Crypto ATM Market Size, Share & Trends Analysis Report By Type (One Way, Two Way), By Offering, By Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), By Application, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global crypto ATM market size was valued at USD 116.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 62.5% from 2023 to 2030. The growth of the market can be attributed to the lucrative benefits offered by crypto ATMs. Crypto ATMs allow customers to transfer money abroad without the need for a bank account, it also enables users to convert cryptocurrency into fiat currency and allows for cash withdrawal through ATM machines. Furthermore, the legalization of cryptocurrency across several countries is also one of the major factors that bode well with the growth of the cryptocurrency ATM market.

The increasing installation of crypto ATMs across the globe is also one of the major factors anticipated to propel the growth of the crypto ATM market over the forecast period. For instance, as of September 2022, according to Coin ATM Radar, a bitcoin ATM map, around 602 crypto ATM operators have installed nearly 38,609 ATMs across 78 countries. Moreover, several governments worldwide are involved in installing crypto ATMs in public places. For instance, in November 2021, the City of Williston installed the first crypto ATM at Williston Basin International Airport (XWA).

Venture capital firms worldwide are heavily investing in crypto ATM companies to enable these companies to enhance the crypto ATM network. For instance, in September 2019, Coinme, a Seattle-based startup, announced that it raised USD 1.5 million through a Series A funding round led by Xpring. The funding helped Coinme to grow its cryptocurrency ATM network in the U.S. and internationally. Thus, such investments and growing ATM networks across the globe is further anticipated to drive the growth of the market over the forecast period.

The growing popularity of cryptocurrencies across the globe is also expected to drive market growth over the forecast period. According to Chainalysis 2022 Global Crypto Adoption Index, users from lower-middle and upper-middle-income countries, including Vietnam, Philippines, Thailand, and Brazil, among others utilize cryptocurrency for various purposes such as sending remittances and preserving savings in times of fiat currency volatility, among others. The crypto ATMs supporting the remittance and cryptocurrency purchase options allow users to utilize crypto ATMs for processing remittances and purchasing cryptocurrency. In addition, several countries have started to invest in infrastructure for the crypto revolution, piquing the interest of their residents. The U.S. with the highest number of 17,436 crypto ATMs ranks first in the globe as per the Crypto-Ready Index 2021.

However, the lack of knowledge about blockchain technology and cryptocurrency in some parts of the globe is anticipated to restrain the growth of the market. In addition, the higher transaction fees charged by the operators to the users are also expected to hinder market's growth. For instance, according to Coinsource, the average bitcoin ATM fee ranges from 11% to 25% of the transaction. Furthermore, the low availability of crypto ATMs and lack of customer support also results in restraining the growth of the market.

COVID-19 Impact Analysis

The COVID-19 pandemic has played a crucial role in driving the market growth. The COVID-19 pandemic boosted investments in bitcoin and other virtual currencies by people finding ways to keep afloat financially. According to a survey of U.S. adults conducted by the Pew Research Center in 2021, 16% of Americans say that they have used, invested, or traded cryptocurrency. Moreover, 24% of respondents have heard a lot about cryptocurrency, which is expected to increase the adoption of cryptocurrency, thereby expected to propel the market’s growth.

Type Insights

The one way segment dominated the market in 2022 and accounted for more than 67.0% of the global revenue. The growing popularity of cryptocurrency has triggered individuals to purchase and invest in cryptocurrencies, including bitcoin. The increase in the purchase of cryptocurrency is expected to drive the segment's growth as one way ATM allows users to securely purchase cryptocurrencies. Furthermore, according to the Coin ATM Finder, more than 66% of the crypto ATMs are one way ATM which bodes well for the growth of the segment.

The two way segment is anticipated to witness the fastest growth over the forecast period. The segment is expected to be driven by the growing demand from customers for two way crypto ATMs. According to GENERAL BYTES s.r.o., a manufacturer of crypto ATMs, two-way machines dominate the crypto ATMs outside of the U.S. and Canada. For instance, Europe has around 70% of all ATMs installed as two-way ATMs. Furthermore, the increasing launches of two way ATMs worldwide is also anticipated to drive the growth of the segment.

Offering Insights

The hardware segment dominated the market in 2022 and accounted for more than 77.0% of the global revenue. The hardware segment includes the display, scanner, printer, cash dispenser, and cash boxes, among others. The rising demand for hardware components from cryptographic ATM manufacturers to build ATM machines is further expected to drive the segment's growth. The segment's growth is also attributable to the growing installation of crypto ATMs across the globe.

The software segment is expected to register the fastest growth over the forecast period. The growing concern about reducing the risks of fraudulent activities is a significant factor driving the segment's growth. Crypto ATM manufacturers are entering into partnerships with the compliance solution offering companies to improve the KYC process. For instance, in December 2021, Bitcoin ATM manufacturer ChainBytes, LLC announced a joint initiative with BTM Compliance, LLC, a custom-built compliance solutions provider. This joint initiative was aimed at improving AML/KYC compliance processes for crypto ATM kiosks.

