The first Bitcoin ATM was opened in the year 2013 and since then it is rapidly taking the market forward due to increasing number of ATMs being built. Various advantages of Bitcoin ATMs are super-fast transactions, capacity of around 2500 bills, affordable prices, easy to use interface, high-definition camera, fingerprint scanner, reliable, innovative and intuitive touch screen monitor, among others. Bitcoin ATMs have become legal in many countries and are increasingly being accessed for various purposes. In March 2021, the Bitcoin wallet users were around 70 million and thereby this states that the market is growing rapidly. Bitcoin ATM are divided into various types such as one way and two way, whereas, one way bitcoin ATMs dominate the market and have largest share in the Bitcoin ATMs market. Several components of Bitcoin ATMs include display, printer, and QR scanner, among others, whereas, others segment dominates the market and display segment witness fastest growth during the forecast period.
The bitcoin ATMs market is split into wide number of kiosk manufacturers and providers who are providing advance ATMs with unidirectional and bidirectional features across the world. The major players in the global bitcoin ATMs market are GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Covault, LLC, Bitaccess Inc., Coinme Inc., Coinsource, BCASH, ServiceBOB GmbH and RUSbit.
Global BITCOIN ATMS Market, By Type
Based on type, bitcoin ATMs market is segmented into the following:
• One Way
• Two Way
Below graph provides a comparative analysis of the value contribution for each of the segment for the years 2020 and 2028:
In 2020, the one way segment led the overall bitcoin ATMs market in terms of market value accounting for over 73% of the global market. One way or unidirectional bitcoin ATM is a kiosk which allows person to only purchase bitcoins and other crypto-coins and cryptocurrencies with help of debit cards and cash. Over the years Bitcoin has become very popular among individuals and businesses, hence, most of the companies have started their payment with Bitcoins and other cryptocurrencies due to growing adaptability. Apart from this, most of the countries have legal applications or mobile apps for Bitcoin trading and thereby people are more active and are trying digital trading enthusiastically. Therefore, companies are increasingly investing towards opening BATMs in most of the developed and developing countries where people can access these bitcoin ATMs on a daily basis.
Global BITCOIN ATMS Market, By Component
Based on component, the bitcoin ATMs market is segmented into the following:
• Display
• Printer
• QR Scanner
• Others
Below graph provides a comparative analysis of the value contribution for each of the segment for the years 2020 and 2028:
In 2020, the others segment led the overall bitcoin ATMs market in terms of market value accounting for over 58% of the global market. Other components of the bitcoin ATMs includes cash counting machine, bill acceptor, cash dispenser, cash holder and card readers, among others, which are used in the ATMs to make the process safe and quick. The cash holder and cash counting machine performs a large mechanism in the bitcoin ATMs and they are considered as one of the large components in the ATM machines. These components help the user to buy or sell bitcoins using cash or card and it can also dispense the cash, when bitcoins are sold. Apart from this, the bitcoin ATM components also guides the users through all the steps while their transactions, therefore, it has high demand in the market as compared to other components. Moreover, the display segment will witness fastest growth in the market during the forecast period.
Global BITCOIN ATMS Market, By Geography
Based on geography, the bitcoin ATMs market is segmented into following:
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Latin America
o Mexico
o Brazil
o Rest of Latin America
• Middle East and Africa (MEA)
o GCC Countries
o South Africa
o Rest of ME
Below graph provides a comparative analysis of the value contribution for each of the segment for the years 2020 and 2028:
In 2020, North America held the largest share in the bitcoin ATMs market because the U.S. accounts for highest service providers of hardware and software that are used in production of bitcoin ATMs. The U.S. and Canada are the major contributors for bitcoin ATMs market across the world. Currently, the highest number of bitcoin ATMs in the U.S. are 18,263 and in Canada are 1,501, which are considered highest among all the countries. Apart from this, U.S. recorded the fastest spread of bitcoin ATMs across the world, and it also acquired the largest share of bitcoin ATMs within its region. The U.S. currently accounts for 85% of the total number of bitcoin ATMs globally. One-fifth of them are placed in Los Angeles, New York, Chicago and Detroit. Additionally, there is an increasing range of spread of bitcoin ATMs within the U.S., with locations in small shops, shopping centres, and transportation hubs. Therefore, the demand for bitcoin ATMs is increasing rapidly in U.S. and Canada, thus driving the bitcoin ATMs market in North America region.
