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Currency Sorter Market to Reach $18.1 billion globally, by 2032 at 8.9% CAGR: Allied Market Research

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Growth associated with commercial banks and the retail industry, increase in demand for automated cash handling products, surge in demand for technologically advanced self-service machines, increased application areas, and inclination of consumers toward digital transaction solutions, drive the market growth.

WILMINGTON, Del., Feb. 1, 2024 /PRNewswire/ — Allied Market Research published a report, titled,Currency Sorter Market by Product Type (Note Sorter & Counter, Coin Sorter & Counter, and Currency Counterfeit Detector), Sorter Machine Size (Small Size, Middle Size, and Large Size), and End User (Banks & Financial Institutions, Retailers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global currency sorter market was valued at $7.8 billion 2022 and is estimated to reach $18.1 billion by 2032, exhibiting a CAGR of 8.9% from 2023 to 2032.

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Prime determinants of growth

The global currency sorter market is influenced by several factors, including growth associated with commercial banks & retail industry, increase in demand for automated cash handling products, surge in demand for technologically advanced self-service machines, increased application areas, and inclination of consumers toward digital transaction solutions. However, increase in the use of virtual money is expected to hamper the currency sorter market growth. Furthermore, several governments are committed to promoting the introduction of a cashless society. Increase in adoption of smartphone applications for digital transactions drives the market growth. However, developing economies of Asia-Pacific and LAMEA regions possess high potential for expansion of retail industry, which is expected to drive the growth of currency sorter market during the forecast period.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$7.8 billion

Market Size in 2032

$18.1 billion

CAGR

8.9 %

No. of Pages in Report

260

Segments covered

Product Type, Sorter Machine Size, End User, and Region.

Drivers

Rise in cash transactions

Growth in retail and banking industry

Opportunities

Technological advancements

Restraints

Transition toward cashless transactions

High initial costs

 

The currency counterfeit detector segment to maintain its leadership status during the forecast period.

By product type, the indexed note sorter and counter segment held the highest market share in 2022, accounting for nearly three-fifths of the market revenue, owing to the integration of advanced sensor technologies, including infrared sensors and spectral imaging, to enhance the precision of discrimination in the global market. However, the currency counterfeit detector segment is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing to the integration of AI and ML algorithms into bank currency sorters, enabling them to adapt to change in patterns in currency features and counteract increasingly sophisticated counterfeiting techniques, which boosts the global market.

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The small size segment to maintain its leadership status during the forecast period

By sorter machine size, the small size segment held the highest market share in 2022, accounting for nearly half of the global currency sorter market revenue. This is attributed to the increasingly adopted comprehensive fitness sorting capabilities, assessing the quality and condition of banknotes to ensure that only fit the currency remains in circulation. However, the middle size segment is projected to attain the highest CAGR of 10.2% from 2023 to 2032, due to the integration of advanced counterfeit detection technologies, such as multi-spectral imaging and ultraviolet sensors, which improve the middle-range note sorter machine’s ability to detect counterfeit banknotes accurately and efficiently.

The banks and financial institutions segment to maintain its leadership status during the forecast period 

By end user, the banks and financial institutions segment held the highest market share in 2022, accounting for nearly three-fifths of the global currency sorter market revenue, owing to the large amount of cash currency and coins that are being handled by banks, which has led to the dominance of the BFSI segment in the banknote/currency sorter market. Banks are a vital part of maintaining currency circulation and have contributed to the domination of this segment. However, the retailer’s segment is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing to the growing number of retailers opting for currency/banknote sorters to ensure consistent count and reduce human error in accounting, which are expected to result in the retailers segment becoming the fastest-growing segment.

Asia-Pacific maintain its dominance by 2032

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the market revenue, owing to increase in preference for digital transactions, driven by the convenience and safety associated with contactless payments, which has influenced the demand for note-sorting solutions. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increase in the adoption of digital payment methods that coexists with the demand for currency sorters, as businesses and financial institutions seek comprehensive solutions to manage both physical and digital currency.

