June 23, 2022 03:18 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, June 23, 2022 (GLOBE NEWSWIRE) -- Crypto ATM Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Crypto ATM Market Analysis by Offering (Hardware and Software), Type (One Way and Two Way), and Coin (BTC, Litecoin, ETH, Dogecoin, Bitcoin Cash, Dash, USDT), and Region – Forecast till 2030” registering a 56.5% CAGR throughout the forecast period (2022–2030).
Opportunities Increasing Use of Bitcoin ATMs to offer Robust Opportunities Customers can buy and exchange cryptocurrencies for cash using bitcoin ATMs. These ATMs are gaining ample recognition because they offer total financial secrecy, are impenetrable, and offer a quick way to sell or buy bitcoins. Because users are not required to enter any form of personal information, bitcoin ATMs offer the highest level of security. Only when the user enters the required security identities & encryption keys can cryptocurrency be transferred. These ATMs have hardware & software failure protection technology installed. The demand for these ATMs is rising globally as a result.
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Restraints Lack of Awareness to act as Market Restraints The lack of awareness coupled with technical understanding about crypto currency may act as market restraints over the forecast period.
Crypto ATM Market Drivers Rising Penetration of Smartphones to Boost Market Growth One of the key factors highlighting the Crypto ATM Market growth is the increasing use of smartphones on a global scale. Users of crypto-currencies can easily take advantage of the features of crypto ATMs thanks to smartphones.
Challenges Limited Acceptance of Crypto-Currencies to act as Market Challenge The limited acceptance of crypto-currencies may act as a market challenges over the forecast period.
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Crypto ATM Market Segmentation The crypto ATM market is bifurcated based on offering, type, and coin.
By offering, hardware will lead the market over the market period. To enhance their product offerings, providers of crypto ATM hardware are concentrating on strategic alliances and mergers and acquisitions. Door locks, cash recyclers, ATM stands, extension boxes, cash boxes, and cash dispensers, are examples of hardware.
By type, the two way type will dominate the Crypto ATM Market over the forecast period for the growing need for improved security, safer digital payment, as well as conversion functions.
By coin, bitcoin will spearhead the Crypto ATM Market over the forecast period for bitcoin’s legalization across different countries. The global acceptance of bitcoin as a form of payment is increasing need for bitcoin ATMs. The most popular digital currency available is called bitcoin.
COVID-19 Analysis Due to rising consumer interest in cryptocurrencies at the time of the COVID-19 pandemic, the industry for crypto ATMs has been significantly impacted. Additionally, cryptocurrency investment in Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies has increased significantly since the pandemic, whereas it had been growing slowly prior to it. In turn, this has become a key growth factor for the market during the global health crisis.
Crypto ATM Market Regional Analysis North America to Sway Crypto ATM Market The market for cryptocurrency ATMs was dominated by North America. Several well-known crypto ATM producers, including Coin Cloud, Bitcoin Depot, and CoinFlip, are based in North America. In the US, installing cryptocurrency ATMs in public spaces is becoming increasingly popular. For example, Williston, North Dakota declared in November 2021 that its main airport would house a crypto ATM that would enable travellers to buy and sell virtual currencies. This is owing to the region's surging deployment of cryptocurrency ATMs in public spaces.
The market for cryptocurrency ATMs in North America will expand due to the rising investments made by vendors for expanding their businesses. By 2023, the market in this region is anticipated to control the largest portion of the cryptocurrency market. The US is likely to continue to head the market in the analysis period for the existence of a massive number of both crypto ATM hardware as well as software providers & favourable investment environment (without any legal barriers).
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Other factors that are anticipated to contribute to the market's expansion include rising investments in cryptocurrency startups, the quick installation of cryptocurrency ATMs in public areas, a strong emphasis on adhering to anti-money laundering regulations, and a strong presence of the multi-cryptocurrency ATM networks & businesses in the area.
APAC to Have Admirable Growth in Crypto ATM Market Over the next few years, it is anticipated that the Asia Pacific region will witness significant growth in two-way crypto-currency ATM market. Continuous installation of two-way crypto ATMs across APAC nations, including the Philippines, and frequent launches of 5G technology are two factors for the expansion of the regional market. The interactions between organizations and their partners are additionally important (the findings indicate that almost 50 percent of organizations from the APAC are interacting with customers through social media). To speed up the market's expansion of crypto-currency exchanges, several nations, including India & South Korea, are investing in startups. The demand for crypto ATMs is increasing as a result of these businesses receiving venture capital funding from numerous organizations.
During the course of the analysis period, the APAC region is anticipated to show the fastest rate of growth. Over the forecast period, the expansion of the regional market is anticipated to be fueled by the ongoing installation of the two-way crypto ATMs all over Asia Pacific nations, including the Philippines. Additionally, opportunities for the expansion of the regional market are anticipated to be created by the proliferation of the smartphones & the ongoing rollout of 5G technology. Crypto ATMs are being widely adopted by businesses in the APAC region in order to streamline operations and improve customer experiences.
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Crypto ATM Market Competitive Analysis
Dominant Key Players in Crypto ATM Market Covered are:
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