Report: Crypto ATM Market Expected to Grow to $144.5 Million by 2023

The crypto automated trading machine market will grow to $114.5 million by 2023, according a report published Sept. 4 on ResearchandMarkets.com.

Researchers expect the cryptocurrency ATM market to grow from $16.3 million in 2018 to $144.5 million by 2023, citing a compound annual growth rate of 54.7 percent from 2018 to 2023.

The authors of the report highlight rapidly expanding capabilities in developed countries like the U.S., Germany, and Japan, and the increasing rate of crypto adoption as prime growth factors in the crypto ATM market.

The North American crypto ATM market will purportedly hold the largest share of the crypto market by 2023.

The presence of a large number of crypto ATM hardware and software providers, as well as a favorable investment environment will facilitate the dominant position of the U.S. in the market.

At the same time, the study also identifies regulatory uncertainty, in addition to lack of awareness and technical understanding of cryptocurrencies as factors that can limit the growth of the crypto ATM market.

Targeting mainstream adoption, Ontario-based Bitcoin and Ethereum ATM manufacturer LocalCoinATM installed a batch of ETH ATMs in three different locations in Canada, including Toronto, Brampton and Etobicoke in 2017.

That year South Korean ATM manufacturer Hyosung officially integrated BTC into its international ATM models.

While the crypto ATM market is projected to grow over the next five years, traditional ATM manufacturers consider digital currencies a threat to their business.

In March, the world's largest ATM operator Cardtronics pinpointed cryptocurrencies among the major risks to their business in an annual report.