Crypto ATM market value to hit $472 million by 2027 per new data

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The global cryptocurrency ATM market is projected to grow rapidly over the next five years as market research has estimated the space to be worth half a billion dollars by 2027.

Research and Markets published a new report that forecasts a compound annual growth rate of 59% for the industry from 2022 to 2027. It currently values ​​the crypto ATM market at $46.4 million and expects this value to rise to $472 million in five years. time limit.

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The main drivers of projected growth include increased remittance and fund transfers in developing countries, fluctuating monetary regulations, and an increase in crypto ATM installations around the world.

Insights are powered by in-depth qualitative analysis and verifiable data to make inferences about the addressable market. Primary research consisted of interviews, surveys and observations involving market participants.

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The report also noted barriers to growth including uncertain regulatory environments in various countries, lack of education and technical understanding of cryptocurrencies. Security and privacy concerns and technical challenges around the scalability of installations are recognized as barriers to development.

Crypto ATM service providers can also benefit from significant growth opportunities in developing markets and the growing acceptance of cryptocurrencies in various industries.

The US remains a significant market for cryptocurrency ATMs, accounting for 88% of worldwide crypto ATM installations. The country used some 641 crypto ATMs in the first 10 days of July 2022. Canada has the second largest amount of crypto ATMs, making North America the highest adopter of the service.

The overall slowdown in the cryptocurrency markets has had an impact on the roll-out of new crypto ATMs, with the rate of new installations showing a steady decline throughout 2022.