Pune, India., Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to a new report published by The Insight Partners on “Sorting Cash Machine Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Banknote Sorter and Coins Sorter), Application (Bank, Supermarkets, and Others), and Geography” the market in terms of revenue was estimated to be worth $1.53 billion in 2021 and is poised to reach $1.98 billion by 2028, growing at a CAGR of 3.7% from 2021 to 2028.
The growth of the sorting cash machine market is driven by growing demand from different end-use industries and various benefits offered by cash sorting machines. However, technological advancements in cash sorting machines is emerging as a future trend in the industry.
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Global Sorting Cash Machine Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.53 Billion in 2021 |
| Market Size Value by | USD 1.98 Billion by 2028 |
| Growth rate | CAGR of 3.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Type, Application, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
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.
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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Global Sorting Cash Machine Market: Segmental 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. The sorting cash machine market is analyzed based on type and application. 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.
Global Sorting Cash Machine Market: Competitive Landscape
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.
Recent Developments:
- 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.
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