Newark, June 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global sorting cash machine market is expected to grow from USD 1500.0 million in 2021 to USD 2026.6 million by 2030, at a CAGR of 3.4% during the forecast period 2022-2030.
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Sorting cash machine is a frequently used machine in any financial sector or any industry that sees a large flux of transactions in cash regularly. The sorting cash machine is used for simplifying the tedious task of sorting large bundles of notes or arranging a huge bunch of coins. It helps avoid unnecessary wastage of time counting these notes and coins manually. Moreover, it also helps prevent cash counting errors or sorting cash into the wrong section. Thus, it is the most efficient way of organizing monetary tasks. According to a study, several retail stores suffer a financial loss every year due to a lack of sorting cash machines.
Competitive Strategy
To enhance their market position in the global sorting cash machine market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In March 2022, Glory announced that RAMSES in Madrid, an authentic and iconic benchmark in the avant-garde restaurant sector, had decided to implement the CASHINFINITY. This coin and banknote recycling system will help optimize their cash management processes securely and conveniently.
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Market Growth & Trends
The continuous flow of cash in casinos, banks, retail stores, hospitals, educational institutes, etc., fuels the growth of the sorting cash market. The continuous circulation of money cash in bulk from one sector to another propels the market's growth. However, the penetration of digital payment methods in most sectors is restraining the market's growth. Several people find convenience in paying using digital payment methods in shops and anywhere. This trend of digital payment for even micropayments is hindering the market growth for sorting cash machines. The sorting machines with multiple features quickly penetrate the market and have a high demand in industries that face a huge flux of transactions regularly.
Key Findings
● In 2021, the note sorter segment dominated the market with the largest market share of 73% and market revenue of 1095 million.
The product type segment is divided into note sorter and coin sorter. In 2021, the note sorter segment dominated the market with the largest market share of 73% and market revenue of 1095 million. Industries such as banks, casinos, supermarkets, retail stores, etc., receive a large volume of business in notes. So, to manage the cash flow, they need note sorter machines which drive their growth during the forecast period. The note sorter machines help optimize the cash management process by efficiently sorting and bundling the notes based on denomination.
● In 2021, the banks segment accounted for the largest share of the market, with 43% and market revenue of 645 million.
The end-user segment is divided into banks, supermarkets, hospitals, and others. In 2021, the bank segment accounted for the largest share of the market, with 43% and market revenue of 645 million. The bank industry handles a large volume of cash regularly, and cash management becomes a difficult job without any machines as there are chances of making mistakes that might result in financial losses. So, a sorting cash machine helps sort the cash flow in the banks and divide them based on denominations. This drives the market growth for sorting cash machines in banks.
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Regional Segment Analysis of the Sorting Cash Machine Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global sorting cash machine market, with a market share of around 39% and 585 million of the market revenue in 2021. The market for sorting cash machines in the Asia Pacific region has been rising owing to the presence of prominent market players. Along with this, the Asia Pacific region has a large population base and encompasses the countries with the highest population that propels the growth of the market. Several industries in the Asia Pacific region still rely on cash for doing business increasing the circulation of cash among different sectors. This offers lucrative growth opportunities for sorting cash machines in the region.
Key players operating in the global sorting cash machine market are:
● Giesecke & Devrient GmbH
● De La Rue plc
● Toshiba Infrastructure Systems & Solutions Corporation
● Cummins-Allison Corp.
● Julong Europe GmbH
● Glory Global Solutions Limited
● GRGBanking
● Kisan Electronics
● Bcash Electronics Co.
● Laurel
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Brainy Insights has segmented the global sorting cash machine market based on the below-mentioned segments:
Global Sorting Cash Machine Market by Product Type:
● Note Sorter
● Coin Sorter
Global Sorting Cash Machine Market by End-User:
● Banks
● Supermarkets
● Hospitals
● Others
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About the report:
The global sorting cash machine market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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