According to the new research report titled 'Sorting Cash Machine Market Forecast to 2028 - COVID-19 Impact and Global Analysis,' the market is expected to reach US$ 1,988.26 million by 2028, registering a CAGR of 3.7% from 2021 to 2028.
Sorting cash machines are used in various cash-intensive enterprises and financial institutions, such as retail stores, casinos, commercial banks, and other spaces. Some innovations in cash sorting machines, like weight-based cash sorting, are facilitating their implementation at an advanced level. This factor is contributing to the growth of the sorting cash machine market. Besides the factors mentioned above, the improvement in living standards, advancements in product technologies, and untapped market opportunities in emerging economies are some factors anticipated to boost the sorting cash machine market in the near future. There are more behavioral benefits of utilizing this machine, like fewer errors in sorting and counting with lower operational costs, fewer financial losses, and fewer internal risks resulting from counting and sorting. However, the rising prevalence of digital payments and payment wallets in general stores is limiting the penetration of sorting cash machines in retail outlets and banks. This, in turn, will hamper the sorting cash machine market growth.
Market participants have developed a new technology for cash sorting machines with security measures to prevent cash counterfeiting. Regulation (EU) No. 1210/2010 of the European Parliament is implemented to avoid counterfeiting currency and protect the sorting cash process. As per the Reserve Bank of India (RBI) mandate, banks shall maintain a daily record of notes processed through these machines, including the number of counterfeits detected. The BPS X9 holds the world record for cash counting with a throughput of up to 44 banknotes per second. The number of bank branches in developing countries, like China and India, is rapidly increasing due to a large base of rural and semi-urban customers. This is further propelling the growth of the sorting cash machine market.
The sorting cash machine market is analyzed based on type and application. Based on type, the sorting cash machine market is bifurcated into banknote sorter and coin sorter. Based on application, the sorting cash machine market is segmented into banks, supermarkets, and others. Geographically, the sorting cash machine market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Advancements in technology aid the expansion of the sorting cash machine market in product technology. The sorting cash machine market is being driven by several advances in cash sorting machines, such as weight-based cash sorting, which allows for better use of cash. Modern machines place a premium on efficiency, which saves time and improves a company's operating efficiency. The European government controls the use of coin sorter machines under Regulation (EU) No 1210/2010 to prevent currency counterfeiting and authenticate cash counting and sorting procedures. To receive clearance for distributing cash sorting machines in the Europe market, manufacturers must meet the acceptance criteria stated in the Commission guidelines. Cash sorting machines with the appropriate security measures to prevent cash counterfeiting are being developed by market participants using next-generation technologies. Manufacturers are attempting to consolidate a better position in the market by providing these machines with dependability algorithms and cash detection systems.
While security, accuracy, and efficiency remain the most critical aspects of cash sorting machines, manufacturers increasingly include configurable touchscreen displays, machine graphics, and hands-free cash handling. Manufacturers and distributors are applying sophisticated technologies to incorporate unique and top-notch security features in cash sorting machines to gain a competitive edge. The sorting cash machine market is predicted to increase at a moderate rate during the forecast period, owing to various market dynamics, such as lower cash usage and advanced security features.
Reasons to Buy
Sorting cash machines are used in various cash-intensive enterprises and financial institutions, such as retail stores, casinos, commercial banks, and other spaces. Some innovations in cash sorting machines, like weight-based cash sorting, are facilitating their implementation at an advanced level. This factor is contributing to the growth of the sorting cash machine market. Besides the factors mentioned above, the improvement in living standards, advancements in product technologies, and untapped market opportunities in emerging economies are some factors anticipated to boost the sorting cash machine market in the near future. There are more behavioral benefits of utilizing this machine, like fewer errors in sorting and counting with lower operational costs, fewer financial losses, and fewer internal risks resulting from counting and sorting. However, the rising prevalence of digital payments and payment wallets in general stores is limiting the penetration of sorting cash machines in retail outlets and banks. This, in turn, will hamper the sorting cash machine market growth.
Market participants have developed a new technology for cash sorting machines with security measures to prevent cash counterfeiting. Regulation (EU) No. 1210/2010 of the European Parliament is implemented to avoid counterfeiting currency and protect the sorting cash process. As per the Reserve Bank of India (RBI) mandate, banks shall maintain a daily record of notes processed through these machines, including the number of counterfeits detected. The BPS X9 holds the world record for cash counting with a throughput of up to 44 banknotes per second. The number of bank branches in developing countries, like China and India, is rapidly increasing due to a large base of rural and semi-urban customers. This is further propelling the growth of the sorting cash machine market.
The sorting cash machine market is analyzed based on type and application. Based on type, the sorting cash machine market is bifurcated into banknote sorter and coin sorter. Based on application, the sorting cash machine market is segmented into banks, supermarkets, and others. Geographically, the sorting cash machine market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Key Findings of Study:
Advancements in technology aid the expansion of the sorting cash machine market in product technology. The sorting cash machine market is being driven by several advances in cash sorting machines, such as weight-based cash sorting, which allows for better use of cash. Modern machines place a premium on efficiency, which saves time and improves a company's operating efficiency. The European government controls the use of coin sorter machines under Regulation (EU) No 1210/2010 to prevent currency counterfeiting and authenticate cash counting and sorting procedures. To receive clearance for distributing cash sorting machines in the Europe market, manufacturers must meet the acceptance criteria stated in the Commission guidelines. Cash sorting machines with the appropriate security measures to prevent cash counterfeiting are being developed by market participants using next-generation technologies. Manufacturers are attempting to consolidate a better position in the market by providing these machines with dependability algorithms and cash detection systems.
