The global cash counter market was valued around $186 million in 2015 and is expected to surpass $234 million by 2020, says Technavio.
Technavio has announced its latest market research report on cash counters for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global global cash counter market during the forecast period. Some of the top vendors listed in this industry analysis include Giesecke & Devrient, Glory Global Solutions, and Royal Sovereign.
Among all regions, EMEA will be the fastest-growing region in the global market, and is expected to contribute revenues of around $110 million by 2020. This region’s growth is due to the adoption of European banks’ policy to strengthen their financial positions, which has led to the opening of numerous banks in the region.
“Technological advancements in cash counters have made the process of handling money easy. With better efficiency, the product has become crucial to most hotels, banks, casinos, and retail shops. Some of the cash counter machines are portable in nature and can effectively inform users of problems,” says Abhay Sinha, a lead analyst at Technavio.
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This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing number of ATMs in APAC
APAC has a large population that does not have access to banking facilities. To provide better banking facilities to the population, the banks are increasingly setting up ATMs. For instance, in 2015, the development of ATMs in APAC was registered at 13%, while Bangladesh, with a population of 156 million, witnessed 20% growth, from 2014, in the number of ATMs installed in 2015. The growth rate is mainly because banks in the country do not have to get consent from the country’s Central Bank for setting up new ATMs. Regarding the number of ATM installations, Bangladesh was followed by Pakistan, India, and China. It is anticipated that the number of ATM installations is set to grow during the forecast period resulting in a huge demand for cash counters in APAC.
Growing number of bank branches in emerging economies
Retail banking channels like brick-and-mortar branches have confronted the influence of digitization in the BFSI sector in developed economies, but the scenario is different in emerging economies. Banks in the emerging economies such as India and China are opening branches to target the population that does not have access to banks. The increasing number of bank branches in such developing economies will drive growth in the global market for cash counters.
Enhanced functionality of cash counters
The basic functionality of a cash counter machine was to count banknotes and coins. Later, banks had to physically sort out the cash of different denominations, which was a time-consuming process and prone to errors. Moreover, there was no method to recognize the genuineness of currency. Thus, vendors in the market have invested on the need for an all-in-one product and designed cash counting machine with the cohesive features of sorting and counterfeit detection. At present, most vendors provide cash counters that have LED displays, and check the validity of the currency. The coins and the notes are sorted as per their denominations. Several manufacturers are differentiating their cash counter machines on basic parameters of speed and counterfeit detection. For instance, the JetScan series by Cummins Allison uses the latest technology to provide cash counters that can count 1,600 bills per minute, apart from identifying fake currencies. Most manufacturers are including the counterfeit detection feature in their offering in keeping with the high demand.
Some of the other prominent vendors identified in this report are Billcon, Cassida, Cummins Allison, Liaoning Julong Financial Equipment, Konyee Group, Laurel Bank Machines, and Semacon.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Cash Counter Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Safes and Vaults Market 2016-2020
- Global E-Commerce Payment Market 2016-2020
- Global ATM Slide Rails Market 2016-2020
- Global Mobile Payment Market 2015-2019
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