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Sorting Cash Machine Market Analysis, Trends, Growth, Research And Forecast 2033
Sorting Cash Machine Market Analysis, Trends
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According to The Business Research Company's, The sorting cash machine market size has grown strongly in recent years. It will grow from $1.6 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increased demand for self-service machines, cash handling efficiency, regulatory compliance, increased demand for cashless transactions, adoption of multifunctional atms.
The sorting cash machine market size is expected to see strong growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to high adoption of machines within the retail banking sector in emerging economies, increasing adoption of smart machines across countries, contactless and digital payments, data analytics and reporting, increased cash recycling. Major trends in the forecast period include advancements in security measures, advancements in technology, such as contactless payments and mobile banking, multifunctional machines, increased connectivity, cash automation.
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Market Drivers and Trends:
An increase in number of grocery stores and supermarkets is expected to propel the growth of the sorting cash machine market going forward. Supermarkets and grocery stores refer to large stores where a variety of groceries and other household supplies are sold. Grocery stores and supermarkets deal with small as well as huge amounts of money and require sorting cash machines to count the notes, give accurate data, and bundle them accordingly. For instance, in September 2022, according to a report published by Reliance Retail, an Indian retail company, in 2023, Reliance Retail opened more than 3,300 new stores. Furthermore, in December 2021, according to Walmart Inc a US-based retail corporation, operated more than 10,500 stores in 24 countries and added more than 500,000 new associates globally in 2020. Therefore, the increasing number of grocery stores and supermarkets is driving the growth of the sorting cash machine market going forward.
Technological advancements have emerged as a key trend gaining popularity in the sorting cash machine market. Major companies operating in the sorting cash machine market are focused on developing technologically advanced products to sustain their position in the market. For instance, in July 2022, Volumatic, a UK-based company providing intelligent cash-handling solutions, launched CountEasy 2. CountEasy eliminates cash reconciliation errors for businesses across retail, leisure, and banking by providing 100%, accurate cash counts. This system is able to count both notes and coins accurately in less than a minute, saving businesses time and money.
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Major Key Players of the Market:
Bcash Electronics Co., Cummins Allison, De La Rue plc, Giesecke+Devrient GmbH, Glory Global Solutions (International) Limited, GRGBanking, Julong Europe GmbH, Kisan Electronic, Laurel Bank Machines Co.Ltd, Toshiba Infrastructure Systems and Solutions Corporation, Xinda Electronic Equipment Ltd., Guao Electronic, Aditya Systems, Eromart, Cash Processing Solutions., Innovative Technology Ltd., Cassida Corporation, Accubanker, Billcon Corporation, CIMA Cash Handling America Inc., De La Rue plc, Magner Corporation, Ribao Technology, Semacon Business Machines Inc., Suzhou RIBAO Technology Co. Ltd., Talaris, Tellermate, Tidel Engineering LP, Volumatic, Zhejiang Chuan Wei Intelligent Technology Co. Ltd.
Sorting Cash Machine Market 2024 Key Insights:
• The sorting cash machine market size is expected to see strong growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Expansion Of Grocery Stores And Supermarkets Expand Sorting Cash Machines Market
• Technological Advancement Enhance Sorting Cash Machine Market
• Asia-Pacific was the largest region in the sorting cash machine market in 2023
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