Global Bitcoin ATM Market Projected To Hit $144 Million By 2023 Per MarketsandMarkets Report
According to a recent report released by MarketsandMarkets the Crypto ATM market can skyrocket from $16.3 million dollars in 2018, to $144.5 million dollars by 2023. The compound annual growth rate is expected to be 54.7% from 2018 to 2023.
As virtual currencies grow, the cryptocurrency ATM industry will also increase.
As per the report, the market for two-way virtual currency ATMs will also grow between 2018 and 2023. Now, individuals are more focused on one-way ATMs, but in the future the interest can increase.
ATMs with displays will be dominating in the market because they are cheaper to operate and because they are more user friendly. Moreover, the display segment will experience a steady growth for the next five years.
North America is expected to continue the domination it has in the market. The reason is that innovation and adoption will drive demand even higher. The United States has a very important market for ATMs. At the moment, the United States has 2201 crypto ATMs. That means that the US has 60% of the total ATMs that are around the world.
The next country after the United States with the highest number of Bitcoin ATMs is Canada, also in North America, with 17% of the market. Between the United States and Canada, they have more than 75% of the ATMs installed around the world.
The list is followed by Austria with 196 locations (5%), the United Kingdom with 176 (4.8%), Russia with 79 (2%) and Spain with 63 (1.7%).