New York, April 11, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Sorting Cash Machine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Banknote Sorter and Coins Sorter) and Application (Bank, Supermarkets, and Others)”, the global sorting cash machine market growth is driven by increasing penetration of supermarkets in developing countries, technological advancements in sorting cash machine, benefits offered by these machines, and rising demand from healthcare, gaming, banks, retail outlets, and other public places.
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| Report Coverage | Details |
| Market Size Value in | US$ 1.53 Billion in 2021 |
| Market Size Value by | US$ 1.98 Billion by 2028 |
| Growth rate | CAGR of 3.7% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 146 |
| No. Tables | 61 |
| No. of Charts & Figures | 58 |
| Historical data available | Yes |
| Segments covered | Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Sorting Cash Machine Market: Competitive Landscape and Key Developments
Giesecke & Devrient, De La Rue, Julong, Toshiba, Glory Global Solutions, GRGBanking, Laurel, Cummins-Allison, Bcash Electronics, and Kisan are among the key players operating in the market. In addition to these players, several other prominent companies, such as sinic electronics and Adity systems Incorporated, are profiled during this market study. In addition, several other essential sorting cash machine market players were studied and analyzed to get a holistic view of the market and its ecosystem.
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In 2021, CPI and Fintaris Payment Solutions announced their partnership to enable cash automation across the Middle East. The expansion of Paypod pay stations gives the region's businesses the ability to offer an improved customer experience.
In 2020, CPI relaunched the Crane BevMAX machine portfolio in the US to comply with new energy standards established by the National Automatic Merchandising Association (NAMA). This is a part of a green initiative to provide vending operators with cleaner solutions in their vending machine operation.
The global sorting cash machine market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America. 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 sorting cash machine market growth.
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Asia Pacific is estimated to register the highest CAGR in the sorting cash machine market during the forecast period because of emerging economies such as China, India, and Australia. 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 sorting cash machine market players. Additionally, the presence of significant note counting machine brands in India, such as Smars, VMS, Gobbler, SToK, and Swaggers, is expected to contribute to the sorting cash machine market growth during the forecast period. Thus, the demand and supply of sorting cash machines in APAC are progressing at the same pace.
The North America sorting cash machine market is segmented into the US, Canada, and Mexico. The region is characterized by the presence of high GPD per capita, vast industrialization, favorable economic policies, a high inclination toward the adoption of advanced technologies, and a high rate of digitization across the region. In recent years, commercial banks in North America benefited from considerable economic tailwinds. On the volume side, deposits and balances increased by about 5% CAGR as businesses converted to volume-based, thereby increasing profits into cash. Net-interest margins widened dramatically across loans and deposits, with banks reporting 10 to 20% rises. As a result, expansion has been widespread, with most North American commercial banks posting impressive performance in recent years. Banks expect that technological advancements will enable them to provide customers with a speedier, more transparent experience. However, a significant percentage of their resources must be devoted to security, compliance, and other industry-specific criteria, allowing non-banks or financial service providers not regulated by the banking industry to thrive. With North America's thriving banking sector, cash sorting machines are rising to cut down on wait times and improve bank infrastructure. As a result, the sorting cash machines market is growing.
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Sorting Cash Machine Market: Type Overview
The sorting cash machine market, by type, is bifurcated into banknote sorter and coins sorter. Sorters go through several steps to process the cash. The bills are identified, validated, and sorted according to the requirements.
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