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, 2022 - 2028

Report Overview

The global crypto ATM market size was valued at USD 75.01 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 59.2% from 2022 to 2028. The growth of the market can be attributed to the rising number of crypto ATMs being installed worldwide. Crypto ATMs are being installed in various countries across the globe as businesses are putting a strong emphasis on meeting the changing needs of their customers. According to the statistics provided by Coinsource, a financial service provider, in January 2021, there were about 14,012 crypto ATMs worldwide. According to the statistics published by Tokenpost, crypto ATM installations reached about 50.9 machines per day in July 2021 worldwide.

One of the major factors accentuating the growth of the market is the efforts being pursued by various governments to deploy crypto ATMs. For instance, in September 2021, the EI Salvador government installed over 200 crypto ATMs after accepting bitcoin as a legal tender. At the same time, in September 2021, to expand the crypto ATM network, the government has also entered into a partnership with Chivo, an indigenous cryptocurrency wallet provider. The aim of this partnership is to power ATM and bitcoin wallets usage in the country.

The growing penetration of smartphones worldwide is also one of the major factors accentuating the growth of the market. Smartphones allow cryptocurrency users to leverage the capabilities of crypto ATMs seamlessly. According to the statistics provided by Coin Dance, a cryptocurrency information provider, 34.45% of people across the globe used smartphones in March 2021 to buy and sell bitcoin. Additionally, 3.03% and 62.53% of people worldwide used tablets and desktops respectively, to research and exchange bitcoin in March 2021.

Crypto ATM providers are putting a strong emphasis on annulling the threats posed by potential cyberattacks to crypto ATMs. Efforts toward this end are particularly opening new opportunities for the growth of the market. For instance, in August 2021, bitcoin ATM operators across the U.S. formed a coalition called Cryptocurrency Compliance Corporative to bolster compliance standards and eventually prevent cryptocurrency-related crimes. The coalition, which comprises 15 members, is focused on creating a safer environment for the cryptocurrency industry.

Efforts being pursued by various companies to incorporate enhanced security features in their crypto ATMs and ensure secured transactions for customers are also expected to open new opportunities for the growth of the market over the forecast period. Toward this end, facial recognition and biometric features are being incorporated in crypto ATMs to provide users with two-layer security while making transactions. QR code and time stamp features are also being incorporated in crypto ATMs to help in verifying the identity of the users. Crypto ATM service providers are equally ensuring strong compliance with Know Your Customer and Anti-money Laundering requirements.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic is expected to play a decisive role in driving the growth of the market over the forecast period. Crypto ATMs allow users to send or receive cryptocurrencies digitally without engaging in any physical contact. At the same time, crypto ATM manufacturers are also taking adequate measures to sanitize their machines in the wake of the outbreak of the pandemic. Such initiatives particularly encourage people to prefer using crypto ATMs as part of the efforts to maintain social distancing, thereby driving the demand for crypto ATMs.

Type Insights

The one-way segment dominated the crypto ATM market in 2021 and accounted for a revenue share of over 68.0%. One-way crypto ATMs allow users to either purchase or sell cryptocurrency. The demand for these ATMs is particularly high because they facilitate the secure and seamless transfer of money. According to the statistics provided by Cryptodispensers, a crypto service provider, 70% of bitcoin ATMs worldwide are one-way crypto ATMs.

The two-way segment is anticipated to register the fastest CAGR over the forecast period. Two-way crypto ATMs allow users to both sell and purchase cryptocurrencies. Various strategies, such as new product launches, being pursued by two-way crypto ATM providers are expected to drive the growth of the segment over the forecast period. For instance, in January 2020, GENERAL BYTES announced the launch of a crypto ATM called BATMFour. The ATM is available in both one-way and two-way configurations. The new product launch was aimed at strengthening the company’s product offerings in the crypto ATM space.

Offering Insights

The hardware segment dominated the market in 2021 and accounted for a revenue share of over 78.0%. Crypto ATM manufacturers require different types of hardware components to manufacture crypto ATMs. These hardware components typically include ATM stands, door switches, cash dispensers, extension boxes, cash recyclers, and cash boxes, among others. Hardware components can differ based on the type of crypto ATM being manufactured.

The software segment is expected to register the fastest CAGR over the forecast period. The software helps in ensuring seamless connectivity between the crypto ATM and the cloud. As a result, crypto ATM providers can have full control over their customers' wallets and accounts. The software also helps crypto ATM providers in ensuring compliance with regulatory requirements.

