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The relatively small industry of crypto ATMs, which was born out of the need to make the exchange of crypto coins easier and faster, now boasts a market value up to 18.513 million USD, according to a new report by ResearchAndMarkets.com.
The crypto ATM industry, which deals basically in little shops dubbed crypto ATMs designed to allow crypto enthusiasts and customers to easily and safely exchange their crypto coins for fiat currencies, has grown in leaps and bounds since its creation a few years ago. Players in this industry develop crypto-based automated teller machine (ATM) kiosks and disseminate them to strategic locations where they are kept and maintained for customers to access.
The industry which boasts big players such as Bitaccess, Genesis Coin Inc, Coinsource, GmbH, General Bytes, Lamassu Inc., Covault, and a host of others is predicted to reach a market value of 183.779 million USD in 2024. Experts at ResearchAndMarkets.com predict it will achieve this value through a steady CAG rate of 46.60%. This is a tremendous spike from what it was in 2018 – 18.513 USD. And the market is predicted to continue growing even after the slated timeline.
According to the recent research by the ResearchAndMarkets.com team, popularity of this fast-rising industry is aided by the growth of the crypto market. As cryptocurrency gains more traction and moves closer towards the mainstream, it causes a direct rise in the demand for crypto ATMs; thus, bolstering the growth and development of this ‘small’ industry.
Furthermore, the team stated that the increase in the demand for installation of crypto ATMs in the hospitality industry has also contributed to the huge amount of growth seen in the industry. Nonetheless, certain drawbacks in the crypto market such as undefined governing rules and regulations and high price volatility have also affected the growth of this industry negatively.
The ResearchAndMarkets.com team conducted extensive research to paint a clear and accurate picture of the crypto ATM industry in different geographical zones across the globe. While the North American and European regions have proven to be major drivers in the industry, the team believe that rising disposable income and growing popularity of cryptocurrency will drive the increased demand of crypto ATMs in the Asian Pacific region.
A more detailed analysis of the market is given on the official ResearchAndMarkets.com report.