Market research forecasts the global cryptocurrency ATM market to be worth $472 million by 2027, driven by growth in developing markets and growing adoption.
The global cryptocurrency ATM market is projected to grow at a rapid rate over the next five years, as market research predicts the space to be worth half a billion dollars by 2027.
Research and Markets published a new report, which estimates a compound annual growth rate of 59% for the industry from 2022 to 2027. It currently values the crypto ATM market at $46.4 million and expects this value to increase to $472 million over a five-year time period.
The main drivers of the projected growth include growing remittances and fund transfers in developing countries, fluctuating monetary regulations and an increase in crypto ATM installations around the world.
The insights are driven by in-depth qualitative analysis and verifiable data to create projections about the addressable market. Primary research included interviews, surveys and observations involving market participants.
Related: A dozen Bitcoin ATMs installed at the largest EU electronics retailer
The report also delves into restraints on growth which includes uncertain regulatory environments in different countries, lack of education and technical understanding of cryptocurrencies. Security and privacy concerns and technical challenges around the scalability of installations are identified as barriers to growth.
Crypto ATM service providers could also benefit from significant growth opportunities in developing markets and the growing acceptance of cryptocurrencies across different industries.
The United States remains a significant market for cryptocurrency ATMs, accounting for 88% of crypto ATM installations around the world. The country saw some 641 crypto ATMs commissioned for use in the first 10 days of July 2022. Canada has the second-largest amount of crypto ATMs, making North America the most prolific adopter of the service.
The overall downturn across cryptocurrency markets have had an effect on the roll-out of new crypto ATMs, with the rate of new installations showing a steady decline throughout 2022.