Vantage Market Research’s recent analysis of the Global Crypto ATM Market finds that the increase in fund transfers is expediting market growth. Primarily driven by rising installations of crypto ATMs, the total Global Crypto ATM Market is estimated to reach USD . Million by .
The Market stood at a revenue of USD . Million in the year , and is expected to exhibit a Compound Annual Growth Rate CAGR of .%.
Furthermore, the growing penetration of smartphones worldwide is also anticipated to augment the growth of the Global Crypto ATM Market, states Vantage Market Research, in a report, titled “Crypto ATM Market Size, Share & Trends Analysis Report by Type One Way, Two Way, by Offering Hardware, Software, by Coin Type Bitcoin, Dogecoin, , Litecoin, by Application Commercial Spaces, Restaurants & Other Hospitality Spaces, Transportation Hubs, Standalone Units, by Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa – Global Industry Assessment – & Forecast – ”.
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The increasing fund transfers specifically in emerging economies are expected to fuel the growth of the Crypto ATM Market during the forecast period. As per the World Bank Group, the remittances to low- and middle-income countries projected to increase by .% in . This return to growth is considered to be robust as compared to estimates and resilience of flows when remittances were declined by only .% in spite of a recession due to the COVID- pandemic, according to estimates from the World Bank’s Migration and Development Brief. Further, it estimated that the remittance flows to low- and middle-income countries excluding China are expected to surpass the sum of foreign direct investment FDI and overseas development assistance ODA for a second consecutive year. The importance of remittances in providing a critical lifeline by spending on crucial items such as food, health, and education during periods of economic hardship has increased. Thus, remittances are considered to be lifeline for people in many economies and crypto ATMs further offer a way to send cash to people without going to a crowded bank office.
According to our primary respondents’ research, the Crypto ATM market is predicted to grow at a CAGR of roughly .% during the forecast period.
The Crypto ATM market was estimated to be worth roughly USD . Million in and is expected to reach USD . Million by ; based on primary research.
On the basis of region, North America is projected to dominate the worldwide Crypto ATM market.
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The increase in installations of crypto ATMs is anticipated to augment the growth of the Crypto ATM Market within the estimated period. Crypto ATMs are now seen installed in most of the 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 Coin ATM Radar, there are about , crypto ATMs installed across the globe. Out of which almost , crypto ATMs are installed in United States itself whereas , crypto ATMs are installed in Europe. Further, as per the data published by Token post, crypto ATM installations reached to . machines per day in July across the world. As seen, the number of crypto ATMs is growing significantly and is likely to continue with the same trend within the estimated timeframe. However, the lack of awareness and technical understanding regarding crypto currency is expected to hamper the growth of the market in near future. Moreover, the increasing acceptance of crypto currency across industries is further anticipated to support the growth in the years to come.
The COVID- outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in . Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of as more supplies will come online. The impact of COVID- on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
North America has dominated the Global Crypto ATM Market in and is likely to continue the same trend during the forecast period. The US dominated the North America region in . This is attributable to the rising deployment of crypto ATMs in public places in the region. Furthermore, the presence of key market players, like Coin Cloud, Bitcoin Depot, and Coin Flip along with favorable investment environment is also anticipated to encourage the adoption of cyber insurance.