Coin Type Insights

The bitcoin segment dominated the market in 2021 and accounted for a revenue share of over 30.0%. The growing acceptance of bitcoin as a payment method worldwide is driving the demand for bitcoin ATMs. Moreover, several financial service providers are trying aggressively to include bitcoin services in their respective service portfolios. For instance, in April 2021, PayPal announced to allow users to pay in bitcoin upon checkouts with various merchants. The initiative was aimed at helping the company in gaining a competitive edge.

The Litecoin segment is expected to register significant growth over the forecast period. The growing demand for Litecoin worldwide is particularly expected to accentuate the growth of the segment. Several crypto ATM providers are looking forward to deploying Litecoin-enabled ATMs, thereby driving the growth of the segment. For instance, in July 2017, crypto ATM provider LocalCoinATM announced that the company’s bitcoin ATM has started supporting Litecoin transactions in Canada. The company was also looking forward to expanding its Litecoin-based ATMs across different countries in the near future.

Application Insights

The restaurants and other hospitality spaces segment dominated the market in 2021 and accounted for a revenue share of over 33.0%. The installation of bitcoin ATMs in nightclubs worldwide has been gaining traction. For instance, in November 2021, crypto ATM provider Bitcoin of America announced deploying a bitcoin ATM at the Chicago Nightclub in Joy District, Illinois. The ATM allows customers to either purchase bitcoins or to withdraw cash. The installation of the crypto ATM was aimed at creating awareness about cryptocurrency among people across the U.S.

The commercial spaces segment is expected to register the fastest growth over the forecast period. Various operators of commercial spaces are trying aggressively to provide crypto ATM services to their customers as part of the efforts to enhance their services. For instance, in February 2021, Blue Ridge Bank in Charlottesville in the U.S. state of Virginia announced a partnership with bitcoin ATM software provider LibertyX and ATM operator BluePoint ATM. As a result of the partnership, customers of Blue Ridge Bank would soon be able to redeem and buy bitcoin at the bank’s 19 ATMs.

Regional Insights

North America dominated the market for crypto ATM in 2021 and accounted for a revenue share of over 45.0%. North America is home to several prominent market players, such as Bitcoin Depot, Coin Cloud, and CoinFlip. Besides, the deployment of crypto ATMs in public places is gaining significant traction in North America, particularly in the U.S. For instance, in November 2021, the City of Williston in the U.S. state of North Dakota announced the installation of a crypto ATM at the Williston International Airport. The crypto ATM would allow passengers to buy and sell digital currencies at the airport.

The Asia Pacific region is expected to emerge as the fastest-growing regional market over the forecast period. Continued installation of two-way crypto ATMs across Asia Pacific countries, such as the Philippines, is expected to drive the growth of the regional market over the forecast period. The proliferation of smartphones and the continued rollout of 5G technology are also expected to open opportunities for the growth of the regional market. Organizations in the Asia Pacific are widely adopting crypto ATMs for streamlining operations and enhancing customer experiences.

Key Companies & Market Share Insights

The market can be described as a highly fragmented market. The players operating in the market are pursuing various strategies, including strategic partnerships, to ensure consistent growth in this highly fragmented market. For instance, in October 2021, Bitcoin Latinum announced a partnership with ATM provider OSO ATMs. The partnership envisaged the two companies installing 100,000 Bitcoin Latinum ATMs across all 50 states of the U.S. in their three years of partnership. The partnership would particularly help OSO ATMs in achieving its vision of making cryptocurrency easily accessible for everyone.

Market incumbents are particularly focusing on offering unique solutions to their customers as part of the efforts to differentiate their products from those of their competitors. They are also pricing their products aggressively while offering fast delivery options. Market players are also focusing on offering both wall-mounted and table-mounted crypto ATMs as part of the efforts to add to the convenience of the customers and end-users. Some of the prominent players operating in the global crypto ATM market are:

• GENERAL BYTES s.r.o.

• Genesis Coin Inc.

• Lamassu Industries AG

• Covault

• Bitaccess Inc.

• Coinme

• Coinsource

• Coin ATM Radar

• Orderbob

• Cryptomat

Crypto ATM Market Report Scope

Segments Covered in the Report

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 2028. For this study, Grand View Research has segmented the global crypto ATM market report based on type, offering, coin type, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • One Way

  • Two Way

• Offering Outlook (Revenue, USD Million, 2017 - 2028)

  • Hardware

  • Software

• Coin Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Bitcoin

  • Dogecoin

  • Ethereum

  • Litecoin

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2028)

  • Commercial Spaces

  • Restaurants & Other Hospitality Spaces

  • Transportation Hubs

  • Standalone Units

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • Australia

    • Thailand

    • Taiwan

  • Latin America

    • Brazil

  • Middle East & Africa