LONDON--(BUSINESS WIRE)--The global currency counting machine market size is poised to grow by USD 35.81 million during 2020-2024, progressing at a CAGR of over 2% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Counting a large number of banknotes or coins manually can result in counting mistakes. These errors can further lead to huge financial losses and can complicate the maintenance of financial records. Currency counting machines provide high levels of accuracy in the process of counting banknotes and coins. As a result, these machines are witnessing increased adoption. In addition to banks, currency counting machines are also being used in retail outlets, schools and colleges, hospitals, railway stations, airports, and shopping malls, where cash exchange takes place on a regular basis. These machines offer increased convenience as they can count large amounts of money at a significantly faster rate than humans. Furthermore, they save time which, in turn, helps to increase the operational efficiency of businesses. Thus, the elimination of human error, convenience, and improved efficiency are the major factors driving the demand for currency counting machines.
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Report Highlights:
- The major currency counting machine market growth came from the BFSI segment in 2019.
- APAC was the largest currency counting machine market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rise in the number of bank branches, an increase in the number of retail chain stores, and the circulation of fake currency.
- The global currency counting machine market is fragmented. Arihant Maxsell Technologies Pvt. Ltd., Billcon Corp., Crane Co., Giesecke + Devrient GmbH, GLORY Ltd., GRGBanking, Guangdong Baijia Baiter Co. Ltd., Julong Co. Ltd., Kisan Electronics Co. Ltd., and Laurel Bank Machines Co. Ltd. are some of the major market participants. To help clients improve their market position, this currency counting machine market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global currency counting machine market 2020-2024 is expected to have neutral. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growing Need for Weight-based Currency Counting Machines will be a Key Market Trend
The global shift toward polymers is compelling governments of various countries to adopt plastic bills. Polymer-based banknotes are technologically advanced and durable. Hence, they are highly useful in enterprises that deal with large amounts of cash. This will create a demand for weight-based cash counters, which are efficient in counting polymer-based banknotes. A weight-based cash counter picks bills or coins in batches. The machine compares this against a stored weight for each coin or bill and divides the total weight on the machine by this stored weight. The machine calculates the amount of cash within seconds and is highly efficient. This will further drive market growth during the forecast period.
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Currency Counting Machine Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist currency counting machine market growth during the next five years
- Estimation of the currency counting machine market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the currency counting machine market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of currency counting machine market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- BFSI sector - Market size and forecast 2019-2024
- Retail sector - Market size and forecast 2019-2024
- Commercial sector - Market size and forecast 2019-2024
- Market opportunity by End-user
Customer Landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver - Supply led growth
- Volume driver - External factors
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Arihant Maxsell Technologies Pvt. Ltd.
- Billcon Corp.
- Crane Co.
- Giesecke + Devrient GmbH
- GLORY Ltd.
- GRGBanking
- Guangdong Baijia Baiter Co. Ltd.
- Julong Co. Ltd.
- Kisan Electronics Co. Ltd.
- Laurel Bank Machines Co. Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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