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    Crypto ATM Market Size Forecast to Reach $2.1 Billion by 2026
    (I-BusinessNews.Com, October 07, 2021 ) The Market for Crypto ATM is forecast to reach $2.1 billion by 2026, growing at a CAGR of 50.4% from 2021 to 2026. The Crypto ATM Market is estimated to witness a sustainable growth over the forecast period due to growing fund transfers in emerging countries, unstable financial regulations and increasing installations of Crypto ATMs in restaurants, bars, general stores, gas stations and other daily use public stores are the factors driving the growth of the Crypto ATM market. Adoption of digital banking transactions and digital currency as a substitute of cash culture has boost up the Crypto ATM Market. Its vast adoption especially in the developing countries where it acts as a digital asset designed to work as a medium of exchange which provides a secure blockchain based cryptographic protocol transaction record, to avoid any sort of middle-man as it does not exist in physical form and is not controlled by central banking bodies. Lack of awareness and technical understandings restraints the market growth globally. The fear of piracy and security among the users cause restraint in Crypto ATM Market. Uncertainty in regulation of cryptocurrencies also restricts the market growth.



    Crypto ATM Market Segment Analysis - By Type

    Unidirectional (1-Way) Crypto ATM has dominated the Crypto ATM Market with a share of 69.2% in 2020, the demand for 1-way crypto ATMs is growing due to its basic and easy functionality feature. A 1-way crypto ATM offers traditional transaction features where it allows the insertion of cash and withdrawal of Bitcoin only. 1-Way Crypto ATMs are just as regular ATMs, as these are user-friendly and basic operating knowledge is required. 1-Way Crypto ATM are chiefly installed in North America followed by Europe. Due to continues market demands of multi transaction mediums, growing number of investors and growing user-confidence, 2-Way Crypto ATM may later dominate the market in forecast period as it offers multiple options for cryptocurrencies and fiat currencies trading in majority of public stores and other services. In a 2-way ATM, a user can buy cryptocurrencies and sell them using a single machine.



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    Crypto ATM Market Segment Analysis - By Application

    Restaurants are some of the sectors which holds the largest market in Crypto ATM Market applications and are projected to grow at 62.5% CAGR through 2026. The quick and secure transaction facilities for all goods and services has uplifted its market globally. Crypto ATMs also provides the benefit of fund transfers across the globe. The adoption of Crypto currency promotes cashless payments and transactions in the retail sector which is creating new opportunities for the Crypto ATM Market. This method of increasing the options in the markets for using cryptocurrencies by installing more and more crypto ATMís has dominated the Crypto ATM Market.

    Crypto ATM Market Segment Analysis - By Geography

    North America accounted for being the highest market among all the regions by geography at 42% in 2020. The market growth in this region is predominantly rising due to United States, which has the highest service providers of hardware and software used in production of Crypto ATMíS. Other countries of North America such as Mexico have legalized the use of Crypto currencies where Bitcoin is being highly used for transactions. North America followed closely by Europe, is expected to grow rapidly and overcome former region by 2026.



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    Crypto ATM Market Drivers

    Rise in number of transaction mediums drives market growth

    Emerging economies in Asia-Pacific are contributing considerably in Crypto ATM market especially in terms of E-commerce and Academic Institutions by offering various methods of transactions. Unstable financial transactions provide Crypto currency a medium to be adopted as it provides a new trend for quick and secure transactions. Especially region where there is majority of people who donít have their own bank accounts are using Crypto currency ATMís for transactions. The installation of new Crypto currency ATMís for improving the global connectivity further helps in expansion of Crypto ATM Market.



    Initiatives taken by Government



    The significant increase in the adoption of Crypto Currency as a new medium of transactions acquired globally has brought the governments of many leading countries such as Mexico, Canada and others to legalize the use of Bitcoins and other crypto currency. Various public stores and retail markets run by government now accept this mode of payment and to provide quick transactions the Governments have installed many Crypto currency ATMís globally. Electronic currency which drives the Crypto ATM Market making it adoptable in these regions as well just by other respective names. Government also promotes this type of transaction for funds transfer globally.



    Crypto ATM Market Challenges



    Lack of awareness and threat of piracy



    One of the major challenges faced by Crypto ATM Market globally is the lack of awareness and technical understanding regarding cryptocurrencies for crypto ATM manufacturers and operators. Threat of piracy and irregularities in crypto currency value restraints the Cryptocurrency ATM market. Major Key players accept digital payment and the number of fund transfers in cryptocurrencies has increased rapidly because of which there is increase in demand for automated teller machines. High usage fees and non-refundable transactions, associated with the machines are hindering the crypto ATM market growth. The ATMs demands much higher conversion fees as compared to the conventional ATMs. The transactions are non-refundable and irreversible as they are not operated by banks and businesses which causes trust issues among the users. Strict government regulations that prohibit the usage of cryptocurrency in countries such as India, China, Russia, Bangladesh and Others are hindering the crypto ATM market growth.



    Crypto ATM Market Landscape



    Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Crypto ATM Market. The Crypto ATM Market is dominated by major companies such General Bytes, Genesis Coin, Lamassu, Covault, Bitaccess, Coinme, Coinsource, Bitxatm, Orderbob, RUSbit, Bcash Greece Inc., Tembusu, Cryptomat, BlockTech, PayMaQ Bitnovo and BTCPoint.



    Acquisitions/Technology Launches/Partnerships



    In May, 2021 Bitcoin Depot, a cryptocurrency ATM network, will launch more than 350 new crypto ATMs across the U.S., according to a press release The company has more than doubled its kiosk footprint in the last six months, surpassing 2,500 kiosks worldwide.

    In July,2020 General Bytes launched the new EveryTrade, a new cryptocurrency accounting package that helps in tracking your portfolios, manage your transactions, analyze your profits and calculate your taxes and is used by investors, traders, accountants, tax consultants, fund administrators, ATM operators, blockchain businesses and crypto miners alike.



    Key Takeaways



    The Crypto ATM Market is estimated to witness a sustainable growth over the forecast period due to growing fund transfers in emerging countries, instable financial regulations.



    Installation of Crypto ATMs in restaurants, bars, general stores, gas stations and other daily use public stores has uplift the market growth.

    The acceptance of Crypto currencies across various industries and various public-sector organizations in majority of the geographical regions has promoted the Crypto ATM Market.



    The vast adoption of crypto currencies like Bitcoin in leading start-up companies, academic institutions and E-commerce stores for payments in turn impels a high market growth and this forecast is expected to rise significantly in the coming years as well.



    Many of the leading economies like US, Canada, China, Japan and Others have legalized the use of crypto currency which has encouraged mankind in digital transactions.



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    About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

    IndustryARC

    Venkat Reddy

    (+1) 970-236-3677

    venkat@industryarc.com

    Source: EmailWire.Com

    Source: EmailWire.com

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