ResearchandMarkets.com, on it’s September 4 report predicts, the cryptocurrency automated trading machine (ATM) market will grom staggeringly to $144.5 million by 2023.
The crypto ATM market which is now $16.3 million big is expected to see a compound growth rate (CAGR) of 54.7% FROM 2018 TO 2023.
The study forecasts a significant growth in the two-way ATM’s, they are “expected to grow at a higher CAGR from 2018 to 2023 owing to their dual functionality of cryptocurrency trading.” A two-way crypto ATM provides the facility of trading in multiple options, here customer can change their crypto into fiat and vice-versa and this multifunctionality will play propelling role in boosting the market, cites the report.
The rapid adoption of cryptocurrency throughout the globe primarily in U.S., Germany, and Japan, are few of the reasons highlighted by the report behind this growth.
The maximum upswing is expected in the North American region, credited to the large availability of software and hardware providers for the ATM’s and to the favorable environment it promises to provide.
The report also includes the disruptive factors such as the regulatory uncertainty, lack of awareness and limited understanding of the technicalities of cryptocurrency, and points them out as they can limit the growth.
In light of the mainstream adoption, LocalCoinATM, an Ontario-based Bitcoin and Ethereum ATM manufacturer installed Ethereum ATMs in three different locations in Canada in 2017. In the same year, Hyosung, a South Korean ATM manufacturer integrated Bitcoin into its ATM models.
The ease of digital payments along with the spread of cryptocurrency is major risks the traditional ATM market is dealing with. Cardtronics, the world’s largest ATM operator pointed out towards same in their annual report.