According to the report published by The Brainy Insights, the global sorting cash machine market is projected to grow from USD 1500.0 million in 2021 to USD 2026.6 million by 2030, at a CAGR of 3.4% during the forecast period 2022-2030. The Asia Pacific emerged as the largest market for the global sorting cash machine market, with a 39% share of the market revenue in 2021. The large population in the region that relies on cash to purchase their day-to-day necessities drives the market for sorting cash machines in the Asia Pacific. People in countries like Vietnam keep a large sum of cash to make even large purchases like real estate and vehicles, which increases the pressure on banks to manage the cash. Thus, the demand for sorting cash machines increases in the region.
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Global Sorting Cash Machine Market Size By Product Type, By End-User, Regions, Global Industry Report, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Giesecke & Devrient GmbH, De La Rue plc, Toshiba Infrastructure Systems & Solutions Corporation, Cummins-Allison Corp., Julong Europe GmbH, Glory Global Solutions Limited, GRGBanking, Kisan Electronics, Bcash Electronics Co., and Laurel, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The product type segment of sorting cash machine market is divided into note sorters and coin sorters. The note sorter segment dominated the market, with a market share of around 73% in 2021. The amount of money in the form of notes is more than the coins, due to which the demand for notes sorter machines is comparatively more than the coin sorter. Apart from this, sorting notes is difficult, which becomes easy with the help of a sorting machine driving the growth of the segment. The end-user segment of sorting cash machine market is divided into banks, supermarkets, hospitals, and others. In 2021, the bank segment accounted for the largest share of the market, with 43% and market revenue of 645 million. Banks handle a large volume of daily transactions in cash, which can be easily managed with the help of a sorting cash machine. This offers lucrative growth opportunities for sorting cash machines in the banking sector.
The rise in disposable income is driving the growth of the sorting cash machine market as people are spending more on purchasing things and spending on their day-to-day necessities. Apart from this, a large population base has not become acquainted with the digital payment method and is still using cash for making any purchase. However, the penetration of multiple digital payment methods is hampering the market’s growth. Several retailers have started keeping digital payment options to avoid transactions in cash, as many people find it convenient to use cash to make micropayments, which later becomes difficult for the retailer to manage.