Leading Market Players: –

  • Julong
  • Arihant Maxsell Technologies Private Limited
  • Toshiba International Corporation
  • Aditya Systems & Solutions
  • Jetex Infotech Pvt. Ltd.
  • KISAN ELECTRONICS.
  • Beijing Grace Ratecolor Technology Co., Ltd.
  • Giesecke+Devrient GmbH
  • Godrej Group
  • GRGBanking

The report provides a detailed analysis of these key players of the global currency sorter 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. 

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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 global currency sorter market analysis from 2023 to 2032 to identify the prevailing global currency sorter market opportunities.
  • 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 to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global currency sorter market segmentation assists to determine the prevailing currency sorter market opportunity.
  • Major countries in each region are mapped according to their revenue contribution to the global currency sorter market outlook.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the currency sorter market players.
  • The report includes the analysis of the regional and global currency sorter market trends, key players, market segments, application areas, market growth strategies, and currency sorter market forecast.

Currency Sorter Market Report Highlights:

By Product Type

  • Note Sorter and Counter
  • Coin Sorter and Counter
  • Currency Counterfeit Detector

By Sorter Machine Size

  • Small Size
  • Middle Size
  • Large Size

By End User

  • Banks and Financial Institutions
  • Retailers
  • Others

By Region

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • Latin America (Brazil, Argentina, Rest of Latin America)
  • Middle East (Gcc Countries, South Africa, Rest of Middle East and Africa)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Shanghai’s Lujiazui adds 5 global asset management institutions

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SHANGHAI, March 5, 2024 /PRNewswire/ — Five global asset management institutions, including Aspect Capital and Schroders Capital, have signed agreements to settle in Shanghai’s Lujiazui Financial City, said local authorities.

According to Xiao Jian, head of Lujiazui administration bureau under the China (Shanghai) Pilot Free Trade Zone, Lujiazui Financial City has so far attracted more than 8,000 financial institutions.

Lujiazui has become an important cluster for global asset management institutions in China. It now boasts about 80 percent of foreign-funded asset management institutions, 40 percent of foreign-funded corporate banks, nearly one-third of public fund management companies, and nearly one quarter of insurance asset management institutions of the total in the country, Xiao said.

More than 80 world-renowned financial institutions from 13 countries have established over 120 foreign asset management institutions in Lujiazui.  

“Lujiazui is an important gathering place and business expansion place for global asset management institutions in China. We are very honored to have the opportunity to join the Global Asset Management Partner Program. We also hope that through this signing, we can contribute to building Lujiazui into the core area of a global asset management center and accelerating Shanghai’s entry into the forefront of global asset management center cities,” Li You, Chief Compliance Officer of Aspect Capital (China) Limited.

Shanghai has made a great stride in pushing for financial openness and attracting more global financial institutions and investors. The next step could be to take advantage the special status of Shanghai Free Trade Zone and Lingang special area to develop an off-shore financial system, adopting the most advanced financial business models and regulatory regimes,” said Yan Hong, professor of finance of Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University.

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LAMPRO International Distributor Summit: A Feast of Gathering and Future Prospect

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-Focus On Pro, Pro For Mate

HUIZHOU, China, March 5, 2024 /PRNewswire/ — On March 2-3, right on the 20th anniversary of the establishment of LAMPRO, the International Distributor Summit was successfully concluded in Huizhou. With the theme of “Focus On Pro, Pro For Mate”, the summit attracted more than 200 partners from all over the world, sharing the industry trend and advanced leading technology. During the summit, LAMPRO held an appreciation award ceremony and signing ceremony as well for partners to co-build a partnership system and create a brighter future together.

At the summit, Sichuan opera performances, band shows, and other entertainment sessions created a warm and comfortable homey vibe, so that every guest fully enjoyed the process. One of our partners even took the initiative to sing on stage.

To share business opportunities with partners and demonstrate the vision of prosperous development, LAMPRO has elaborately planned the “Tree of Dreams” launching ceremony and the 20th-anniversary sand painting video. In the beginning, Chairman Tiger Lin thanked all partners for choosing Unilumin and LAMPRO, and he emphasized, “It is vital to choose the right brand and bind with it, which will help you become an outstanding leader locally.” Afterwards, Mr. Lawrence Liu, General Manager of LAMPRO, shared the development strategy of LAMPRO partner system. The project director introduced and demonstrated LMini and other major product series in details, which greatly boosted the confidence of global partners.

