Researchers indicate that the global cryptocurrency ATM (ATM) market will grow rapidly over the next five years. Out a report Research and Markets shows that the crypto ATM industry will be worth about $46.5 million by 2022. The same report predicts that this amount could reach nearly $500 million by 2027.
Report discusses multiple bitcoin ATM providers
The report is titled “Global Crypto ATM Market (2022-2027) by Type, Offering, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis” and was recently released and read on ResearchAndMarkets.com.
The report delves deeper into the industry based on a detailed analysis. The report also provides more information about the recent developments of the companies. Companies such as Bitxatm, BTCPoint, Coinsource and more were discussed in the report.
Crypto ATMs especially interesting in developing countries
The main reasons for the expected growth are increasing wire transfers in developing countries, proliferation of crypto ATMs worldwide and the ever-changing monetary laws and regulations from around the world.
Service providers for these crypto ATMs can also benefit from the rising demand for crypto in developing countries. Over the past period, we have seen an increasing demand for crypto in these countries as residents from these countries cannot use the financial services that are offered there.
United States largest player in the sector
For the time being, the United States remains market leader when it comes to cryptocurrency ATMs. The country owns about 88% of all vending machines worldwide.
The report also discusses the brake on the growth of cryptocurrencies, which also includes regulatory uncertainty in several countries. This also has to do with the fact that there is little education available about cryptocurrencies. This also means that there is little understanding for the sector. Concerns about ATM security, privacy, scalability, and technical challenges are currently holding back growth.
