144 Million by 2023
A recent report by MarketsandMakers suggested Crypto ATM markets currently valued at over $16 million are predicted to surge over $140 million in the next five years. According to calculations the industry’s CAGR will grow to more than 50% in that time. With the adoption of digital payments on the rise across many different industries worldwide, so too will ATM demand also rise.
Two-way Crypto ATMs Predicted to Surge
MarketsandMakers predicts that two-way cryptocurrency ATMs are expected to see the largest CSGR increase within five years as they provide both the ability to buy and sell virtual currencies. These days, crypto users rely more on one-way ATMs however as the market begins to develop further, reliance will quickly shift to their double functional counterpart.
The report also states that the largest aspect of the ATM market will be its display segment as they are the most important feature promoting a user friendly experience for crypto buyers. In addition, the best displays help save on costs associated with additional hardware fittings such as keyboards. For these reasons, ATM display segments are expected to see significant growth between now and 2023.
Whos Ahead of the Game?
With a huge quantity of crypto ATMs as well as software companies across the United States, the largest share of the crypto market is expected to be owned by North America currently driving the notion of mainstream adoption and product innovation. In addition, the US lacks any legal restrictions concerning the use or creation of these products. In addition, Mexico also officially named Bitcoin a legal entity that is to be governed by the nation's fintech laws. To further promote North America's stance on the overall crypto market, Canada has already begun fostering a hotspot within the nation supporting blockchain and crypto based startups.
Key members of the crypto community are also United States based such as Coinsource, Coinme, Genesis Coin whereas Bitaccess is stationed in Canada. According to Coinatmradar, there is currently over 3,000 ATMs worldwide, with nearly every one serving Bitcoin. Among that total, 73% of those serving Bitcoin are stationed across North American nations, 2,000 of which are within US borders.