The global cryptocurrency ATM market is expected to grow at a rapid rate over the next five years, with market research forecasting the space to reach half a billion dollars by 2027.

Research and Markets has published a new report estimating a 59% compound annual growth rate for the industry from 2022 to 2027. The Crypto ATM market is currently estimated at $46.4 million and this value is expected to increase to $472 million over a five-year time period.

Key drivers of the projected growth include an increase in remittances and money transfers in developing countries, fluctuations in monetary regulations, and an increase in cryptocurrency ATM facilities around the world.

Insights are driven by in-depth qualitative analysis and verifiable data to create forecasts about the routable market. Primary research included interviews, surveys, and observations of market participants.

Related: Dozens of Bitcoin ATMs Have Been Installed at the EU’s Largest Electronics Retailer

The report also delves into the constraints on growth that include uncertain regulatory environments in various countries, lack of education and technical understanding of cryptocurrencies. Security and privacy concerns and technical challenges around installability have been identified as impediments to growth.

Crypto ATM service providers can also take advantage of significant growth opportunities in developing markets and the growing acceptance of cryptocurrencies in various industries.

The United States remains an important crypto ATM market, accounting for 88% of crypto ATM installations worldwide. The country saw about 641 crypto ATMs commissioned in the first 10 days of July 2022. Canada has the second largest number of crypto ATMs, making North America the most widespread adopter of this service.

The general downturn in the cryptocurrency markets has had an impact on the proliferation of new crypto ATMs, with the rate of new installs showing a steady decline throughout 2022.

Source: CoinTelegraph