Coin Sorter Market by Type (Small Size Coin Sorter, Medium Size, Large Size) Growing with Top Companies
Coin sorter is used as a sorting unit to facilitate the management of cons for cash intensive businesses. Implementation of coin sorting machines reduces the human efforts wasted during the processes of counting and sorting. These products establish automated cash-handling process for coins and enable time & cost saving for the organization by delivering error free results.
Growth of the commercial banks & retail sector, increase in demand for automated cash-handling products, and increase in application areas drive the growth of the market. However, advent of digital transactions restrains the market growth. On the other hand, increase in demand for technologically advanced self-service machines and untapped potential in emerging economies would provide new opportunities to the market.
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Small size coin sorter segment remain dominant by 2023
Small size type accounted for nearly half of the total market share in 2017, owing to the rapid emergence of infrastructural money handling requirements, increased application areas, and surge in the number of cash-intensive environment facilities. This segment is expected to maintain its lead through 2023. However, large size coin sorter segment would register the highest CAGR of 7.6% from 2017 to 2023 due to their increased utilization in large cash-sensitive businesses and technological advancements. The medium size coin sorter segment would witness moderate growth during the forecast period.
Asia-Pacific to grow the fastest through 2023
The trend of using automation for handling cash and increase in presence of highly cash-intensive businesses have enabled the Asia-Pacific region to grow at the fastest CAGR of 8.7% from 2017 to 2023. However, North America contributed more than one-third share of the total revenue in 2017, owing to heavy inflow of investments in the R&D sector and advancements in sorting technologies. This segment is expected to dominate throughout the forecast period.
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Leading market players
The leading players analyzed in the report include Giesecke & Devrient, Laurel, Glory Global Solutions Limited, Baija Baiter, Delarue, Cummins Allison, Royal Sovereign, Suzhou Ribao Technology Co., ltd., BCash, and CT Coin. These players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong foothold in the industry.
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