Analysts predict an increase in the compound annual growth rate (CAGR) of the crypto ATM market over the next eight years.
Market Research Future (MRFR), an analytics firm, examined the growth rate of Bitcoin ATM usage and overall growth incentives for the crypto market. According to the report, Crypto ATM Analysis Till 2030, the cumulative CAGR is predicted to be 56.5% from 2022 to 2030.
MRFR analysts comprehensively studied the crypto ATM market in North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). The data for the analysis was taken from the main Crypto ATM vendors: BITCOIN DEPOT, Bitstop, Cash Cloud, Inc., Coinsource, Covault, LLC, GENERAL BYTES sro, Genesis Coin Inc., Kurant GmbH, Lamassu Industries AG and RockitCoin.
MRFR estimated the global cryptocurrency market to be worth $35.8 million in 2021 and is projected to reach $3.5 billion by 2030, so the annual growth rate will average 56.5% from 2022 to 2030. According to analysts, the biggest growth rate of the Bitcoin ATM market will be in the Asia-Pacific region, where the CAGR will reach 64% during 2022-2030. However, the North American region will still dominate the market by the end of 2030.
Based on the analysts’ findings, the major advantages of cryptocurrency ATMs that have the potential to drive the segment’s growth are:
- ease of use;
- speed of transactions;
- payment security.
MRFR analysts argue that the COVID-19 pandemic has also significantly impacted the Bitcoin ATM market, accelerating the adoption of crypto ATMs. It is also worth noting that the volume of Bitcoin ATM installations in 2022 has dropped significantly. For example, according to Coin ATM Radar, 7,241 BTC ATMs were installed between January and June 2021, while only 3,418 were installed in the same period in 2022. Thus, the volume of Bitcoin ATM installations fell by nearly 53%.
The study also noted that the growing popularity of the NFT market and demand for cryptocurrencies would affect the increase in the Crypto ATM market. Recall that the number of filed trademark applications related to NFTs has increased by 220% this year.
