The sorting cash machine market is expected to grow from US$ 1,539.16 million in 2021 to US$ 1,988.26 million by 2028; it is estimated to grow at a CAGR of 3.7% during 2021–2028.

Growing Adoption of Sorting Cash Machines in APAC Region

The Asia Pacific sorting cash machine market is segmented into China, India, Vietnam, Japan, Thailand, and the Rest of Asia Pacific. Despite the rapid rise of electronic payments, customers in Asia, particularly in emerging nations, continue to rely on cash. Micropayments are a cash stronghold that many institutions hope to break into with new technologies like contactless payment. Customers in nations like Vietnam require substantial amounts of cash to pay for daily necessities like gasoline, food and beverages, groceries, or even large purchases like real estate, providing a logistical and financial problem for retail banks. In recent years, managing the cost of cash handling has been a concern for retail banks across the region. Security and cost are equally critical drivers for emerging market banks, with 36% of all respondents citing each as a significant worry. Customers in emerging markets are more likely to utilize cash and rely on branches to manage their banking needs. As their operating environment becomes more competitive and complex, this puts increasing pressure on emerging banks. Because of the widespread lack of public security in emerging countries, there is a more significant danger of robbery, theft, and fraud. These factors generate the high need to implement cash sorting machines in banks to reduce employees' work and handle security concerns.

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Published Report - Sorting Cash Machine Market: Strategic Insights

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Impact of COVID-19 Pandemic on Sorting Cash Machine Market

The governments of Asia Pacific countries took all possible steps to reduce the effects of the COVID-19 pandemic by announcing lockdowns. The temporary shutdown of companies resulted in increased adoption of digital communication channels among customers and organizations. However, during Q1 and Q2 of 2020, several companies were temporarily shut down, which created a supply chain disruption among the cash sorting machine vendors and banks. Thus, the market was slightly impacted. With the release of lockdown, the market again started showing signs of growth. During the lockdown period, more and more customers started using online and digital banking services to maintain social distancing. This has resulted in an increased number of digital retail banking customers. The banks in the region are now focused on transforming their core operations and are working on platform-based, API-enabled, and componentized modernization. Further, owing to the pandemic, the banks are focused on offering quality self-service capabilities, which are highly customized as per customers' banking requirements. This has negatively impacted the growth of the sorting cash machine market.

Sorting Cash Machine Market Insights

Bill counters in supermarkets use affordable automatic wholesale cash sorting machines to rapidly count several different currencies. The seamless operations and convenient sensors make these machines easy to use in supermarkets. The machines have various features such as vivid LCD; auto start, stop, and clearing; and automatic half-note detection. The coin sorter machines have high demand in supermarkets. The increasing number of grocery stores and supermarkets that use coin sorter machines and coin sorter services is boosting the growth of the sorting cash machine market.  

Type-Based Market Insights

Based on type, the global sorting cash machine market is segmented into banknote sorter and coin sorter. The banknote sorter segment dominated the sorting cash machine market in 2020. The banknote sorter optimizes the cash management process by efficiently sorting and bundling the cash according to denomination. The sorting process consists of several steps to process cash. First, the mixed denominations of cash are inserted into the sorting machine. From there, the bills are recognized, authenticated, and sorted according to their specifications. Also, a banknote sorter may sort banknotes into batches and check for damaged or counterfeit notes. Therefore, banknote sorters are helpful for industries that handle large volumes of cash, such as casinos, banks, and cash-in-transit services. The mentioned factors are contributing to the growth of the sorting cash machine market.

Technology-Based Market Insights

Based on technology, the sorting cash machine market is segmented into supermarkets, banks, and others. In terms of market share, the cash sorting machines market was dominated by banks in 2020. The bank industry handles a large volume of cash every day. Therefore, sorting cash machines have become necessary in the industry. The innovative banknote sorting machines sort the banknotes and offer other advanced functionalities, such as counting, authenticating, batching, and strapping, transforming how banknotes are processed in the banks. High-quality banknote sorting systems can meet the highest demands of every type of cash center.

Sorting Cash Machine Market Report Scope

Players operating in the sorting cash machine market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• In March 2022, Glory announced that RAMSES an iconic, authentic benchmark in the avant-garde restaurant sector in Madrid—had chosen to implement the CASHINFINITY range of banknote and coin recycling systems in its restaurants to optimize their cash management processes in a centralized and secure manner.
• The sorting cash machine market is segmented based on type and application. Based on type, the sorting cash machine market is segmented into banknote sorter and coins sorter. In terms of application, the sorting cash machine market is segmented into banks, supermarkets, and others.

Bcash, Electronics Co; Cummins Allison; De La Rue plc; Giesecke+Devrient GmbH; Glory Global Solutions (International) Limited; GRGBanking; Julong Europe GmbH; Kisan Electronic; Laurel Bank Machines Co., Ltd.; and Toshiba Infrastructure Systems and Solutions Corporation are the key sorting cash machine market players considered for the research study. In addition, several other significant market players have been studied and analyzed in this research report to get a holistic view of the sorting cash machine market and its ecosystem.