The global market for Crypto-ATMs is poised to reach nearly half a billion dollars, according to a new research. In fact, the research shows that the market will be worth about half a billion euros by 2027. That prediction is based on a growth rate of 59 percent per year between 2022 and 2027.
Currently about 46 million euros
The forecast of 467 million euros means that the market for Crypto-ATMs will be about 10 times over in the next five years. In fact, currently the total value of the market is estimated to be around 46 million euros.
According to the study, the main drivers of adoption are a growing number of international remittances in developing countries, fluctuating legislation and an increase in installations of ATMs around the world.
The research substantiates its insights with deep qualitative analysis and verifiable data to make predictions about the overall size of the market. This included interviews, surveys, and observations of market participants.
America as a market leader
The big market leader in Crypto-ATMs is America. About 88 percent of all machines are currently found in the United States.
That Crypto-ATMs are popular in the United States is evident from the first 10 days of the month of July. Indeed, during that period, 641 Crypto-ATMs were installed in the country.
Canada is number two on the list, making North America by far the largest continent in this area. The ailing stock prices have also affected the number of installations of new machines. Indeed, the number of installations has been slowly declining with the passage of 2022. In this respect, this industry could also use a price boost.
2021 was a huge boost
Looking at the figures, the bull run from 2020 to 2021 seems to have done the ATM market especially well. Indeed, for that period we see a huge spike in the number of installations, which then creeps back to the level before in 2022.
Meanwhile, we are back well below 1,000 installations per month, which is not surprising given the state of the market. The explosive growth of the past year was also certainly related to the adoption of bitcoin as legal tender in El Salvador. Indeed, shortly thereafter, the third-largest ATM network emerged in El Salvador.
Total number of machines
The growth may be off for a while at the moment, but looking at the totals it still looks impressive. Indeed, the total number of Crypto-ATMs will have grown to 37,062 machines by 2022. Measured over the entire world population, that works out to about 1 machine per 209,540 people.
The new report from Research and Markets thus expects growth by a factor of 10 over the next five years, which would potentially bring the total number of Crypto-ATMs in the world to 370,620. Which would mean that about 1 in 20,000 people would have a Crypto-ATM.
With numbers like that, the adoption of bitcoin and crypto in general is starting to take on more serious proportions. Anyway, at this point, these are still predictions that the market will have to live up to over the next five years.