The crypto ATM market could reach half a billion dollars over the next five years due to the growth in emerging markets and the pace of cryptocurrency adoption.
According to Research And Markets, the crypto ATM market will reach $472 million by 2027. The industry’s compound annual growth rate from 2022 to 2027 is estimated by analysts at 59%.
Among the main growth factors, analysts point to the following:
- global monetary regulatory challenges;
- increase in the volume of crypto transfers in developing countries;
- growth in the number of installed cryptocurrency ATMs around the world.
The main constraints for growth include the uncertain regulatory framework in different countries and the lack of basic knowledge and understanding of the principles of cryptocurrencies. On the other hand, security and privacy issues are less critical, as well as problems of scalability of crypto ATMs.
The U.S. is the primary market for cryptocurrency ATMs, accounting for 88% of all installations. Canada comes in second place, so North America is generally the most active region in the context of crypto adoption. However, the crypto market downturn has also affected the rate of cryptocurrency ATM adoption, which declined by 53% in 2022 from January to June compared to 2021.
The findings are based on an in-depth qualitative analysis of objective data, interviews, and surveys of market participants. Earlier Research and Markets provided an analysis of the cold wallet market. According to analysts, it will reach $1.1 billion by 2027.
