Global Bitcoin Automated Teller Machine (ATM) Market – Industry Trends and Forecast to 2030

Global Bitcoin Automated Teller Machine (ATM) Market, By Type (One Way, Two Way), Offerings (Hardware, Software), Application (Commercial Spaces, Restaurants and Hospital Spaces, Transportation Hubs, Standalone Units, Others), Component (Solution, Services), Deployment (On-Premise, Cloud-based) – Industry Trends and Forecast to 2030.

Bitcoin Automated Teller Machine (ATM) Market Analysis and Size

The bitcoin automated teller machine (ATM) market includes an increase in the rate of digital currency adoption, particularly in developing economies, growing awareness of the mechanism behind cryptocurrencies, their benefits and risks, and the various types of currencies, as well as an increase in the number of bitcoin adopters. The popularity of bitcoin is rising as economies become more digital. Every day, a sizable amount of money is invested in bitcoin, a type of cryptocurrency. By connecting to users' digital wallets, as opposed to traditional automated teller machines (ATM), which connect to your bank account, cryptocurrency ATMs process transactions and send cryptocurrency to users.

Data Bridge Market Research analyses that the bitcoin automated teller machine (ATM) market, valued at USD 85.10 million in 2022, will reach USD 2,717.40 million by 2030, growing at a CAGR of 54.18% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Bitcoin Automated Teller Machine (ATM) Market Scope and Segmentation  

Market Definition

The term "bitcoin automated teller machine (ATM)" refers to a service that makes it simple to trade in this digital currency using an ATM. For security reasons, the automated teller machine (ATM) generates receipts for each transaction, which include public and private keys in the form of QR codes. Users can buy and sell bitcoin at standalone electronic kiosks known as bitcoin automated teller machines (ATMs) in exchange for cash or a debit card. In addition to bitcoin of sale, all bitcoin ATMs also sell other cryptocurrencies.

Bitcoin Automated Teller Machine (ATM) Market Dynamics

Drivers

• Expanding digitalization could hasten market growth

Rising economic digitization will become a significant market growth driver, especially in emerging economies. ATMs that accept bitcoin are being installed in bars, restaurants, convenience stores, and gas stations at an alarming rate. The global digitalization of economies has fueled numerous innovations in numerous industries. A global challenger to traditional payment methods was unveiled in line with these most recent advancements. Many industries have decided to gradually integrate technology into their operations through the increased global interest in cryptocurrencies and the resulting investment in this new form of payment. As a result, the market for bitcoin automated teller machines grew.

• Increasing demand for bitcoins creates the need for automated teller machines ATM.

The market's expansion is also being aided by the increasing acceptance of cryptocurrencies across various industries, the quick spread of high-speed internet, and the rise in the number of start-ups making investments in and profiting from cryptocurrencies. Bitcoins are a type of digital currency that has become increasingly popular due to the level of control users have over their assets and earnings. Additionally, many governments worldwide are working to put cryptocurrency ATMs in public areas, which allows the transactions of bitcoins and other digital currencies. For instance, Williston City installed the first cryptocurrency automated teller machine (ATM) at Williston Basin International Airport (XWA) in November. For instance, according to Coin ATM Radar, a map of bitcoin ATMs, as of September 2022, roughly 602 cryptocurrency automated teller machine (ATM) operators had installed nearly 38,609 ATMs across 78 countries.

Opportunities

• Increasing investments may result in market expansion.

With the increasing global interest in bitcoin and the resulting investment in this new form of payment, many industries have gradually decided to integrate the technology into their operations. As a result, the market for bitcoin automated teller machines grew. Venture capital firms from around the world are heavily investing in bitcoin ATM businesses to aid these companies in enhancing the network of bitcoin automated teller machines (ATM).

