Crypto ATM Market Forecast and Growth by 2031

The crypto ATM market size is expected to grow at a CAGR of 59.1% from 2023 to 2031. The crypto ATM market includes growth prospects owing to the current crypto ATM market trends and their foreseeable impact during the forecast period. The crypto ATM market is growing due to factors such as the growing adoption of cryptocurrencies, increasing installations of crypto ATMs, and government initiatives to support cryptocurrency adoption.

Crypto ATM Market Analysis

The crypto ATM refers to the automated teller machines (ATMs) that allow users to buy or sell cryptocurrencies using cash or credit/debit cards. These machines function similarly to traditional ATMs, but instead of dispensing or accepting fiat currency, they deal with digital currencies like Bitcoin, Ethereum, or Litecoin. Crypto ATMs are used by individuals who want to quickly and conveniently exchange cash for cryptocurrencies or vice versa. They provide a physical point of access to the crypto market, making it easier for people to enter or exit the digital currency space.

Crypto ATM Market Overview

• The crypto ATM market is gaining traction as more people are getting interested in cryptocurrencies. Crypto ATMs make it easy for individuals to join the digital currency space.
• Crypto ATMs can help expand the adoption of cryptocurrencies by reaching individuals who may not have easy access to online exchanges or prefer in-person transactions.
• Many crypto ATM operators comply with regulatory requirements, such as identity verification and anti-money laundering (AML) measures, which can help build trust and legitimacy in the market.

REGIONAL FRAMEWORK

Crypto ATM Market Driver

Growing Adoption Of Crypto Currencies To Drive The Crypto ATM Market

• Cryptocurrencies have brought transformative changes to the global economic landscape. Cryptocurrency adoption has been significantly increasing as more and more people are turning to digital assets as a viable form of payment. For instance, according to Gitnux, there were over 13,000 cryptocurrencies in existence as of October 2021. Bitcoin is the world’s first cryptocurrency, used by ~101 million users as of Q3 of 2021.
• With more people embracing digital currencies like Bitcoin, Ethereum, and others, the demand for convenient ways to buy and sell these assets is increasing rapidly. For instance, according to CoinATMRadar estimates, the number of crypto ATMs worldwide will reach over 30,000 by 2023.
• As the adoption of cryptocurrencies continues to expand, the demand for crypto ATMs is expected to surge, driving the growth of the market.

Crypto ATM Market Report Segmentation Analysis

• Based on type, the crypto ATM market is segmented into one-way and two-way. The one-way segment is expected to hold a substantial crypto ATM market share in 2023.

Crypto ATM Market Share Analysis By Geography

The scope of the crypto ATM market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant crypto ATM market share. According to Bitcoin.com, North America has the highest number of crypto ATMs in the world, with 37,081 machines. The US alone accounts for over 87% of all crypto ATMs in North America, reaching 34,299 machines, and Canada has 6.3% of the worldwide crypto ATMs, reaching 2,461 crypto ATMs. Such huge adoption of crypto ATMs in the North American region contributes to the crypto ATM market growth.

Crypto ATM Market Report Scope

The "Crypto ATM Market Analysis" was carried out based on component, type, coin type, and geography. On the basis of component, the market is segmented into systems and services.  On the basis of type, the market is segmented into one-way and two-way. Based on coin type, the market is segmented into Bitcoin, Dogecoin, Ethereum, Litecoin, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

MARKET PLAYERS

Crypto ATM Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the crypto ATM market. A few recent key market developments are listed below:

• In April 2024, RockItCoin announced the expansion of its network via its partnership program. Under this, the company plans to deploy over 100 new Bitcoin ATMs across several states, including Arkansas, Colorado, Georgia, Texas, and Tennessee. This expansion brings RockItCoin's total to nearly 2,500 Bitcoin ATM locations nationwide, further enhancing the public's access to buying and selling Bitcoin with cash.

[Source: Hyundai, Press Release]

• In September 2023, Olliv announced expansion into New Zealand becoming the first bitcoin ATM operator in the country. The company has a network of 4,500 Bitcoin ATMs. It planned to expand its footprint within Aotearoa throughout 2023, furthering its mission to lift people to achieve their full potential by connecting them to the global digital economy.

[Source: Skoda Auto, Press Release]

Crypto ATM Market Report Coverage & Deliverables

The crypto ATM market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Crypto ATM Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

Crypto ATM Report Scope