The global cryptocurrency ATM market is projected to grow at a rapid rate in the next five yearsas market studies predict that the space will be worth half a trillion dollars by 2027.
Research and Markets released a new report, estimating a 59% compound annual growth rate for the industry from 2022 to 2027. It currently values the cryptocurrency ATM market at $46.4 million and expects this value to rise to $472 million over a five-year period..
The main drivers of projected growth include the increased remittances and fund transfers in developing countries, fluctuating currency regulations, and the rise of cryptocurrency ATM installations around the world.
Insights are based on in-depth qualitative analysis and verifiable data that provide projections about the market to target. Primary research included interviews, surveys, and observations of market participants.
The report also delves into the constraints to growth, including the uncertainty of regulatory environments in different countries, lack of education and technical knowledge about cryptocurrencies. Security and privacy concerns and technical challenges around facility scalability are identified as barriers to growth.
Cryptocurrency ATM service providers could also benefit from the significant growth opportunities in developing markets and the growing acceptance of crypto in different industries.
The United States remains a significant market for crypto ATMs, accounting for 88% of the world’s crypto ATM installations.. The country had some 641 cryptocurrency ATMs put into service in the first 10 days of July 2022. Canada is the second country with the highest number of cryptocurrency ATMs, making North America the area that most adopts this service.
The general decline of the crypto markets has had an effect on the rollout of new cryptocurrency ATMswith the rate of new installations showing a steady decline throughout 2022.
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