Crypto ATM Market: Current Analysis and Forecast (2023-2030)
Emphasis on Offerings (hardware, and software); Type (one way, and two way); Coin (coin, bitcoin, litecoin, ethereum, dogecoin, bitcoin cash, dash, tether, and others) and Region/Country
The Crypto ATM Market was valued at 5.7 billion in 2022 and is expected to grow at a steady rate of around 58.3% in the forecasted period (2023-2030) owing to the growing awareness about bitcoin for payment worldwide. A crypto ATM is a machine that allows users to buy or sell cryptocurrencies using cash or credit/debit cards. These ATMs function similarly to traditional ATMs, but instead of dispensing physical currency, they handle digital transactions involving cryptocurrencies like Bitcoin, Ethereum, and others. Users can interact with the crypto ATM to purchase or sell cryptocurrencies and receive corresponding digital assets in their wallets. Also, the growing demand for cryptocurrencies and the increase in the number of crypto adopters fueling the demand in this market. For instance, according to information from Coin ATM Radar, initially reported by Bitcoin.com, the count of cryptocurrency ATMs worldwide exceeded 39,000 during the initial week of August 2022.
Some of the major players operating in the market include GENERAL BYTES s.r.o., Genesis Coin Inc., Bitaccess, CoinDesk, Bitstop, Byte Federal, Inc., Cambio.finance., Lamassu Industries AG, LLC dba LightningXchange., ChainBytes LLC.
Insights Presented in the Report
“Amongst offerings, hardware category to witness significant market growth during the forecast period.”
Based on the offerings, the market is bifurcated into hardware and software. Among these, the hardware segment is leading the maximum share of the market as cryptocurrencies gain more mainstream acceptance, and there’s a growing demand for accessible and user-friendly ways to buy and sell them. Crypto ATMs provide a tangible and familiar interface for users. Also, some users prefer the privacy and security offered by physical crypto ATMs over online exchanges which is further accelerating the demand of this segment.
“Among coins, Bitcoin segment is holding the significant share in the market”
Based on coins, the market is segmented into coin, bitcoin, litecoin, Ethereum, dogecoin, bitcoin cash, dash, tether, and others. Among these, the bitcoin segment is leading the market. Bitcoin is the first and most well-known cryptocurrency, which gives it a significant advantage in terms of brand recognition. As a result, many crypto ATMs primarily offer Bitcoin purchasing and selling options. Also, bitcoin’s dominance has led to more partnerships and collaborations with businesses, including ATM operators. Many ATM operators prioritize offering Bitcoin due to user demand. For instance, in May 2023, Coinhub, a company offering both a bitcoin platform and cryptocurrency ATMs, has collaborated with CHB Holdings LLC to introduce the Coinhub Bitcoin Wallet.
“North America to hold a significant share in the market.”
North America has been an early adopter of cryptocurrencies, with a significant number of tech-savvy users and a vibrant fintech ecosystem. This has led to a higher demand for accessible and convenient ways to buy and sell cryptocurrencies, which crypto ATMs provide. Also, regulatory frameworks in North America have become more accommodating towards cryptocurrencies, providing a clear legal framework for the operation of crypto ATMs. This regulatory clarity has encouraged businesses to invest in and expand their crypto ATM networks, as they can operate with a greater degree of certainty and compliance. Geographical distribution data indicates that North America holds a significant majority, accounting for 95.1% of the total global count of crypto ATMs, totaling 37,081 devices. Among these, the United States takes the lead, commanding a substantial 87.9% share of all crypto ATMs worldwide, boasting a count of 34,299 machines.
Crypto ATM Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Crypto ATM market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Crypto ATM Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Crypto ATM market were the three major steps undertaken to create and analyze the adoption of Crypto ATM in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Crypto ATM market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Crypto ATM market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Crypto ATM market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as offerings, type, and coin. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Crypto ATM market. Further, we conducted factor analysis using dependent and independent variables such as various offerings, type, and coin of Crypto ATM. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Crypto ATM market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Crypto ATM market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Crypto ATM market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Crypto ATM market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Crypto ATM market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of offerings, type, and coin in the global Crypto ATM market.
The main objective of the Global Crypto ATM Market Study
The current & future market trends of the global Crypto ATM market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Crypto ATM market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of offerings, type, and coin.
- Define and analysis of the regulatory framework for the Crypto ATM industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Crypto ATM market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Crypto ATM market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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