Sorting Cash Machine Market Report - (Growth and Size | 2031)
The sorting cash machine market is projected to grow from US$ 1.65 billion in 2023 to US$ 2.24 billion by 2031; it is expected to expand at a CAGR of 3.9% from 2023 to 2031. Product technological developments and untapped market potential in emerging economies are expected to enhance the sorting cash machine market in the near future. There are further behavioral benefits to using this machine, such as fewer errors in sorting and counting, cheaper operational expenses, fewer financial losses, and fewer internal dangers associated with counting and sorting.
Sorting Cash Machine Market Analysis
Sorting cash machines are employed in many cash-intensive businesses and financial organizations, including retail establishments, casinos, commercial banks, and more. Some cash sorting machine advancements, such as weight-based cash sorting, are making advanced deployment more feasible. The market is propelled by the uncontrolled and non-intermittent flow of currency through banks, casinos, and other financial institutions. The regular circulation of cash in bulk from one industry to another is one significant cause fueling the demand for cash sorting devices.
Sorting Cash Machine Market Overview
- Currency, such as coins and banknotes, can be sorted using a sorting cash machine. The device passes through a stack of coins or notes and sorts them according to their various denominations. Additionally, the money is counted and divided into other categories according to predetermined quantities. Using certain security measures, some highly developed sorting currency machines can also assist in identifying counterfeit coins or notes. Because a lot of cash is constantly gathered, sorting cash machines are employed in banks, casinos, financial institutions, hospitals, supermarkets, and huge theme parks.
- Sorting cash machines reduces the amount of work required to sort cash and saves a significant amount of time that would otherwise be spent sorting and counting currency. This also lowers the possibility of errors that occur when cash is sorted and counted manually. This also results in less financial losses and lower operating costs. When a bundle of notes is introduced, the sorting cash machines instantly begin the process of sorting and counting currency, producing accurate results. The detection of counterfeit notes and coins helps to protect the organization's reputation. It also recognizes faulty notes and begins beeping when it finds such notes or coins.
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Sorting Cash Machine Market: Strategic Insights
Market Size Value in US$ 1,539.16 million in 2021 Market Size Value by US$ 1,988.26 million by 2028 Growth rate CAGR of 3.7% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Sorting Cash Machine Market: Strategic Insights
| Market Size Value in | US$ 1,539.16 million in 2021 |
| Market Size Value by | US$ 1,988.26 million by 2028 |
| Growth rate | CAGR of 3.7% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Sorting Cash Machine Market Driver and Opportunities
Technological Advancements in Cash Sorting Machines to Drive the Sorting Cash Machine Market
- Developments in technology contribute to the growth of the sorting cash machine market. The sorting cash machine industry is being driven by many developments in cash sorting machines, such as weight-based cash sorting, which allows for improved cash use.
- Modern machines prioritize efficiency, which saves time and increases a company's operational efficiency. The European government regulates the usage of coin sorter machines under Regulation (EU) No 1210/2010 to prevent currency counterfeiting and to validate cash counting and sorting activities. To be cleared for distributing cash sorting devices in the European market, producers must meet the acceptance requirements outlined in the Commission guidelines.
Increasing Awareness about Cash Counterfeiting to Create Lucrative Market Opportunities
- Market participants are developing currency sorting machines with sufficient security measures to avoid cash counterfeiting, employing next-generation technologies. Manufacturers are striving to solidify a stronger market position by equipping these devices with dependable algorithms and cash-detecting technologies.
- While security, accuracy, and efficiency are still the most important characteristics of cash sorting machines, manufacturers are increasingly incorporating programmable touchscreen displays, machine graphics, and hands-free cash handling.
- To obtain a competitive advantage, manufacturers and distributors use advanced technology to include unique and high-quality security measures in cash sorting machines. The sorting cash machine market is expected to grow at a moderate rate over the projected period, owing to a variety of market characteristics, including decreasing cash usage.
Sorting Cash Machine Market Report Segmentation Analysis
The key segment that contributed to the derivation of the sorting cash machine market analysis is type.
- On the basis of type, the market is segmented into banknote sorter and coin sorter. The banknote sorting cash machine category has the biggest market share because of its capacity to improve cash management by properly sorting and packaging banknotes, which leads to enhanced productivity, efficiency, and security.
- Based on the application, the market is divided into three banks, supermarkets, and others. The bank segment is predicted to develop the fastest because of the widespread adoption of digital payments, the growing presence of financial institutions & banks and technological advancements in bank sorting machines.
Sorting Cash Machine Market Share Analysis By Geography
- The scope of the Sorting Cash Machine market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific region is projected to grow at the fastest CAGR during the forecast period.
- The growing use of cash automation, driven by the advent of digital payments, is supporting the growth of the cash sorting machine market in the Asia Pacific region as businesses and financial institutions look to increase efficiency and accuracy in high-volume cash transactions utilizing the machines.
Furthermore, the market is forecast to expand due to rising disposable income, technological developments in cash sorting machines, increased demand for cash sorting machines in financial institutions, and expanding demand from various end-use industries.
Sorting Cash Machine Market Report Scope
Sorting Cash Machine Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the sorting cash machine market. Some of the recent key market developments are listed below:
- 2022, The Reserve Bank of India (RBI) asked banks to test their note-sorting machines for consistency and accuracy every quarter to ensure currency notes conform to the prescribed parameters. [Source: Press release]
Sorting Cash Machine Market Report Coverage & Deliverables
The sorting cash machine market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Sorting Cash Machine Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
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
Frequently Asked Questions
Asia Pacific is anticipated to grow with a high growth rate during the forecast period.
The major players holding majority shares are Giesecke & Devrient GmbH, TOSHIBA Corp., Julong Co., Ltd., Glory Global Solutions Limited, and GRG Banking Equipment Co., Ltd.
Increased need for cash sorting machines in financial institutions and integration of AI and ML technologies is expected to play a substantial role in the global sorting cash machine market during the forecast period.
The increasing adoption of cash automation and technological developments in cash sorting machines are the major factors that propel the global sorting cash machine market.
The global sorting cash machine market was estimated to grow at a CAGR of 3.9% during 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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