A recent analysis by Research and Markets estimates that the crypto ATM market could grow at a compound rate of 59% from 2022 to 2027, to $472 million over the next five years.
The current value is estimated at a total of $46.4 million globally, but this is a value that is likely to increase.
The report is titled “Global Crypto ATM Market (2022-2027) by Type, Offering, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis,” and it looks at the situation in many different states, including the US, Europe, Africa, and Asia-Pacific.
Report and predictions on the crypto ATM market
The report presents a detailed analysis of the Ansoff Matrix, also known as the Product/Market Expansion Grid. This is a strategic tool used to design strategies for growth. Indeed, this matrix can be used to evaluate approaches in four strategies: market development, market penetration, product development, and diversification.
This provides a comprehensive assessment of the global crypto ATM market, thanks in part to in-depth qualitative analysis, verifiable data from authentic sources, and market size projections calculated using proven research methodologies.
The projection thus estimates that the growth of this specific sector over the next five years will be decidedly sustained, such that its overall market value will increase tenfold.
The current value, of about $46 million, actually is rather low since this is a global estimate. But what matters most are the very high growth rates, although the report does not say what the real likelihood is that such high growth rates will remain unchanged over time.
The main drivers of this growth are those related in particular to remittances from abroad and transfers of funds to developing countries, as well as still unclear regulations.
Factors holding back current expansion
In fact, unclear regulations also play against this growth, as does the still very low level of technical understanding of cryptocurrencies by the masses. Other problems identified are those related to security and privacy, as well as technical scalability.
For these reasons, the report states that crypto ATM service providers could especially benefit in developing markets, where growth factors seem to have greater strength.
Currently, 88% of crypto ATMs installed worldwide are located in the US, with Canada in second place. So emerging markets in this respect are still fundamentally new.
The post Crypto ATMs: $472 million market by 2027 appeared first on The Cryptonomist.
