IMARC Group’s latest report, titled “United States Crypto ATM Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the United States crypto ATM market is expected to exhibit a CAGR of 57.30% during 2022-2027. Crypto ATMs are internet-based portals or terminals where users can exchange cash and credit for cryptocurrencies. They comprise a display screen, quick response (QR) scanner, ATM printer, and software. They utilize blockchain technology to transfer the funds to the bitcoin wallet directly and automatically generate receipts with private and public keys in the form of QR codes for every transaction. They offer security, convenience, flexibility, excellent speed, and easy access to money across international borders without requiring bank account details. In recent years, crypto ATMs have gained immense popularity in the United States since they provide easier trading options and facilitate instant, seamless, and secure transactions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
United States Crypto ATM Market Trends:
In the United States, the surging popularity of cryptocurrency represents the primary factor driving the market growth. Besides this, the shifting inclination toward digital currency as a substitute for cash, especially among the young population, is another major growth-inducing factor. Additionally, due to the growing focus of businesses on improving customer service, there has been widespread adoption of crypto ATMs across restaurants, hotels, malls, transportation hubs, airports, and other public places. In line with this, the implementation of favorable government initiatives to legalize the use of Bitcoins and other cryptocurrencies across the country has augmented the demand for crypto ATMs. Furthermore, the leading manufacturers are integrating crypto ATMs with innovative security features, such as facial recognition, one-time password (OTP) service, biometric authentication, QR code, and time stamp, to verify user identity and prevent fraudulent transactions. Along with this, the launch of a novel cryptocurrency accounting package that helps traders, investors, tax consultants, and accountants manage transactions, calculate taxes, monitor portfolios, and analyze profits has propelled market growth. Other factors, including the rising product adoption in the hospitality sector, surging penetration of smartphones, rapid digitization, fluctuating monetary regulations, increasing fund transfers, and technological advancements, are also creating a positive market outlook.
- Based on the type, the market has been bifurcated into one and two ways.
- On the basis of the offering, the market has been classified as hardware and software.
- The market has been divided based on the coin type into Bitcoin, Dogecoin, Ethereum, Litecoin, and others.
- Based on the application, the market has been categorized into commercial spaces, restaurants and other hospitality spaces, transportation hubs, standalone units, and others.
- Region-wise, the market has been segregated into Northeast, Midwest, South, and West regions.
- The competitive landscape of the market has also been analyzed, along with the detailed profiles of the key players operating in the industry.
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