Furthermore, to thank partners for their support and seek mutual development, LAMPRO also held an awarding session, a signing ceremony, and a visiting journey to the Daya Bay intelligent manufacturing base on March 3, which demonstrated the industry-leading intelligent manufacturing capabilities of LAMPRO and high quality of products. LAMPRO sincerely expects to establish a closer cooperative relationship with global partners. Partners said that they gained valuable friendship and cooperation opportunities at the summit, and highly recognized the manufacturing strength and product capability of LAMPRO.

Meanwhile, elaborately arranged lucky draws pushed the atmosphere to a culmination, in which prizes included electronic equipment of well-known brands. At the end of the dinner party, LAMPRO prepared unique souvenirs, including the 20th-anniversary mascot of LAMPRO, hoping to leave an unforgettable impression on every guest.

Looking ahead, we expect to share greater joys of success with more partners in subsequent distributor summits, create a bright future and display a better world together.

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Aptoide launches campaign for a truly open digital market with new DMA website

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LISBON, Portugal, March 5, 2024 /PRNewswire/ — Aptoide, the pioneer in global alternative Android app distribution, has launched a new campaign website, Leveling the game, including an Open Letter from the Aptoide founders, to demand full compliance from gatekeepers with the EU’s Digital Markets Act (DMA) and to urge regulators to take further action against anti-competitive practices by digital gatekeepers. Since 2011, Aptoide has been a vocal advocate for fair competition in the mobile app market, consistently challenging the market dominance of tech giants like Google.

 

With the March 2024 deadline for complete DMA compliance from gatekeepers set for this week, Aptoide sees this as a critical juncture for achieving true fairness in digital markets. However, the company also points out that significant obstacles remain, particularly with Apple’s recent DMA-related proposals, which include the introduction of a Core Technology Fee (CTF) and restrictive terms that limit developers’ access to alternative platforms.

“Aptoide has always advocated for a digital marketplace where innovation thrives and fairness reigns”, said Paulo Trezentos, Aptoide’s CEO and co-founder. “The DMA is a landmark step in that direction, but it’s clear that some tech gatekeepers are reluctant to let go of their stranglehold on the mobile industry. We must continue to push for reforms that will truly level the playing field”.

Aptoide argues that Apple’s proposed changes mostly serve to preserve its market dominance rather than to foster genuine competition, maintaining control by imposing disproportionate fees on alternative app stores and discouraging users from exploring non-Apple ecosystems through complex installation processes and misleading warnings.

Álvaro Pinto, co-founder and COO of Aptoide, added, “We’re at a crucial moment where the actions of regulators will determine the future of digital markets. Apple’s half-hearted reforms under the DMA are simply not enough. We need to ensure that the spirit of the DMA is not lost in loopholes and half-measures”.

In response to these challenges, Aptoide calls on EU authorities to hold Apple accountable and to demand that they:

  • Eliminate or significantly reduce the CTF to reflect actual costs.
  • Offer developers the freedom to choose between distribution models without restrictions.
  • Simplify the app installation process for a better user experience.
  • Apply the CTF fairly across all market participants.
  • Remove misleading warnings about alternative payment systems.
  • Ensure the confidentiality of data from competing marketplaces.

Aptoide believes that real competition can only emerge if the EU takes decisive action to enforce open market principles, leading to a digital marketplace that values fairness and innovation. And that the fight for an open digital marketplace is far from over and requires a united front. That’s why the company urges developers, consumers and regulators to join in demanding more from both Apple and Google.

Aptoide invites all stakeholders to visit their new DMA advocacy landing page, Leveling the game, to learn more about the ongoing struggle for an open digital world and to join the movement against the outdated monopolistic tactics of dominant gatekeepers.

Read the Aptoide Founders’ Open Letter about the DMA and what we need for real digital freedom here:

Open Letter from the Aptoide Founders

About Aptoide

Aptoide is a game-changing app distribution and payment processing platform, with over 430 million users, 10 billion downloads and 1 million apps. Available on multiple channels including Android, Web, TV and automotive, Aptoide offers developers a trusted, experienced partnership with a deep understanding of all ecosystems.

Please contact: press@aptoide.com 

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