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Currency Sorter Market to Reach $18.1 billion globally, by 2032 at 8.9% CAGR: Allied Market Research
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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Drawing on its connectivity and in-house expertise, Hakluyt will advise the charity on issues as it seeks to fulfil its mission to ensure that all children, regardless of background or circumstance, are able to share in the benefits of group music-making.
Hakluyt, which has been providing in-kind support to the charity since 2022, has now formalised a partnership with Orchestras for All that will see it provide advice and guidance across a range of strategic challenges in order to help the charity widen its impact and reach more young people.
Kayo Yoshida, who co-leads Hakluyt’s work with Orchestras for All, said: “Orchestras for All does invaluable work sharing the benefits of music with children who have often been shut out of creative opportunities. I am personally delighted to be working with them, and look forward to our partnership flourishing over the coming years.”
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Hakluyt is a strategic advisory firm that works with corporate leaders and investors around the world on their most important commercial issues. For more information on the firm, please visit www.hakluytandco.com
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MarketsandMarkets appoints Nirmal Shani as Managing Partner in Dubai, in line with IPO plans
DELRAY BEACH, Fla., Nov. 26, 2024 /PRNewswire/ — MarketsandMarkets, the only Indian-origin startup to feature in the Forbes list of ‘America’s Best Management Consulting Firms 2023’, has appointed Nirmal Ramesh Shani as Managing Partner.
Nirmal joins MarketsandMarkets from S&P Global to lead its real-time megatrend disruption impact platform for the global energy sector. He has over 23 years of experience with IHS Markit, Dun & Bradstreet, and Times of India. During his formative years, he supported his family business, exporting Indian handicrafts to Japan and USA.
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Milan Rao, COO and CRO of MarketsandMarkets, said, “Nirmal joins a growing list of global leaders who are committed to taking our AI-enabled platform, KnowledgeStore, and our cutting-edge growth and disruption consulting capabilities to over 13,000 clients globally. His knowledge and expertise will add significantly to our presence in the energy and ESG sectors worldwide.”
Nirmal is passionate about energy and sustainability; in his most recent role at S&P Global, he helped create landmark platforms — such as the CERAWeek Asia Pacific Energy Forum in Houston, the India Energy Forum in New Delhi, the partnership with PETRONAS for Energy Asia in Kuala Lumpur, and with Japan’s Ministry of Economy, Trade and Industry (METI) for the Asia Green Growth Partnership Ministerial Meeting (AGGPM) — to elevate the Voice of Asia within the global energy system towards an ‘Equitable Energy Transition for All’.
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Nirmal is an alum of Narsee Monjee College and Welingkar Institute of Management. He serves on the Board of Advisors/Governing Council of Umang Foundation, a non-profit organization with whom he has been associated since 2009. His philanthropic initiatives focus on education and health-related issues in rural India.
About MarketsandMarketsTM
MarketsandMarkets™, recently featured on the Forbes list of America’s Best Management Consulting Firms, is a blue ocean alternative in growth consulting and program management with the widest lens on emerging technologies, leveraged through a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. The B2B economy is witnessing the emergence of USD 25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. MarketsandMarkets™ works with several Forbes Global 2000 B2B companies, helping them monetize this USD 25 trillion opportunity—through TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing—and stay relevant in a disruptive ecosystem. MarketsandMarkets’ cutting-edge AI-powered KnowledgeStore™ platform (Market Intelligence Cloud) integrates research and facilitates analyses of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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