Global Bitcoin ATM Machine Market Overview
Bitcoin ATM Machine Market Size was valued at USD 0.01 Billion in 2022. The bitcoin ATM machine market industry is projected to grow from USD 0.019 Billion in 2023 to USD 0.664 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 55.50% during the forecast period (2023 - 2032). The increasing number of cryptocurrency adopters and the growing demand for cryptocurrencies point to a paradigm shift in investing, mostly due to the growing younger population. These market drivers are important market drivers driving the expansion of the bitcoin ATM market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Bitcoin ATM Machine Market Trends
-
Growing acceptance of cryptocurrencies is driving the market growth
The growing acceptance of cryptocurrencies by a growing number of businesses, the rapid use of high-speed internet, and the surge in start-ups investing in and making money from cryptocurrencies are all contributing factors to the market's expansion. Because they give users so much control over their assets and income, bitcoins are a kind of digital currency that is rising in popularity. Furthermore, a lot of governments across the globe are trying to install cryptocurrency ATMs in public spaces so that people can transact with bitcoins and other digital currencies. For instance, Williston City set up the first automated teller machine (ATM) for cryptocurrencies at the Williston Basin International Airport (XWA) in November. Similarly, as per the Coin ATM Radar map, which displays bitcoin ATM locations, around 602 cryptocurrency automated teller machines (ATMs) had been installed in 78 countries as of September 2022.
A key factor in market expansion will be the increasing digitization of the economy, particularly in emerging markets. In pubs, restaurants, convenience stores, and petrol stations, bitcoin-accepting ATMs are being installed at an alarming rate. Global economic digitization has spurred a host of advancements across multiple industries. Consistent with these latest developments, a global contender to conventional payment systems was revealed. With the rise in interest in cryptocurrencies around the world and the resulting investment in this new form of payment, several sectors have made the decision to progressively integrate technology into their operations. A consequence of this was an increase in the market for bitcoin ATMs.
The growth of the sector is propelled by the fast transactions that cryptocurrency automated teller machines facilitate. When cash is placed into the automated teller machine for a purchase order, the whole payment amount is immediately spent on the item. Additionally, users of the bitcoin automated teller machine can place sell orders without having to wait a few days for the money to go to these devices. It also gives consumers easier trading alternatives and does away with the need to deal with long public keys, create an online wallet, or create accounts. Well-known wallet apps can quickly and easily recognize the QR code on the customer receipt through scanning, simplifying the transaction procedure. These are the primary variables driving the evolution of the automated teller machine (ATM) for bitcoin. Thus, driving the bitcoin ATM machine market revenue.
Bitcoin ATM Machine Market Segment Insights:
Bitcoin ATM Machine Type Insights
The Bitcoin ATM Machine Market segmentation, based on type includes One Way and Two Way. The one way segment dominated the market. The majority of one-way ATMs for cryptocurrencies only allow purchases. These ATMs are getting more and more well-liked since they make it easy and safe to transfer money. One-way bitcoin ATMs are comparable to conventional ATMs in that they are simple to use and don't require a lot of operational knowledge.
Bitcoin ATM Machine Offerings Insights
The Bitcoin ATM Machine Market segmentation, based on offerings, includes Hardware (Display, ATM printer, Printer and Quick Response (QR) Scanner, Others) and Software. The hardware category generated the most income. Manufacturers of bitcoin ATMs require a wide range of hardware parts to assemble these machines. Cash recyclers, cash boxes, cash dispensers, ATM stands, and door locks are examples of hardware components. Aside from that, the need for bitcoin ATM manufacturing is being driven forward by the expanding installation of bitcoin ATMs, the growing number of investors, and consumer awareness of cryptocurrency currencies.
Bitcoin ATM Machine Component Insights
The Bitcoin ATM Machine Market segmentation, based on component, includes Solution and Services. The services category generated the most income. In order to guarantee seamless operation and regulatory compliance, services offered by Bitcoin ATM manufacturers may include transaction processing, upkeep, customer support, and software updates. In order to help operators effectively manage their machines, some vendors also provide wallet services, API integration, and reporting tools.
