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Cash Recycler Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Cash Recycler Global Market Report 2024
According to The Business Research Company's, The cash recycler market size has grown strongly in recent years. It will grow from $3.57 billion in 2023 to $3.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to cash usage patterns, customer experience, efficiency improvements, security concerns, cost reduction, regulatory compliance.
The cash recycler market size is expected to see strong growth in the next few years. It will grow to $4.70 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to expansion of cash-intensive industries, increasing focus on sustainability, growing demand for self-service banking, expansion of retail banking networks, growing emphasis on cash automation. Major trends in the forecast period include AI and Machine learning, mobile integration, customization and scalability, data analytics and reporting, remote monitoring and management.
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Market Drivers and Trends:
The growing demand for efficient cash management is expected to propel the growth of the cash recycler market going forward. Cash management refers to collecting, managing, investing, and disbursing cash within an organization to optimize its liquidity, minimize financial risk, and maximize profitability. The increasing demand for efficient cash management is driven by regulatory, technological, and competitive factors, compelling businesses to prioritize cash optimization and liquidity management to achieve their financial objectives. Cash recycling devices enhance consumer experiences by providing safe and effective cash management solutions and easily interface with digital banking systems. For instance, according to Nationwide Building Society, a UK-based financial institution, in January 2024, the total number of times ATMs were utilized for cash deposits increased by 10%, while the average deposit amount rose by 29% compared to five years ago. Furthermore, the network of over 1,200 ATMs processed over 31.4 million cash withdrawals in the previous year, marking a 4% increase from 2022. Therefore, the growing demand for cash recyclers to efficiently manage cash levels is driving the growth of the cash recycler market.
Major companies operating in the cash recycler market focus on developing cassette-based recycling solutions, such as GLR-100, to boost their revenue. GLR-100 is a cassette-based recycling system, or teller cash recyclers (TCRs), that employ cassettes for storing and handling notes. For instance, in August 2022, Glory, a Japan-based cash technology solutions company, unveiled the GLR-100, a new GLR series of Teller Cash Recycler (TCR). GLR-100 is a cassette-based recycling solution with self-audit capabilities, improving branch banking economics. The latest TCRs use advanced banknote identification technology and are IoT and cloud-enabled, linking effortlessly to Glory's UBIQULARTM solutions. This integration enhances business analytics and enables remote monitoring and administration of devices across the branch network.
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Major Key Players of the Market:
Fiserv Inc, Fifth Third Bank NA, NCR Corporation, The Brink's Company, Garda World Security Corporation, Diebold Nixdorf Inc, Giesecke+Devrient Currency Technology America Inc, Loomis AB, GRG Banking Equipment Co. Ltd, CPI Card Group, Gunnebo AB, Cummins Allison Corp, JCM Global, FireKing Security Group, Hitachi Payment Services Pvt. Ltd, Tidel Engineering L.P, Nautilus Hyosung America Inc, Glory Global Solutions Inc, Kisan Electronics Co. Ltd, Triton Systems of Delaware LLC, CashTech Currency Products Inc, KICTeam Inc, Cassida Corporation, Volumatic Ltd, Hyosung TNS Inc.
Cash Recycler Market 2024 Key Insights:
• The cash recycler market size is expected to see strong growth in the next few years. It will grow to $4.70 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Growing Demand For Cash Recyclers Fuels Market Expansion
• Advancements In Cassette-Based Recycling Solutions
• Asia-Pacific was the largest region in the cash recycler market in 2023
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