Dublin, March 23, 2021 (GLOBE NEWSWIRE) -- The "Note Sorter Market by Product, by Application - Global Opportunity Analysis and Industry Forecast, 2020 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Note Sorter Market size was valued at USD 6.51 billion in 2019 and is predicted to reach USD 13.56 billion by 2030 with a CAGR of 6.9% from 2020-2030.
Note sorters are automatic technological solutions designed to handle complex cash handling procedures, hence reducing human efforts, and making the complex note sorting, counting, and managing process hassle-free. The note sorters are proficient at sorting bundles of banknotes as per their denominations, counting accurate amount of cash in bundles, and detecting counterfeit currency notes.
Note sorting machines hold wide applications in cash-concentrated businesses, and financial organizations such as BFSI sector, commercial retailers, self-service kiosks, casinos, theme parks, and other public sector outlets. The growing demand to cater the augmenting requirements for cash sorting and counting technological solutions, supplements the growth of global note sorter market.
Market Dynamics and Trends
The proliferating BFSI sector, increasing incidences of counterfeiting activities, augmentation in commercial trade, as well as increasing in-flow and out-flow of cash, emphasizes on the development of advanced cash handling systems, thereby propelling the growth of note sorter market throughout the forecast period.
Furthermore, the benefits offered by note sorters such as reduced errors, lower risk of intra-organizational thefts, quick processing, lower financial losses, and most importantly reduced operational expenses; tend to supplement the demand of cash counting and sorting solutions, thereby propagating the growth of the global note sorter market in coming future.
However, increase in digital and online transaction, as well as increased use of virtual currency and plastic money, tend to hamper the growth of note sorter market during the forecast period.
Moreover, increasing standards of living, advancements in product technologies, and untapped market opportunities offered by emerging economies, are the factors anticipated to boost the growth of note sorter market in near future.
Market Segmentations and Scope of the Study:
The global note sorter market share has been analyzed based on product, application, and geography.
Based on product, the market is segmented into small size note sorter, medium size note sorter, and large size note sorter. Based on application, the market is divided into BFSI, retail and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
North America represents a developed market, and is expected to maintain its dominance throughout the forecast period, accounting for major market share in the global note sorter market. This is attributed to well-established BFSI sector, advanced technological solutions to cast handling systems, as well as presence of key market players in this region.
Asia-Pacific region, is expected to gain traction over the forecast period, demonstrating a rapid growth in the global note sorter market, owing to rise in per-capita income, rapid industrialization, augmenting BSFI sector, untapped market opportunities offered by emerging economies, and most importantly, increasing cases of banknote counterfeiting in this region.
The note sorter market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include Giesecke & Devrient, De La Rue, Julong, Toshiba, Glory Global Solutions, GRGBanking, Laurel, Cummins-Allison, Bcash Electronics, and Kisan among others.
The key players are employing strategies such as technical collaboration, acquisition and product launches in-order to gain stronger position in the note sorter market.
For instance, in May 2019, GLORY Ltd., one of the major players of note sorter market, announced its acquisition over Grupo Sortek S.A. de C.V. (Sortek), by purchasing 100% of Sortek's issued shares through its international subsidiaries Glory Global Solutions (International) Ltd. (GGSI) and Glory Global Solutions (Holdings) Ltd. Sortek is a pioneer provider of cash sorting solutions and has an excellent reputation for service delivery in Mexico.
In January 2020, Glory Global Solutions International Ltd, a GLORY Ltd., company, announced a huge investment in Acrelec Group SAS. Where Acrelec is a global leader in responsive service solutions for restaurants and retail brands, Glory, is a pioneer in cash automation technologies and process engineering services.
In February 2020, Crane Payments Innovations (CPI), one of the key players in note sorter market announced its acquisition over Cummins Allison bringing together two giant American companies that are pioneer in payment and currency processing. Where Cummins Allison is a prominent provider of coins, bank notes, check handling solutions, cash sorter solutions as well as ATM machines; CPI is the global leader in cashless payment systems, asset management software, as well as banknote and coin validation systems.
Giesecke & Devrient
De La Rue
Glory Global Solutions
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