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The Bitcoin ATM market is definitely one of the markets on the rise right now. According to a recent study, it even has the potential to expand at a CAGR of over 50% in the next five years.

Conducted by the business-to-business research firm MarketsandMarkets, the new report indicates that the cryptocurrency ATM market will grow at a rate of 54.7% between 2018 and 2023 – totaling $144.5 million during the five-year period.

Right now, there are 3,650 Bitcoin ATMs in the world, rising from the 3,500 which were reported last month. As Coin ATM Radar previously reported, on a daily basis, an average of four bitcoin ATMs are installed throughout the world.

As the report titled “Crypto ATM Market – Global Forecast to 2023” said:

“The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers),”

It also noted the following:

“In 2017, the Government of Mexico declared bitcoin legal, and it would be regulated by the Fintech Law. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.”

With this, it is estimated that the cryptocurrency ATM market was worth $6.8 million last year but has grown to reach $16.3 million in 2018. Aside from this, the study also noted that two-way ATMs (used for buying and selling cryptocurrencies from a single device) will enjoy a higher growth compared to the one-way ATMs (for withdrawing Bitcoins). Currently, however, one-way ATMs dominate the market with a 62.49% presence.

North America will remain the largest market for cryptocurrency ATMs across the globe – and the United States will be the clear leader – just like the situation right now when it has 73% of the Bitcoin ATMs in the world.