The world’s largest and most respected research platform, Research and Markets, published a report revealing that the Crypto Automated Trading Machine (ATM) market might grow from this year’s $16.3 million to $144.5 million by 2023—garnering an estimated 5.7 percent increase. This is due to the growing opportunities and increasing acceptance of cryptocurrencies from developed countries like the United States, Germany, and Japan.
PRIMARY SOURCES
The possible growth will be triggered by two-way ATMs that allow customers to exchange digital currency to fiat currency and vice-versa in a single machine. From the research, the result found out that multifunctionality is the main driving factor: “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 using a single machine. Multifunctionality is propelling the market for 2-way crypto ATMs.”
PRIMARY CONTRIBUTORS
- By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
- By Designation: C-Level Executives = 55% Directors = 30%, and Managers = 15%
- By Region: North America = 60%, Europe = 20%, APAC = 15%, and RoW = 5%
A few key players in the crypto ATM market are as follows: General Bytes (Czech Republic), Genesis Coin (US), Lamassu (UK), Covault (US), Bitaccess (Canada), Coinme (US), Coinsource (US), Bitxatm (German), Orderbob (Austria), and Rusbit (Russia). Among the developed countries contributing to the production of these ATMs, the North American crypto ATM industry might hold the largest share of the crypto market by 2023. The region has a large number of ATM hardware and software providers in addition to its favorable investment environment.
The lack of awareness, technical understanding, and regulation of cryptocurrencies might limit the growth, but the major coins can turn the tide in the future with mainstream adoption from other exchanges in small regions. Recently, LocalCoinATM installed a batch of Ethereum ATMs in three different Canadian locations: Toronto, Brampton, and Etobicoke. Following this, South Korean ATM manufacturer Hyosung also integrated Bitcoin into its international ATM models. In the next five years, we just need to wait for other markets to join the adoption.
