Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Global Coin Sorter Market Size, Share & Industry Trends Analysis Report by Type, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Coin Sorter Market size is expected to reach $6.2 billion by 2028, rising at a market growth of 8.2% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Giesecke & Devrient GmbH
- Glory Ltd. (Glory Global Solutions, Inc.)
- De La Rue PLC
- Guangdong Baijia Baiter Co., Ltd.
- Royal Sovereign
- Cummins Allison Corp.
- Suzhou Ribao Technology Co., Ltd.
- BCash
- CTcoin A/S
By offering error-free results, these devices automate the cash-handling procedure for coins and save time and money for the company. A coin sorter separates a random assortment of coins into distinct baskets or tubes for different denominations.
Typically, coin sorters are country-specific due to the fact that different currencies frequently issue coins of comparable size but differing values. While some sorters do not attempt to count the money, the majority are equipped with a screen that displays the number or value of the coins that have passed through the sorting device.
Businesses, such as restaurants, convenience stores, and retail stores, as well as banks and government agencies, invest in and rely on cash counting machines. In reality, these devices can eliminate fraud by offering instantaneous accuracy and identifying counterfeit coins, despite the fact that some people remain skeptical because they appear very simple.
COVID-19 Impact Analysis
The abrupt emergence of the COVID-19 pandemic significantly damaged various economies all over the world. In addition, a number of businesses, irrespective of their sizes, were severely impacted by the COVID-19 pandemic. The coin sorter market was also affected due to the outbreak of the pandemic.
The COVID-19 pandemic delivered a significant and detrimental impact on the coin sorter market due to the rise in online and digitalized methods of payment among customers across the world. To combat COVID-19, a significant number of banks all over the world emphasized cashless transactions and encouraged consumers to adopt them.
Market Growth Factors
Increased Accuracy and Reduced Risk of Human Errors
Coin sorters are typically automated, due to which, they are gaining the traction of a number of people all over the world while also being highly adopted among several businesses as well as government organizations. Since coin sorting is an extremely difficult and time-consuming operation, it has had a negative impact on organizational efficiency and revenue-driven organizations.
In addition, manual coin sorting is susceptible to a number of human errors, resulting in a loss for the organization. Consequently, automation within money management and administration has been essential for the past few years.
Growing Requirement for Automated and Streamlined Cash Handling Equipment
Automated administration of the payment as well as receipt processes is becoming increasingly vital in restaurants, stores, and enterprises that deal with coins on a daily basis, to put it briefly.
Even though credit cards, as well as online banking, are encouraged, many people still prefer cash as their primary method of payment. Automatic cash handling methods, including coin sorting equipment, save time and, most importantly, money. Therefore, a coin sorter is an asset for all businesses, regardless of their business volume.
Market Restraining Factors
Increasingly Growing Prevalence of Contactless and Digital Transactions
Emerging trends of cashless and digital payment methods are substituting cash, particularly coins, and negatively affecting the coin sorter business.
An increase in the proportion of online transactions is triggering a steep decline in cash circulation throughout the world. It is ultimately having a detrimental effect on the utilization of coin sorter equipment as well as coin counter machines in multiple banks.
Since digital payment systems have been prevailing for a while, the process has changed immensely and became easier than ever, particularly for senior citizens.
Market Segments Covered in the Report:
By Type
- Small Size Coin Sorter
- Medium Size Coin Sorter
- Large Size Coin Sorter
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/w5it99
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