The Worldwide Sorting Cash Machine Industry is Expected to Reach $1.9 Billion by 2028 - ResearchAndMarkets.com
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The sorting cash machine market was valued at US$ 1,539.16 million in 2020 and is expected to reach US$ 1,988.26 million by 2028 with a CAGR growth rate of 3.7% during the forecast period from 2021 to 2028.
Sorting cash machines are used in various cash-intensive enterprises and financial institutions, such as retail stores, casinos, commercial banks, and other spaces. Some innovations in cash sorting machines, like weight-based cash sorting, are facilitating their implementation at an advanced level.
This factor is contributing to the growth of the sorting cash machine market. Besides the factors mentioned above, the improvement in living standards, advancements in product technologies, and untapped market opportunities in emerging economies are some factors anticipated to boost the sorting cash machine market in the near future. There are more behavioral benefits of utilizing this machine, like fewer errors in sorting and counting with lower operational costs, fewer financial losses, and fewer internal risks resulting from counting and sorting.
However, the rising prevalence of digital payments and payment wallets in general stores is limiting the penetration of sorting cash machines in retail outlets and banks. This, in turn, will hamper the sorting cash machine market growth.
Market participants have developed a new technology for cash sorting machines with security measures to prevent cash counterfeiting. Regulation (EU) No. 1210/2010 of the European Parliament is implemented to avoid counterfeiting currency and protect the sorting cash process. As per the Reserve Bank of India (RBI) mandate, banks shall maintain a daily record of notes processed through these machines, including the number of counterfeits detected. The BPS X9 holds the world record for cash counting with a throughput of up to 44 banknotes per second. The number of bank branches in developing countries, like China and India, is rapidly increasing due to alarge base of rural and semi-urban customers. This is further propelling the growth of the sorting cash machine market.
The sorting cash machine market is analyzed based on type and application. Based on type, the sorting cash machine market is bifurcated into banknote sorter and coin sorter. 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.
Advancements in technology aid the expansion of the sorting cash machine market in product technology. The sorting cash machine market is being driven by several advances in cash sorting machines, such as weight-based cash sorting, which allows for better use of cash.
Modern machines place a premium on efficiency, which saves time and improves a company's operating efficiency. The European government controls the use of coin sorter machines under Regulation (EU) No 1210/2010 to prevent currency counterfeiting and authenticate cash counting and sorting procedures. To receive clearance for distributing cash sorting machines in the Europe market, manufacturers must meet the acceptance criteria stated in the Commission guidelines.
Cash sorting machines with the appropriate security measures to prevent cash counterfeiting are being developed by market participants using next-generation technologies. Manufacturers are attempting to consolidate a better position in the market by providing these machines with dependability algorithms and cash detection systems.
While security, accuracy, and efficiency remain the most critical aspects of cash sorting machines, manufacturers increasingly include configurable touchscreen displays, machine graphics, and hands-free cash handling. Manufacturers and distributors are applying sophisticated technologies to incorporate unique and top-notch security features in cash sorting machines to gain a competitive edge.
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