Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Sorting Cash Machine Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global sorting cash machine market has grown strongly in recent years. It will grow from $1.6 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed during the historical period can be attributed to various factors, including an increased demand for self-service machines, improvements in cash handling efficiency, compliance with regulatory requirements, a rise in demand for cashless transactions, and the adoption of multifunctional ATMs.
The sorting cash machine market is expected to see strong growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to several factors, including the high adoption of machines within the retail banking sector in emerging economies, the increasing adoption of smart machines globally, the rising popularity of contactless and digital payments, the integration of data analytics and reporting in ATM functionalities, and the increased implementation of cash recycling features. Major trends expected in the forecast period include advancements in security measures for ATM transactions, technological innovations such as contactless payments and mobile banking integration, the development of multifunctional ATMs with expanded capabilities, increased connectivity options, and the continued trend of cash automation in self-service machines.
The sorting cash machine market is anticipated to experience growth, driven by an increase in the number of grocery stores and supermarkets. For instance, Reliance Retail reported the opening of over 3,300 new stores in 2023, while Walmart Inc., a US-based retail giant, operated more than 10,500 stores globally and added over 500,000 new associates in 2020. This surge in grocery stores and supermarkets is a key factor propelling the sorting cash machine market.
The expansion of the financial sector is poised to contribute to the growth of the sorting cash machine market. In the UK, the financial services industry, along with related professional services, accounted for 12% of the country's economic output, generating £278 billion ($337.38 billion) in economic output and £100 billion ($121.36 billion) in tax revenue, according to the City of London Corporation. This expansion in the financial sector is expected to drive the demand for sorting cash machines.
Technological advancements represent a prominent trend in the sorting cash machine market, with major companies focusing on developing innovative products. Volumatic, a UK-based intelligent cash-handling solutions provider, introduced CountEasy 2 in July 2022, offering 100% accurate cash counts for businesses in retail, leisure, and banking. This technologically advanced system can swiftly and precisely count both notes and coins, saving businesses time and reducing errors in cash reconciliation.
Major companies in the sorting cash machine market are emphasizing the adoption of image sensor-based currency counting machines to enhance efficiency and accuracy, gaining a competitive edge. Godrej Group's Valumatic, launched in January 2022, is an image sensor-based currency counting machine designed for the BFSI, retail, and commercial sectors. Equipped with a double-sided image sensor, Valumatic ensures accurate counting of currency notes and can detect counterfeit notes.
In July 2023, BNP Paribas, a France-based asset management and investment advisory firm, completed the acquisition of Kantox for an undisclosed amount. This strategic move is expected to make Kantox's technology more widely available to corporate customers globally. Kantox, a UK-based currency management automation company, provides technology that enables organizations to automate currency risk management, develop effective hedging strategies, and reduce costs.
Asia-Pacific was the largest region in the sorting cash machine market in 2023. The regions covered in the sorting cash machine market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the sorting cash machine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Scope
Markets Covered:
1) By Type: Notes Sorter; Coins Sorter
2) By Enterprise Size: Large Enterprises; Small and Medium Sized Enterprise
3) By Application: Bank; Supermarket; Hospital; Other Applications
Key Companies Mentioned: Bcash Electronics Co.; Cummins Allison; De La Rue plc; Giesecke+Devrient GmbH; Glory Global Solutions (International) Limited
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- Xinda Electronic Equipment Ltd.
- Guao Electronic
- Aditya Systems
- Eromart
- Cash Processing Solutions.
- Innovative Technology Ltd.
- Cassida Corporation
- Accubanker
- Billcon Corporation
- CIMA Cash Handling America Inc.
- De La Rue plc
- Magner Corporation
- Ribao Technology
- Semacon Business Machines Inc.
- Suzhou RIBAO Technology Co. Ltd.
- Talaris
- Tellermate
- Tidel Engineering LP
- Volumatic
- Zhejiang Chuan Wei Intelligent Technology Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/udhlx8
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
