Crypto ATM Market Size, Share, Growth Analysis, By Type (One Way, Two Way), By Coin Type (Bitcoin, Dogecoin), By Offering, By Application, By Region - Industry Forecast 2024-2031

Global Crypto ATM Market size was valued at USD 71.9 million in 2022 and is poised to grow from USD 116.7 million in 2023 to USD 5451 million by 2031, growing at a CAGR of 62.5% in the forecast period (2024-2031).

As of October 2023, the cryptocurrency landscape is evolving, with 35,984 crypto ATMs globally, reflecting the growing adoption of digital currencies for everyday transactions. These ATMs provide a user-friendly interface for purchasing and selling cryptocurrency without conventional banking interactions. Customers complete KYC processes, input wallet details, and transact quickly-with receipts generated including QR codes for public and private keys, facilitating seamless use with any wallet software. Additionally, operators are enhancing security measures to mitigate risks from cyber threats. Initiatives like the Cryptocurrency Compliance Cooperative and the integration of biometric verification are significantly improving transaction safety. These advancements not only streamline trading but also foster a more secure environment, thus driving market growth opportunities in the cryptocurrency ATM sector.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Crypto Atm market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Crypto Atm Market Segmental Analysis

Global Crypto ATM Market is segmented by Coin Type, by Offering, by Application, by End User and by Region. Based on Type, the market is segmented into One Way, Two Way. Based on Coin Type, the market is segmented into Bitcoin, Dogecoin, Ethereum, Litecoin, Others. Based on Offering, the market is segmented into Hardware, Software. Based on Application, the market is segmented into Commercial Spaces, Restaurants & Other Hospitality Spaces, Transportation Hubs, Standalone Units, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Crypto Atm Market

An important factor driving the Global Crypto ATM market is the ongoing effort by numerous businesses to enhance their customer offerings by providing cryptocurrency ATM services. For example, in October 2021, Walmart partnered with Coinstar and Coinme to introduce 200 Bitcoin ATMs in their U.S. stores, highlighting the retail giant's commitment to embracing digital currencies. Additionally, the COVID-19 pandemic has played a crucial role in propelling market growth, as many consumers turned to cryptocurrency investments during this time, attracted by lower access fees and user-friendly interfaces. The U.S. Consumer Crypto Survey revealed that 48% of Americans purchased cryptocurrency in the first half of 2021, underscoring the rising interest in this digital asset class.

Restraints in the Global Crypto Atm Market

The global Crypto ATM market faces significant challenges stemming from the limited acceptance of cryptocurrencies as legal tender. Many nations hesitate to recognize digital currencies due to their decentralized nature, inherent volatility, and associations with illicit activities like drug trafficking and money laundering. As a result, several countries have enacted outright bans on cryptocurrencies, while others have restricted their integration with essential banking and financial systems. Countries such as China, Russia, Colombia, Algeria, and Egypt effectively prohibit Bitcoin transactions among banks and financial institutions, including payment processors. Additionally, numerous governments have outlawed cryptocurrency exchanges, further complicating the landscape for Crypto ATMs.

Market Trends of the Global Crypto Atm Market

The Global Crypto ATM market is experiencing a notable trend towards integration within the hospitality sector, particularly in restaurants and nightclubs, which accounted for over 33% of total sales in 2021. The rising popularity of crypto ATMs in social venues reflects a growing consumer interest in cryptocurrency transactions and financial freedom. Notably, Bitcoin of America's installation of a crypto ATM in Chicago's Joy District highlights efforts to enhance bitcoin accessibility and awareness. This trend is expected to gain momentum as more establishments recognize the potential for attracting tech-savvy customers and fostering a culture of digital currency usage across various demographics.