DUBLIN--(BUSINESS WIRE)--The "Cash and Coin Deposit Bags - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Contrary to Expectations, the Pandemic Has Made Cash the King Once Again. Cash & Coin Deposit Bags Market Remains Afloat at 3.4% Growth
The global market for Cash & Coin Deposit Bags is expected to buck the virus led downturn and remain stable at 3.4% growth in the year 2020. By the year 2027, the market is expected to reach US$506.8 million trailing a post COVID-19 CAGR of 4.5% over the analysis period 2020 through 2027.
Cash larceny is one of the most popular cash stealing approaches that involves stealing of cash that has been recorded in account books during a particular period. Mainly occurring at cash registers, deposit in transit or cash collection points, larceny is relatively easy to detect for companies maintaining proper cash records.
However, majority of businesses tend to overlook cash larceny due to involvement of relatively small amounts. Cash larceny erodes profit margins of companies and affects cash flows, which results in severe disruptions in certain cases. Cash larceny can be associated with cash registers or till, cash counts, cash transactions and personal checks. Theft involving cash registers is the most popular form of cash larceny adopted by employees as receipts and cash are mainly stored in these registers. Employees may steal the cash when it is in processing or during a period of inactivity. The pandemic is providing the perfect platform for cash fraud.
Trillions of dollars have been released worldwide by governments for COVID-19 relief and management. Disbursement of the funds mostly being in liquid cash is resulting in increased risk of cash fraud and funds misappropriation. The pandemic is estimated to cost governments worldwide trillions of dollars in preventive measures, healthcare strengthening, drug and vaccine research and development.
By the end of 2020, governments the world over will have spent approximately US$10.8 to $17.1 in fighting the pandemic. The U.S government has already budgeted expenses averaging to US$8.3 billion for COVID-19 drugs, treatment and vaccine development; US$192 billion for paid leave extension for its citizens and over US$2.15 trillion for the Cares Act to ensure prompt, rapid and direct economic assistance for salaried workers, families, and small businesses. CARES Act relief offers financial support for verticals such as corporate loans, small business loans, household payments, unemployment insurance, tax deferrals, healthcare, airlines & cargo loans & grants, and public transit, among others. Over 19 other countries have also declared bailout packages.
The scenario is resulting in increased movement of cash across government agencies, and departments as part of disbursements made to the cause of support. The standstill economy and stringent restrictions damaged businesses and has resulted in a notable spike in unemployment rate across various countries. While majority of the spending is yet to reach the needed ones, there are serious concerns regarding cash frauds and mismanagement of funds. Scammers are siphoning off the cash intended to support people who have been affected by job cuts, with amount exceeding millions of dollars. There is a new wave of phishing schemes targeting taxpayers.
The COVID-19 crisis has presented a lucrative opportunity for fraudsters. The culmination of health and financial threats is making individuals more vulnerable while providing new opportunities for cash and online frauds. Criminal gangs in several countries are targeted deserted commercial offices for stealing cash and goods. The scenario is driving various companies to resort to malpractices, while others are targeting cash thefts, larceny, warehouse thefts and illegal payment of various invoices. The increase in unemployment rate is coercing various employees to commit fraud for sustaining lives. With a considerable amount of money that is at the point of quick disbursal, there is a notable potential for cash frauds and scams.
Competitors identified in this market include, among others:
- A. Rifkin Co.
- Coveris Holdings SA
- Dynaflex Private Limited
- Illinois Tool Works, Inc.
- Initial Packaging Solutions Ltd.
- Korozo Group
- NELMAR Security Packaging Systems, Inc.
- Packaging Horizons Corporation
- Proampac LLC.
- Truseal (Pty) Ltd.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- As the Most Liquid Asset, the Importance of Cash in an Economy Can Never Be Undermined
- Cash Larceny Continues to Remain a Major Threat for Cash Businesses Worldwide
- Stealing Cash From Point of Sale Devices & Cash Registers is the Most Popular Form of Cash Larceny
- Cash & Coin Deposit Bags is the First Step in Fraud Fighting
- Pandemic Provides the Perfect Platform for Cash Fraud
- Amid the Virus Led Recession, Cash in Circulation is Increasing Creating a Positive Twist in Market Events for Cash & Coin Deposit Bags. Here's a Peek Into this Interesting Phenomenon
- So Just How Much Has COVID-19 Impacted the Global Economy?
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- A Growing Cash Logistics Industry Offers Opportunities for Cash-in Transit Bags
- Security Issues of Cash Transport & ATM Refill Frauds Provide a Strong Business Case for Cash & Coin Deposit Bags
- As an Industry Dealing with Cash & Coins, Casinos to Offer Room for Growth
- A Synopsized Review of Innovations in Cash & Coin Deposit Bags Designed for Casinos
- Growth in 2020, Only Slightly Weakened by COVID-19
- Growing Demand for Laundry Services Bodes Well for Cash & Coin Deposit Bags
- Banking Industry Emerges as the Largest End-User of Cash & Coin Deposit Bags
- Growing Density of ATMs & Increased Frequency of ATM Refilling to Benefit Demand for Cash-In Transit Safety Bags
- Rise of Multi-Functional ATMs Popular for Cash Deposits Drives Demand for Cash Deposit Bags Among Bank Customers
- Adherence to Safety Protocols in Handling Cash is Non-Negotiable. Demand in the Hotels End-Use Industry Escapes Erosion
- Although Disconcerting, Money Laundering Through the Physical Transportation of Cash Pushes Up Growth in the Market
- Tamper Evident & Tamper Proof Bags Grow in Popularity
- Importance of Till Management in the Retail Industry Drives Demand for Cash Register Till Bags
4. GLOBAL MARKET PERSPECTIVE
III. GEOGRAPHIC MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 43
For more information about this report visit https://www.researchandmarkets.com/r/fliihg