Coin Type Insights

The bitcoin segment accounted for the highest revenue share of more than 31.0% in 2022. The growing popularity of bitcoin owing to the rising acceptance of coins as a payment method is anticipated to drive the growth of the segment. For instance, in September 2022, a software-as-a-service e-commerce platform BigCommerce announced its partnership with CoinPayments and Bitpay. This partnership resulted in enabling several merchants to accept bitcoin and other cryptocurrencies. Furthermore, several large enterprises, such as Whole Foods and Microsoft Corporation, accept bitcoin to allow users to make purchases, which bodes well for the growth of the segment.

The Litecoin segment is anticipated to register significant growth over the forecast period. Litecoin can be mined using personal computers, and the Litecoin blockchain can handle higher transaction volume compared to Bitcoin, which is anticipated to propel the demand for Litecoin cryptocurrency. Moreover, the ability to handle high transaction volume results in merchants getting faster confirmation times which influences several merchants to accept Litecoin in the form of payment. For instance, in February 2022, Sling TV partnered with Bitpay to accept cryptocurrencies such as Bitcoin, Ethereum, and Litecoin as payment from customers for monthly subscriptions. Furthermore, as of September 2022, more than 30,000 crypto ATMs in the U.S. support Litecoin, which bodes well for the growth of the segment.

Application Insights

The restaurants and other hospitality spaces segment accounted for the highest market share of over 33.0% of the global revenue in 2022. Restaurants and bars are increasingly investing in crypto ATMs to generate extra income by hosting crypto ATMs. The crypto ATM allows users to buy and sell cryptocurrencies similar to the fiat currency ATMs, which increases footfall at public places, including restaurants, bars, and cafes, among others. Moreover, the increasing installation of crypto ATMs at restaurants and hotels is propelling the growth of the segment. For instance, in August 2022, Canadian Bitcoin ATM provider HoneyBadger Enterprises installed a crypto ATM at Pangea Pod Hotel in Sunrise Alley in Whistler.

The commercial spaces segment is anticipated to witness the fastest CAGR over the forecast period. The increasing adoption of crypto ATMs and being considered as one of the secure methods for purchasing cryptocurrency has boosted the installations of crypto ATMs in commercial spaces. For instance, in October 2021, Walmart entered into a partnership with Coinstar, a coin cashing machine company, and crypto-cash exchange Coinme. With this partnership, Walmart is installing bitcoin ATMs at around 200 locations across the U.S. Such initiatives are expected to drive the growth of the segment.

Regional Insights

North America dominated the crypto ATM market in 2022 and accounted for over 44.0% of the global revenue. The presence of the market players such as Covault and Coinme across the region is anticipated to drive the growth of the regional market. Furthermore, the U.S. has a high number of cryptocurrency owners, which bodes well for the growth of the regional market. For instance, according to TripleA, 8.3% of Americans own cryptocurrency. In addition, the growing installation of crypto ATMs in the region is anticipated to drive the growth of the market across the North American region.

Asia Pacific is expected to witness the highest CAGR over the forecast period. The regional market's growth can be attributed to the growing expansion of the market players into the Asia Pacific region. For instance, in March 2022, Intellogate, a Ukraine-based crypto ATM manufacturer, announced the expansion of its services across Asia in association with Publish, a South Korean blockchain service provider, and Lincrux, a kiosk producer. Furthermore, the growing awareness of cryptocurrency among consumers in the Asia Pacific is also expected to propel the growth of the regional market over the forecast period.

Key Companies & Market Share Insights

The crypto ATM market can be described as a competitive market due to various prominent market players. The key market players are making efforts to increase the installation of crypto ATMs and expand their crypto ATM network. For instance, in June 2022, Kwik Trip operating as Kwik Star in Iowa and Illinois announced that it is installing bitcoin ATMs at over 800 locations in Iowa and the Midwest. This installation of ATM is made possible by the U.S.-based bitcoin ATM network named Coinsource.

Furthermore, the market players are adopting partnerships and collaborations as one of the key initiatives to expand their capabilities. For instance, in August 2022, Bitcoin Depot, a crypto ATM operator, announced its plan for a public offering with a merger with the special-purpose acquisition company GSR II Meteora Acquisition Corp. With this strategy the company will be able to accelerate its growth. Some of the prominent players in the global crypto ATM market are:

• GENERAL BYTES s.r.o.

• Genesis Coin Inc.

• Lamassu Industries AG

• Covault

• Bitaccess Inc.

• Coinme

• Coinsource

• Bitstop

• Orderbob

• Cryptomat

Crypto ATM Market Report Scope

Global Crypto ATM Market Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global crypto ATM market based on type, offering, coin type, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • One Way

  • Two Way

• Offering Outlook (Revenue, USD Million, 2017 - 2030)

  • Hardware

  • Software

• Coin Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Bitcoin

  • Dogecoin

  • Ethereum

  • Litecoin

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Commercial Spaces

  • Restaurants & Other Hospitality Spaces

  • Transportation Hubs

  • Standalone Units

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • Australia

    • Taiwan

    • Thailand

  • Latin America

    • Brazil

  • Middle East & Africa