Wilmington, Delaware, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cash Handling Device Market by Type (Banknote Sorter, Coin Sorter and Automatic Teller Machine (ATM)), and Application (Banks, Retail and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the cash handling device market was valued at $11.3 billion in 2023, and is estimated to reach $18.4 billion by 2032, growing at a CAGR of 5.5% from 2024 to 2032.
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Prime determinants of growth
The cash handling device market is experiencing growth due to increase in adoption of technology and innovation in cash handling automated systems, such as cash recyclers and smart safes. Furthermore, the rise in demand for secure and efficient cash management solutions, driven by the need for better reconciliation, authentication, and sorting of cash, especially in sectors such as banking and retail is driving the market growth. However, the integration of cash management technology solutions in large retail markets, the operation of mobile bank branches for enhanced customer convenience, and the outsourcing of bank teller staffing to cash management companies are projected to offer avenues for market players to expand their service offerings, improve operational efficiency, and cater to evolving customer needs in the cash management sector.
Report Coverage and Details
Forecast Period: “2024–2032”
Base Year: “2023”
Market Size in 2023: “$11.3 billion”
Market Size in 2032: “$18.4 billion”
CAGR: “5.5%”
No. of Pages in Report: “354”
Segments covered: “Type, Application and Region”
Drivers: “Increasing adoption of technology and innovation in cash handling automated systems”, “Rising demand for secure and efficient cash management solutions”
Opportunities: “Integration of cash management technology solutions”, “The operation of mobile bank branches for enhanced customer convenience”
Restraints: “Regulatory oversight and high entry barriers, particularly in developed markets”, “Challenges related to technological complexities”
Opportunities: “Integration of cash management technology solutions” , “The operation of mobile bank branches for enhanced customer convenience”
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Segment Highlights
Based on type, the automatic teller machine (ATM) segment is experiencing growth owing to the surge in demand for convenient and accessible banking services, as ATMs provide round-the-clock availability and flexibility for customers to manage their finances. The integration of ATMs with mobile banking platforms has further enhanced user experiences by enabling seamless transactions. Furthermore, ongoing technological advancements in ATMs, such as biometric authentication, contactless transactions, and advanced security features, have contributed to improved user confidence and adoption.
Based on application, the banks segment in the cash handling device market is experiencing growth, owing to the need for efficient and secure cash management solutions. Banks are increasingly adopting cash recyclers and smart safes to optimize cash handling processes, reduce costs, and enhance security. The integration of cash management technology solutions in large retail markets and the operation of mobile bank branches for improved customer convenience are creating opportunities for growth in this segment.
Regional Outlook
In North America, the early adoption of technology and the presence of various solution providers are major drivers of the cash handling device market. The increase in demand for convenient and accessible banking services, particularly through ATMs, is fueling growth, as ATMs provide round-the-clock availability and flexibility for customers to manage their finances.
However, the Asia-Pacific region is experiencing rapid growth in the cash handling device market, driven by strong GDP growth, particularly in emerging markets and developing economies (EMDEs) . The development of technology is advancing all facets of the e-commerce value chain, allowing for safer transactions, creating more efficient logistics systems, and improving customer satisfaction and targeting.
Key Market Players
- Diebold Nixdorf, Incorporated
- NCR Corporation
- Triton Systems of Delaware, LLC
- GRG Banking
- Hitachi Channel Solutions, Corp.
- HESS Cash Systems
- TetraLink
- Fujitsu Frontech Limited
- Edge One
- Volumatic
The report provides a detailed analysis of these key players in the global cash handling device market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In August 2023, Diebold Nixdorf, a key player focused on automating, digitizing and transforming the way people bank and shop, announced at Intersect Las Vegas the launch of two new models as part of its DN Series family, the DN Series 600V teller cash recycler system for in-branch use, and the DN Series 430V, an outdoor walk-up cash recycler.
- In January 2021, Fujitsu Frontech North America Inc., a provider of technology and front-end solutions, introduced the Fujitsu Cash Automated Solution SmartCASH, a recycling payment module, a compact standard capacity banknote and coin recycler. SmartCASH is designed to be deployed quickly for in-counter point-of-sale cash automation or as a complete free-standing self-checkout configuration.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cash handling device market analysis from 2024 to 2032 to identify the prevailing cash handling device market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cash handling device market segmentation assists to determine the prevailing cash handling devicemarket opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cash handling device market trends, key players, market segments, application areas, and market growth strategies.
Cash Handling Device Market Report Highlights
By Type
- Banknote Sorter
- Coin Sorter
- Automatic Teller Machine (ATM)
By Application
- Banks
- Retail
- Others
By Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Mexico, Rest of LAMEA)
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Key Market Players: NCR Corporation, Triton Systems of Delaware, LLC, CIMA Cash Handling America Inc., Volumatic, Diebold Nixdorf, Incorporated, SOUTH Automation Int., TetraLink, HESS Cash Systems, Edge One, GRG Banking, Fujitsu Frontech Limited, CashTech Currency Products, Hitachi Channel Solutions, Corp.
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