The global crypto automated trading machine (ATM) market is expected to reach $114.5 million by 2023, according a report published by ResearchandMarkets.com. The report cites the increasing acceptance of cryptocurrency across industries, and growing opportunities in developed markets, such as the US, Germany, and Japan, for this growth.
Researchers expect the global crypto ATM market to grow from the current $16.3 million in 2018 to $144.5 million over the next five years, a near nine-fold growth.
The growth also denotes a compound annual growth rate (CAGR) of 54.7 percent from 2018 to 2023.
However, the uncertain regulatory status of cryptocurrencies, and lack of awareness and technical understanding regarding cryptocurrency are the factors restraining the growth of the global crypto ATM market.
The market for 2-way ATMs is also expected to witness a significant growth in the next five years. It is expected to grow at a higher CAGR from 2018 to 2023 due to their dual functionality of cryptocurrency trading. The multifunctionality of the 2-way ATM is propelling the popularity of these machines.
A 2-way crypto ATM offers multiple options for trading by allowing users to change cryptocurrencies into traditional fiat currency and the other way around in the same machine. The user can also buy and sell cryptocurrencies.
The Asia Pacific (APAC) crypto ATM market is likely to grow at highest CAGR over the five years. The growing awareness about cryptocurrencies and increasing crypto mining activities are propelling the market growth in APAC.
The growth of the crypto ATM market in APAC is also driven by the optimistic cryptocurrency investors in the region who are ready to make transactions via cryptocurrencies.
The key players in the crypto ATM market are US-based Genesis Coin, Covault, Coinme, and Coinsource, Czech Republic-based General Bytes, UK-based Lamassu, Canada-based Bitaccess, Germany-based Bitxatm, Austria-based Orderbob, and Russia-based RUSbit.
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