According to the new research report on the "Crypto ATM Market by Type (One Way and Two Way), Automated Teller Machine Hardware (Display, Printer, QR Scanner), and Geography (North America, Europe, Asia Pacific (APAC), Rest of the World (RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 16.3 million in 2018 to USD 144.5 million by 2023, at a CAGR of 54.7% from 2018 to 2023. Growing fund transfers in developing countries and acceptance of cryptocurrency across industries are among the factors providing opportunities for the crypto ATM market.
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Crypto ATM market for 2-way crypto ATMs to grow at highest CAGR from 2018 to 2023
Among all type, the crypto ATM market for 2-way crypto ATM is likely to grow at the highest CAGR during the forecast period. The market for 2-way crypto ATMs is expected to grow at a higher CAGR from 2018 to 2023 owing to their dual functionality of cryptocurrency trading. A 2-way crypto ATM offers multiple options for trading. In a 2-way ATM, a user can buy cryptocurrencies and also sell them using a single machine. However, 2-way ATMs have not yet dominated the crypto transaction market as people are more focused toward 1-way ATMs.
Display segment to hold largest size of crypto ATM market by 2023
The display segment is expected to dominate the crypto ATM market during the forecast period. This is due to the fact that displays are the most vital hardware of crypto ATMs as it provides a user-friendly environment to an ATM user. Display saves the cost for extra hardware such as keyboards and extra fittings.
North America to hold largest share of crypto ATM market by 2023
North America is expected to hold the largest share of the crypto market by 2023. The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers). In 2017, the Government of Mexico declared bitcoin legal, and it would be regulated by the Fintech Law. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.
The report profiles key players in the crypto ATM market. The competitive landscape of the market presents an interesting picture of the strategies adopted by these players to grow in the market. GENERAL BYTES (Czech Republic), Genesis Coin (US), Lamassu (UK), COVAULT (US), Bitaccess (Canada), Coinme (US), Coinsource (US), Bitxatm (German), Orderbob (Austria), and RUSbit (Russia) are among a few major players in this market.
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