While security, accuracy, and efficiency remain the most critical aspects of cash sorting machines, manufacturers increasingly include configurable touchscreen displays, machine graphics, and hands-free cash handling. Manufacturers and distributors are applying sophisticated technologies to incorporate unique and top-notch security features in cash sorting machines to gain a competitive edge. The sorting cash machine market is predicted to increase at a moderate rate during the forecast period, owing to various market dynamics, such as lower cash usage and advanced security features.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global sorting cash machine market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global sorting cash machine market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Sorting Cash Machine Market Landscape
5. Sorting Cash Machine Market - Key Market Dynamics
6. Sorting Cash Machine Market - Global Analysis
7. Sorting Cash Machine Market - Type
8. Sorting Cash Machine Market - By Application
9. Sorting Cash Machine Market - Geographic Analysis
10. Sorting Cash Machine Market- COVID-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Executive Summary
The sorting cash machine market was valued at US$ 1,539.16 million in 2020 and is expected to reach US$ 1,988.26 million by 2028 with a CAGR growth rate of 3.7% during the forecast period from 2021 to 2028.Advancements in technology aid the expansion of the sorting cash machine market in product technology. The sorting cash machine market is being driven by several advances in cash sorting machines, such as weight-based cash sorting, which allows for better use of cash. Modern machines place a premium on efficiency, which saves time and improves a company's operating efficiency. The European government controls the use of coin sorter machines under Regulation (EU) No 1210/2010 to prevent currency counterfeiting and authenticate cash counting and sorting procedures. To receive clearance for distributing cash sorting machines in the Europe market, manufacturers must meet the acceptance criteria stated in the Commission guidelines. Cash sorting machines with the appropriate security measures to prevent cash counterfeiting are being developed by market participants using next-generation technologies. Manufacturers are attempting to consolidate a better position in the market by providing these machines with dependability algorithms and cash detection systems.
While security, accuracy, and efficiency remain the most critical aspects of cash sorting machines, manufacturers increasingly include configurable touchscreen displays, machine graphics, and hands-free cash handling. Manufacturers and distributors are applying sophisticated technologies to incorporate unique and top-notch security features in cash sorting machines to gain a competitive edge. The sorting cash machine market is predicted to increase at a moderate rate during the forecast period, owing to various market dynamics, such as lower cash usage and advanced security features.
Impact of COVID-19 Pandemic on Europe Sorting Cash Machine Market
Russia, France, Italy, the UK, Spain, and Germany were some of the worst-affected member states by the COVID-19 outbreak in the European region. Businesses in the region faced severe economic difficulties as they had to either suspend their operations or reduce their activities in a substantial manner. Owing to business lockdowns, travel bans, and supply chain disruptions, the region witnessed an economic slowdown in 2020. The member states of Europe, such as Italy, Spain, and Germany, implemented drastic measures and travel restrictions to limit the spread of novel coronavirus among their citizens. European countries represent a major market for digital payments due to the adoption of cloud and mobile technologies in the BFSI sector. The region has also witnessed a growth in the number of fintech. European countries increased their contactless limits, and the demand for digital banking services doubled in various countries in the region. The pandemic boosted the digitization of the banking sector since customer expectations changed during the pandemic. This potential digital change would support banks to cope with the tougher operating environment that COVID-19 has brought.
The sorting cash machine market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America led the sorting cash machine market with a revenue share of 35.80% in 2020. The promising market growth in this region is ascribed to the presence of multiple sorting cash machine providers. Players such as Cummins Allison; Laurel Bank Machines Co., Ltd; and Cash Processing Solutions have their footprints in North America. These companies are addressing the business requirements of supermarkets, banks, and other users. Further, the presence of many banks in the region, especially in the US, is another prevailing factor boosting the demand for sorting cash machines. Asia Pacific is estimated to register the highest CAGR in the sorting cash machine market during the forecast period because of many emerging economies such as China, India, Japan, Australia, and South Korea. The number of supermarkets present in countries such as Japan, Thailand, Singapore, Taiwan, Malaysia, the Philippines, Indonesia, and China is enormously high, which is expected to create lucrative growth opportunities for the sorting cash machine market. Additionally, the footprints of significant note counting machine brands in India, such as Smars, VMS, Gobbler, SToK, and Swaggers, are expected to contribute to the market growth during the forecast period. Thus, the demand and supply of sorting cash machines in APAC are progressing at the same pace.
Giesecke & Devrient, De La Rue, Julong, Toshiba, Glory Global Solutions, GRGBanking, Laurel, Cummins-Allison, Bcash Electronics, and Kisan are the key players operating in the global sorting cash machine market.
The overall global sorting cash machine market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the sorting cash machine market. The process also serves the purpose of obtaining an overview and forecast of the sorting cash machine market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the sorting cash machine market.
Companies Mentioned
- Bcash, Electronics Co
- Cummins Allison
- De La Rue plc
- Giesecke+Devrient GmbH
- Glory Global Solutions (International) Limited
- Grgbanking
- Julong Europe GmbH
- Kisan Electronic
- Laurel Bank Machines Co.Ltd.
- Toshiba Infrastructure Systems and Solutions Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 146 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 1539.16 Million |
| Forecasted Market Value ( USD | $ 1988.26 Million |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
