Crypto ATM market value to hit $472 million by 2027
New report suggests that the crypto ATM market is set to reach a valuation of half a billion dollars by 2027
By Shashank Bhardwaj
According to a new report by Research and Markets, the global crypto ATM market is projected to follow a compound annual growth rate of 59 percent between 2022 and 2027. This would allow the market to reach an estimated value of half a billion dollars by that time since the current valuation stands at $46.4 million. The report was conducted by an in-depth quantitative analysis and using primary research methods such as interviews and surveys of market participants.
These high numbers are attributed to growing remittances and fund transfers in developing countries warming up to crypto around the world, as well as fluctuating monetary regulations and an increase in crypto ATM installations. There are also avenues for growth opportunities in developing countries with the rising acceptance of crypto.
Leading the pack is the United States of America, which proves to be one of the biggest contributors to this growth structure, accounting for 88 percent of crypto ATM installations worldwide. In the first ten days of July alone, the country saw a record 641 ATMs commissioned for use. Canada is following close behind with the second largest amount of installations, placing North America as the torch-bearer for this service.
Despite the promising numbers, the overall downturn in crypto markets over 2022 has meant a steady decline in the rate of new installations as a whole through the year.
Moreover, the report outlines the barriers to growth in the crypto ATM market, which include uncertain regulations in some countries, lack of education around crypto, general distrust and security or technical issues surrounding digital currencies and their trade in many places.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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