WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Crypto ATM Market finds that the increase in fund transfers is expediting market growth. Primarily driven by rising installations of crypto ATMs, the total Global Crypto ATM Market is estimated to reach USD 1185.4 Million by 2028.
The Market stood at a revenue of USD 74.2 Million in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 58.70%.
Furthermore, the growing penetration of smartphones worldwide is also anticipated to augment the growth of the Global Crypto ATM Market, states Vantage Market Research, in a report, titled “Crypto ATM Market Size, Share & Trends Analysis Report by Type (One Way, Two Way), by Offering (Hardware, Software), by Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), by Application (Commercial Spaces, Restaurants & Other Hospitality Spaces, Transportation Hubs, Standalone Units), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increase in Fund Transfers to Fuel Global Crypto ATM Market
The increasing fund transfers specifically in emerging economies are expected to fuel the growth of the Crypto ATM Market during the forecast period. As per the World Bank Group, the remittances to low- and middle-income countries projected to increase by 7.3% in 2021. This return to growth is considered to be robust as compared to 2020 estimates and resilience of flows when remittances were declined by only 1.7% in spite of a recession due to the COVID-19 pandemic, according to estimates from the World Bank’s Migration and Development Brief. Further, it estimated that the remittance flows to low- and middle-income countries excluding China are expected to surpass the sum of foreign direct investment (FDI) and overseas development assistance (ODA) for a second consecutive year. The importance of remittances in providing a critical lifeline by spending on crucial items such as food, health, and education during periods of economic hardship has increased. Thus, remittances are considered to be lifeline for people in many economies and crypto ATMs further offer a way to send cash to people without going to a crowded bank office.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Crypto ATM market is predicted to grow at a CAGR of roughly 58.70% during the forecast period.
- The Crypto ATM market was estimated to be worth roughly USD 74.2 Million in 2021 and is expected to reach USD 1185.4 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Crypto ATM market.
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Segmentation of Global Crypto Atm Market -
- Type
- One Way
- Two Way
- Offering
- Hardware
- Software
- Coin Type
- Bitcoin
- Dogecoin
- Ethereum
- Litecoin
- Others
- Application
- Commercial Spaces
- Restaurants & Other Hospitality Spaces
- Transportation Hubs
- Standalone Units
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing Installations of Crypto ATMs to Stimulate Market Growth
The increase in installations of crypto ATMs is anticipated to augment the growth of the Crypto ATM Market within the estimated period. Crypto ATMs are now seen installed in most of the countries across the globe as businesses are putting a strong emphasis on meeting the changing needs of their customers. According to the statistics provided by Coin ATM Radar, there are about 36,695 crypto ATMs installed across the globe. Out of which almost 32,253 crypto ATMs are installed in United States itself whereas 1,379 crypto ATMs are installed in Europe. Further, as per the data published by Token post, crypto ATM installations reached to 50.9 machines per day in July 2021 across the world. As seen, the number of crypto ATMs is growing significantly and is likely to continue with the same trend within the estimated timeframe. However, the lack of awareness and technical understanding regarding crypto currency is expected to hamper the growth of the market in near future. Moreover, the increasing acceptance of crypto currency across industries is further anticipated to support the growth in the years to come.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Crypto ATM Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America to Dominate the Global Crypto ATM Market
North America has dominated the Global Crypto ATM Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the rising deployment of crypto ATMs in public places in the region. Furthermore, the presence of key market players, like Coin Cloud, Bitcoin Depot, and Coin Flip along with favorable investment environment is also anticipated to encourage the adoption of cyber insurance.
List of Prominent Players in the Crypto ATM Market:
- GENERAL BYTES s.r.o.
- Genesis Coin Inc.
- Lamassu Industries AG
- Covault
- Bitaccess Inc.
- Coin me
- Coin source
- Coin ATM Radar
- Orderbob
- Cryptomat
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Crypto ATM Market Size, Share & Trends Analysis Report by Type (One Way, Two Way), by Offering (Hardware, Software), by Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), by Application (Commercial Spaces, Restaurants & Other Hospitality Spaces, Transportation Hubs, Standalone Units), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/crypto-atm-market-736607
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Crypto ATM Market?
- How will the Crypto ATM Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Crypto ATM Market?
- What is the Crypto ATM market drivers and restrictions?
- What will be the CAGR and size of the Crypto ATM Market throughout the forecast period?
Recent Developments:
October, 2021: Wallmart announced to install 200 Bitcoin ATMs Across US Retail Stores. Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.
This market titled “Crypto ATM Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • GENERAL BYTES s.r.o. • Genesis Coin Inc. • Lamassu Industries AG • Covault • Bitaccess Inc. • Coinme • Coinsource • Coin ATM Radar • Orderbob • Cryptomat |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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