• Bitcoin automated teller machine offers immediate transactions and more straightforward trading options

The instantaneous transactions made possible by cryptocurrency automated teller machines drive the market's expansion. The entire payment amount is immediately spent on the item when cash is inserted into the automatic teller machine for a buy order. Users of the bitcoin automated teller machine can also place sell orders without waiting several days for the cash to arrive at these devices. Additionally, it offers customers simpler trading options and eliminates the need for users to create an account, an online wallet, or deal with lengthy public keys. The customer receipt contains a QR code that can be scanned and instantly recognized by well-known wallet apps, making the transaction process simple. These are the main factors influencing the development of the bitcoin automated teller machine (ATM).

Restraints/Challenges

• Narrow acceptance of cryptocurrencies as a legal tender

Several countries have rejected accepting cryptocurrencies as legal tender due to their volatility, decentralized nature, perceived threat to current monetary systems, and connections to unauthorized activities like  money laundering and drug trafficking. The digital currency has been outlawed in some nations, while others have attempted to separate it from the banking and financial infrastructure that is required for its use and trading. Bitcoin is essentially illegal in China, Russia, and Vietnam. Any banks or other financial institutions, including payment processors, are not allowed to operate or deal in the Bitcoin market. Additionally, numerous national governments' prohibition of cryptocurrency exchanges restricts the market's growth. 

• A lack of knowledge can impede market growth.

It is anticipated that a lack of knowledge about cryptocurrencies and blockchain technology may limit the market growth. The higher transaction fees that operators charge their clients are also expected to restrict the market growth. For instance, Coinsource estimates that the typical bitcoin automated teller machine (ATM) fee ranges from 11% to 25% of the transaction. The market's expansion is also constrained by customer support and a shortage of cryptocurrency ATMs. The regulatory status of cryptocurrencies is unclear, and underdeveloped and developing economies lack the necessary technological know-how to expand the market. In addition, the lack of robust infrastructure in developing economies, the small number of ATMs and kiosk locations, and their general accessibility will also pose challenges to the market's growth rate.

This bitcoin automated teller machine (ATM) Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the bitcoin automated teller machine (ATM) Market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022, announcing its intention to go public, the cryptocurrency ATMs Bitcoin Depot operator merged with the acquisition firm GSR II Meteora Acquisition Corp. The business will be able to accelerate its growth with this tactic.
• In 2022, Over 800 locations across Iowa and the Midwest will soon have bitcoin ATMs installed, according to Kwik Trip, which operates as Kwik Star in Illinois and Iowa. The Coinsource bitcoin ATM network, which is based in the United States, enabled this ATM installation.

Global Bitcoin Automated Teller Machine (ATM) Market Scope

The bitcoin automated teller machine (ATM) Market is segmented on the basis of type, offerings, application, component and deployment. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• One Way
• Two Way

Offerings

• Hardware
• Display
• ATM printer
• Printer and Quick Response (QR) Scanner
• Others
• Software

Application

• Commercial spaces
• Restaurants and other hospital spaces
• Transportation hubs
• Standalone units
• Others

Component

• Solution
• Services

Deployment

• On-premise
• Cloud-based

Bitcoin Automated Teller Machine (ATM) Market Regional Analysis/Insights

The bitcoin automated teller machine (ATM) market is analysed and market size insights and trends are provided by country, type, offerings, application, component and deployment as referenced above.

The countries covered in the bitcoin automated teller machine (ATM) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are the region's countries' significant critical player presence, rising investment in the cryptocurrency market, a sophisticated IT infrastructure predominance, and widespread adoption of bitcoin automated teller machines (ATMs) by a variety of industries.

Asia-Pacific will undergo the highest growth rate during the forecast period owing to the increasing rate of economic digitization. Additionally, the growing awareness of cryptocurrency among consumers in the Asia Pacific is also expected to propel the regional market's growth over the forecast period.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Bitcoin Automated Teller Machine (ATM) Market Share Analysis

The bitcoin automated teller machine (ATM) Market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to bitcoin automated teller machine (ATM) market.

Some of the major players operating in the bitcoin automated teller machine (ATM) 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)
• AnkerPlatfom (U.S.)