Bitcoin ATM Machine Application Insights
The Bitcoin ATM Machine Market segmentation, based on application, includes Commercial spaces, Restaurants, Transportation hubs, and Standalone units. The restaurants category generated the most income. In order to host bitcoin ATMs and make additional revenue, restaurants and bars are investing more and more in these machines. The bitcoin ATM increases traffic to public spaces like cafes, bars, and restaurants by enabling users to buy and sell cryptocurrency similarly to fiat bitcoin ATMs.
Bitcoin ATM Machine Deployment Insights
The Bitcoin ATM Machine Market segmentation, based on deployment, includes On-premise and Cloud-based. The cloud-based category generated the most income. This can include real-time transaction processing, remote management, and updates. Cloud-based technology allow operators to strengthen security, provide scalability, and monitor and operate their Bitcoin ATMs more effectively.
Figure 1: Bitcoin ATM Machine Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Bitcoin ATM Machine Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American bitcoin ATM machine market area will dominate this market. The main reasons for the region's dominance are the substantial critical player presence of its member nations, the increase in investment in the cryptocurrency market, the predominance of sophisticated IT infrastructure, and the extensive use of bitcoin automated teller machines (ATMs) by a range of industries.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BITCOIN ATM MACHINE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe bitcoin ATM machine market accounts for the second-largest market share. The expansion of the Bitcoin ATM industry in Europe is frequently impacted by variables including public knowledge, legal clarity, and the general uptake of cryptocurrencies. Austria, the United Kingdom, and Switzerland stand out for having more Bitcoin ATMs than other nations. Further, the German bitcoin ATM machine market held the largest market share, and the UK bitcoin ATM machine market was the fastest growing market in the European region
The Asia-Pacific Bitcoin ATM Machine Market is expected to grow at the fastest CAGR from 2023 to 2032 because the economy's digitization is happening more quickly. Furthermore, because consumers are becoming more aware of cryptocurrencies, the Asia Pacific market is expected to grow at the quickest rate throughout the course of the projection period. Moreover, China’s bitcoin ATM machine market held the largest market share, and the Indian bitcoin ATM machine market was the fastest growing market in the Asia-Pacific region.
Bitcoin ATM Machine Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the bitcoin ATM machine market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, bitcoin ATM machine industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global bitcoin ATM machine industry to benefit clients and increase the market sector. In recent years, the bitcoin ATM machine industry has offered some of the most significant advantages to medicine. Major players in the bitcoin ATM machine market are attempting to increase market demand by investing in research and development operations includes GENERAL BYTES s.r.o. (Czech Republic), CoinMarketCap (U.S.), Genesis Coin Inc. (U.S.), Lamassu Industries AG (U.S.), Bitaccess (Canada), Coinme (U.S.), Coinsource (U.S.), Coin ATM Radar (U.S.), Orderbob (Austria), RUSbit (Russia), Schlandt Automaten GmbH (Germany), Bitstop (U.S.), Kurant Services GmbH. (Germany), RockitCoin. (U.S.), Bitcoin Depot. (U.S.), BCASH (India), Byte Federal, Inc.(U.S.), Invity.io (India), Cryptomathic (Denmark), and AnkerPlatfom (U.S.).
Based in Chicago, Illinois, RockItCoin is a blockchain technology startup that is well-known as a pioneer in the cryptocurrency industry. The company wants to make cryptocurrencies accessible to as many people as possible, therefore it has established a statewide network of bitcoin ATMs and is aiming for international expansion.
In the Bitcoin ATM business, Genesis Coin Inc. is a well-known American corporation. They create and produce Bitcoin ATMs, giving customers easy access to purchase and sell Bitcoin through real kiosks. They specialize in bitcoin solutions. Genesis Coin Inc. has been acknowledged for its inventive methodology and noteworthy input to the expanding framework of the worldwide cryptocurrency industry.
Key Companies in the bitcoin ATM machine market include
- GENERAL BYTES s.r.o. (Czech Republic)
- CoinMarketCap (U.S.)
- Genesis Coin Inc. (U.S.)
