Crypto ATM machines are growing in popularity. These devices allow consumers to buy and at times sell cryptocurrency for fiat currencies. As of September 2018, there were an estimated 3,661 crypto ATMs globally.
A report released on September 4th 2018 on ResearchandMarkets.com shows that the crypto ATM market is set to grow even further, rising to $114.5 million by the year 2023.
As of now, the crypto ATM transactions stand at $16.3 million globally, but a 5 year projection shows that this value will grow by up to 700 percent within those 5 years. This is attributed to a compound annual growth rate of 54.7 percent for each of the 5 years.
The study shows that the biggest growth will occur from the use of 2-way ATMs. These are devices that allow the holder of the debit or credit card to withdraw from their accounts. The 2-way ATMs also allow the user to print part of the account information to understand the balance, just the way it is done on normal ATMs.
Growth is Different in Various Countries
The growth and adoption of the ATMs won’t be similar in all countries, according to the report. The authors identify a few countries that will experience rapid growth in the use of these ATMs, including Germany, U.S. and Japan. The increasing rate of adoption of cryptocurrency in these countries is the prime factor that makes the ATM get adopted faster.
The North American Crypto market is seen to be the one to take up the biggest share in terms of crypto market by the year 2023. This is because of the large number of ATM machines already established in the area as well as the software providers present in the region. The report goes ahead to say that the favourable investment environment will facilitate the dominancy of this region.
Countries that will experience slow adoption will be mainly because of the uncertainty in regulation, and the lack of technological awareness in understanding this technology.
There will be various primary participants in the whole crypto ATM market, the report further states. These are categorized according to the company type, with the highest tier getting 50 percent of the participation. The players are also categorized by the designation, with C-level executives taking up 55 percent of the roles, with the last player being the country, with North America taking up 60 percent of the bulk.
Other players in the adoption are the companies with different origins. The companies aiding in adoption come from different countries including the US, Czech Republic, UK, Canada, Germany, Austria and Russia.
It remains to be seen to be seen what happens a few years down the line.