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Sorting Cash Machine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application

·5-min read
ReportLinker
ReportLinker

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.

New York, April 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sorting Cash Machine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application" - https://www.reportlinker.com/p06270046/?utm_source=GNW


Advancements in technology aid the expansion of the sorting cash machine market in product technology.The sorting cash machine market is being driven by several advances in cash sorting machines, such as weight-based cash sorting, which allows for better use of cash.

Modern machines place a premium on efficiency, which saves time and improves a company’s operating efficiency.The European government controls the use of coin sorter machines under Regulation (EU) No 1210/2010 to prevent currency counterfeiting and authenticate cash counting and sorting procedures.

To receive clearance for distributing cash sorting machines in the Europe market, manufacturers must meet the acceptance criteria stated in the Commission guidelines.Cash sorting machines with the appropriate security measures to prevent cash counterfeiting are being developed by market participants using next-generation technologies.

Manufacturers are attempting to consolidate a better position in the market by providing these machines with dependability algorithms and cash detection systems.

While security, accuracy, and efficiency remain the most critical aspects of cash sorting machines, manufacturers increasingly include configurable touchscreen displays, machine graphics, and hands-free cash handling.Manufacturers and distributors are applying sophisticated technologies to incorporate unique and top-notch security features in cash sorting machines to gain a competitive edge.

The sorting cash machine market is predicted to increase at a moderate rate during the forecast period, owing to various market dynamics, such as lower cash usage and advanced security features.

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

Russia, France, Italy, the UK, Spain, and Germany were some of the worst-affected member states by the COVID-19 outbreak in the European region.Businesses in the region faced severe economic difficulties as they had to either suspend their operations or reduce their activities in a substantial manner.

Owing to business lockdowns, travel bans, and supply chain disruptions, the region witnessed an economic slowdown in 2020.The member states of Europe, such as Italy, Spain, and Germany, implemented drastic measures and travel restrictions to limit the spread of novel coronavirus among their citizens.

European countries represent a major market for digital payments due to the adoption of cloud and mobile technologies in the BFSI sector.The region has also witnessed a growth in the number of fintech.

European countries increased their contactless limits, and the demand for digital banking services doubled in various countries in the region. The pandemic boosted the digitization of the banking sector since customer expectations changed during the pandemic. This potential digital change would support banks to cope with the tougher operating environment that COVID-19 has brought.

The sorting cash machine market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America led the sorting cash machine market with a revenue share of 35.80% in 2020. The promising market growth in this region is ascribed to the presence of multiple sorting cash machine providers. Players such as Cummins Allison; Laurel Bank Machines Co., Ltd; and Cash Processing Solutions have their footprints in North America. These companies are addressing the business requirements of supermarkets, banks, and other users. Further, the presence of many banks in the region, especially in the US, is another prevailing factor boosting the demand for sorting cash machines. Asia Pacific is estimated to register the highest CAGR in the sorting cash machine market during the forecast period because of many emerging economies such as China, India, Japan, Australia, and South Korea. The number of supermarkets present in countries such as Japan, Thailand, Singapore, Taiwan, Malaysia, the Philippines, Indonesia, and China is enormously high, which is expected to create lucrative growth opportunities for the sorting cash machine market. Additionally, the footprints of significant note counting machine brands in India, such as Smars, VMS, Gobbler, SToK, and Swaggers, are expected to contribute to the market growth during the forecast period. Thus, the demand and supply of sorting cash machines in APAC are progressing at the same 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 overall global sorting cash machine market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the sorting cash machine market.

The process also serves the purpose of obtaining an overview and forecast of the sorting cash machine market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

The participants of this process include industry experts such as 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—specializing in the sorting cash machine market.
Read the full report: https://www.reportlinker.com/p06270046/?utm_source=GNW

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