According to the new research report titled "Sorting Cash Machine Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 1,988.26 million by 2028, registering a CAGR of 3.7% from 2021 to 2028.
Cash sorting machines are utilized in various industries such as retail stores, casinos, commercial banks, and other financial institutions. Innovations like weight-based cash sorting have facilitated the implementation of advanced cash sorting machines, which is a significant factor contributing to the growth of the sorting cash machine market. Apart from these factors, improvements in living standards, advancements in product technologies, and untapped market opportunities in emerging economies are expected to boost the sorting cash machine market in the coming years. The use of these machines has behavioral benefits like fewer sorting and counting errors, lower operational costs, and reduced financial losses and internal risks resulting from counting and sorting. However, the increasing prevalence of digital payments and payment wallets in retail stores and banks is limiting the adoption of sorting cash machines. This trend is expected to impede the growth of the sorting cash machine market.
The sorting cash machine market has seen the development of advanced technologies with security measures to prevent counterfeiting of cash. To avoid currency counterfeiting and ensure secure cash sorting, Regulation (EU) No. 1210/2010 of the European Parliament is implemented. Banks in India are required by the Reserve Bank of India (RBI) to maintain a record of notes processed by these machines, including the detection of counterfeit notes. The BPS X9 is a high-speed cash counting machine that has set a world record with a throughput of up to 44 banknotes per second. The growing number of bank branches in developing countries like China and India, especially in rural and semi-urban areas, is also driving the growth of the sorting cash machine market.
The sorting cash machine market is bifurcated based on type and application. Based on type, the sorting cash machine market is bifurcated into banknote sorter and coin sorter. Based on application, the sorting cash machine market is segmented into banks, supermarkets, and others. Geographically, the sorting cash machine market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Key Findings of Study:
The sorting cash machine market is benefitting from technological advancements in product technology. Cash sorting machines have undergone significant improvements, such as weight-based cash sorting, which enhances the efficient use of cash. The emphasis is now on efficiency, which saves time and increases operational efficiency. To prevent currency counterfeiting and authenticate cash counting and sorting procedures, Regulation (EU) No 1210/2010 of the European Parliament governs the use of coin sorter machines. Manufacturers must meet the Commission's criteria to receive clearance for distributing cash sorting machines in the European market. Market participants are developing cash sorting machines with advanced technologies and security measures to prevent cash counterfeiting. To establish a stronger position in the market, manufacturers are equipping these machines with reliable algorithms and cash detection systems.
Manufacturers of cash sorting machines are incorporating configurable touchscreen displays, machine graphics, and hands-free cash handling, along with advanced security features, to enhance the efficiency and competitiveness of their products. While security, accuracy, and efficiency remain crucial aspects, these added features are becoming increasingly important. Despite factors such as lower cash usage, the sorting cash machine market is expected to grow at a moderate pace during the forecast period, driven by various market dynamics.
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