Grand View Research, a market research & consulting company, released a new report on December 7th, which found that the size of the crypto ATM industry would reach $5,450.9 million worldwide by 2030, growing at a CAGR of 61.7% between 2022 and 2030.
According to the press release, the rise in the use of cryptocurrencies as payment methods at various retail establishments is responsible for the expansion of the crypto ATM industry. In addition, one of the key elements supporting the market’s growth is the ability of consumers to exchange crypto for fiat money via crypto ATM services.
Additionally, a CAGR of 24.4% is anticipated for the worldwide crypto wallet industry, which is estimated to grow to a value of $48.27 billion by 2030, according to the report.
The factors projected to drive the expansion of crypto wallets during the forecast period are the rising need for greater security in crypto transactions, increased usage of smartphones, and internet penetration.
The size of the worldwide cryptocurrency market, on the other hand, is anticipated to grow at a CAGR of 12.2% from 2022 to 2030, reaching $11.71 billion. The demand for enhanced data security, operational transparency, and the use of blockchain technology in digital payment systems are expected to drive market expansion.
The market for crypto exchange platforms is anticipated to reach $264.32 billion by 2030, expanding at a CAGR of 27.8% between 2022 and 2030.
Analysis Of “Crypto ATM Market Growth”
Crypto ATMs are expected to rise significantly over the next five years due to increased usage among retailers like Walmart and Circle K. A study conducted by Bitstamp also revealed that nearly “75% of retail and 88% of institutional investors” expect crypto to be accepted as a standard form of payment across the world within the next decade.
Furthermore, there have been more Bitcoin ATM installations worldwide as bitcoin payment acceptance has grown. Nearly 23 bitcoin ATMs are being deployed each day worldwide, as per statistics from Coin ATM Radar, a supplier of information on Bitcoin ATMs.
According to the statement:
The outbreak of the COVID-19 pandemic is expected to impact the growth of the market positively. Users across the globe are demanding more advanced software in crypto ATMs so that the process of storing, buying, and selling cryptocurrencies can be made easy.
Furthermore, the development of cutting-edge software is another area where crypto ATM service providers are concentrating on making transactions easier by using these machines.
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