sorting cash machine Market

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.

Advancements in technology are driving the expansion of the sorting cash machine market, with weight-based cash sorting being one of the significant developments that enable more efficient cash use. Efficiency is highly valued in modern machines, improving a company's operating efficiency and saving time. The European government regulates the use of coin sorter machines to prevent counterfeiting and authenticate cash counting and sorting procedures through Regulation (EU) No 1210/2010. To distribute cash sorting machines in Europe, manufacturers must meet acceptance criteria outlined in Commission guidelines. Next-generation technologies are used to develop cash sorting machines with adequate security measures to prevent cash counterfeiting, and manufacturers are working to enhance their market position by integrating dependability algorithms and cash detection systems.

Although security, accuracy, and efficiency continue to be crucial factors in cash sorting machines, manufacturers are now incorporating additional features such as configurable touchscreen displays, machine graphics, and hands-free cash handling. With the goal of gaining a competitive advantage, manufacturers and distributors are employing advanced technologies to integrate unique and superior security features into their cash sorting machines. The sorting cash machine market is expected to experience moderate growth during the forecast period due to various market dynamics, including reduced cash usage and the adoption of advanced security measures.

Impact of COVID-19 Pandemic on Europe Sorting Cash Machine Market

The COVID-19 outbreak had a significant impact on several member states in the European region, including Russia, France, Italy, the UK, Spain, and Germany. Many businesses in the region had to either suspend their operations or reduce their activities due to lockdowns, travel bans, and supply chain disruptions, resulting in a significant economic slowdown in 2020. However, European countries are a major market for digital payments, thanks to the adoption of cloud and mobile technologies in the BFSI sector and an increase in the number of fintech companies. To limit the spread of the virus, several member states implemented drastic measures and travel restrictions, leading to a growth in demand for digital banking services and an increase in contactless limits. The pandemic has driven a shift towards digitalization in the banking sector, enabling banks to adapt to the challenging operating environment caused by COVID-19.

The sorting cash machine market has been divided into five key regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America dominated the sorting cash machine market, accounting for 35.80% of the revenue share. This growth can be attributed to the presence of numerous sorting cash machine providers such as Cummins Allison, Laurel Bank Machines Co., Ltd, and Cash Processing Solutions, which are catering to the business requirements of supermarkets, banks, and other users in the region. Furthermore, the high number of banks in the US is another factor contributing to the demand for sorting cash machines in the region. The APAC region is expected to witness the highest CAGR in the sorting cash machine market during the forecast period due to the presence of emerging economies such as China, India, Japan, Australia, and South Korea. The region also has a large number of supermarkets in countries such as Japan, Thailand, Singapore, Taiwan, Malaysia, the Philippines, Indonesia, and China, creating lucrative growth opportunities for the sorting cash machine market. Additionally, the presence of notable note counting machine brands in India, including Smars, VMS, Gobbler, SToK, and Swaggers, is expected to contribute to the market's growth. Therefore, the demand and supply of sorting cash machines in the APAC region are progressing at a similar pace.

Giesecke & Devrient, De La Rue, Julong, Toshiba, Glory Global Solutions, GRGBanking, Laurel, Cummins-Allison, Bcash Electronics, and Kisan are the key players operating in the global sorting cash machine market.

The global sorting cash machine market size has been determined by utilizing both primary and secondary research sources. The research process began by conducting comprehensive secondary research through internal and external sources to gather qualitative and quantitative data related to the sorting cash machine market. This process also aimed to obtain a market overview and forecast for all market segments. Moreover, several primary interviews were conducted with industry experts and commentators to validate the data and gain additional analytical insights into the subject matter. These industry participants included VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, who specialize in the sorting cash machine market.