According to a new report published on ResearchAndMarkets.com, the global crypto ATM market is expected to grow at a compound annual growth rate of 46.6 percent per year. The forecast would equate to the market reaching $183 million by 2024.
A new study has been published which forecasts explosive growth for the cryptocurrency ATM industry by 2024. According to ‘The Crypto ATM Market – Forecasts from 2019 to 2014,’ the market will expand from $18.5 million to $183.7 million by 2024. This is a tenfold increase in a span of just five years.
Crypto ATMs have become a common fixture in many malls, shops, and commercial areas, especially in the United States. However, their reach is still limited and there are lingering questions over how often they are even used. Although the number of crypto ATMs is still relatively low, they are visible enough for people to take notice nonetheless. Every major metropolitan area has at least one nowadays.
According to the report, the rising demand for ATMs will mainly emerge from the hospitality industry.
Given that crypto ATMs have reached something of a critical mass in the West, most of the growth will come from the Asia Pacific region during the forecasted period. This is because these areas are also expected to experience an increase in overall disposable income which will further boost the crypto ATM market.
In conducting its findings, the report profiled many key players in the space including Genesis Coin, Inc., General Bytes, Bitaccess, Coinsource, and others. Developments, trends, and industry policies are all discussed; the only possible obstacle to this expected growth is uncertain government regulation which will clearly be the deciding factor in all this.
As cryptocurrencies increase their consumer adoption, it should come as no surprise that more crypto ATMs would follow. The seamless transition between fiat and cryptocurrencies is a must for its long-term viability. Crypto ATMs serve as the bridge, and therefore their expected explosive growth over the next five years should come as no surprise.
Have you ever used a crypto ATM? Do you find the report’s findings reasonable? Let us know your thoughts in the comments below!