- Lamassu Industries AG (U.S.)
- Bitaccess (Canada)
- Coinme (U.S.)
- Coinsource (U.S.)
- Coin ATM Radar (U.S.)
- Orderbob (Austria)
- RUSbit (Russia)
- Schlandt Automaten GmbH (Germany)
- Bitstop (U.S.)
- Kurant Services GmbH. (Germany)
- (U.S.)
- Bitcoin Depot. (U.S.)
- BCASH (India)
- Byte Federal, Inc.(U.S.)
- io (India)
- Cryptomathic (Denmark)
- AnkerPlatfom (U.S.)
Bitcoin ATM Machine Industry Developments
In 2022: The Bitcoin Depot operator, a cryptocurrency ATM operator, combined with GSR II Meteora Acquisition Corp. after declaring its plan to go public. This strategy will allow the company to expand rapidly.
In 2022: Kwik Trip, which does business in Illinois and Iowa under the name Kwik Star, has announced that it will shortly install bitcoin ATMs at over 800 locations throughout Iowa and the Midwest. This ATM installation was made possible by the Coinsource bitcoin ATM network, which is headquartered in the US.
Bitcoin ATM Machine Market Segmentation
Bitcoin ATM Machine Type Outlook (USD Billion, 2018-2032)
Bitcoin ATM Machine Offerings Outlook (USD Billion, 2018-2032)
- Hardware
- Display
- ATM Printer
- Printer and Quick Response (QR) Scanner
- Others
- Software
Bitcoin ATM Machine Component Outlook (USD Billion, 2018-2032)
Bitcoin ATM Machine Application Outlook (USD Billion, 2018-2032)
- Commercial Spaces
- Restaurants
- Transportation Hubs
- Standalone Units
Bitcoin ATM Machine Deployment Outlook (USD Billion, 2018-2032)
Bitcoin ATM Machine Regional Outlook (USD Billion, 2018-2032)
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 0.01 Billion |
| Market Size 2023 |
USD 0.019 Billion |
| Market Size 2032 |
USD 0.664 Billion |
| Compound Annual Growth Rate (CAGR) |
55.50% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Offerings, Component, Application, Deployment, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
GENERAL BYTES s.r.o. (Czech Republic), CoinMarketCap (U.S.), Genesis Coin Inc. (U.S.), Lamassu Industries AG (U.S.), Bitaccess (Canada), Coinme (U.S.), Coinsource ย (U.S.), Coin ATM Radar (U.S.), Orderbob (Austria), RUSbit (Russia), Schlandt Automaten GmbH (Germany), Bitstop (U.S.), Kurant Services GmbH. (Germany), RockitCoin. (U.S.), Bitcoin Depot. (U.S.), BCASH (India), Byte Federal, Inc.(U.S.), Invity.io (India), Cryptomathic (Denmark), and AnkerPlatfom (U.S.) |
| Key Market Opportunities |
Instantaneous transactions and simpler trading choices are provided by Bitcoin automated teller machines |
| Key Market Dynamics |
Increasing digitalization could speed up market expansion.Necessity for automated teller machines (ATMs) is a result of the rising demand for bitcoins |
Frequently Asked Questions (FAQ) :
The Bitcoin ATM Machine Market size was valued at USD 0.01 Billion in 2022.
The global market is projected to grow at a CAGR of 55.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are GENERAL BYTES s.r.o. (Czech Republic), CoinMarketCap (U.S.), Genesis Coin Inc. (U.S.), Lamassu Industries AG (U.S.), Bitaccess (Canada), Coinme (U.S.), Coinsource (U.S.), Coin ATM Radar (U.S.), Orderbob (Austria), RUSbit (Russia), Schlandt Automaten GmbH (Germany), Bitstop (U.S.), Kurant Services GmbH. (Germany), RockitCoin. (U.S.), Bitcoin Depot. (U.S.), BCASH (India), Byte Federal, Inc.(U.S.), Invity.io (India), Cryptomathic (Denmark), and AnkerPlatfom (U.S.).
The one way category dominated the market in 2022.
The cloud-based had the largest share in the global market.
