Dublin, April 24, 2023 (GLOBE NEWSWIRE) — “Global ATM Sorter Market: Analysis by Type (Banknote and Coin Sorter), by Application (Bank, Supermarket & Other), by Region Size and Impacting Trends on COVID-19 and Forecast to 2028” added report ResearchAndMarkets.com supply.
The global sorting ATM market was valued at USD 1.58 billion in 2022 and is likely to reach USD 1.98 billion by 2028. The global sorting ATM market is projected to grow at a CAGR of 3.84% during the forecast period 2023-2028.
In recent years, the popularity of sorting ATMs has increased for a variety of reasons, mainly due to the growing need for automation and efficiency in the banking sector. These machines have the ability to quickly and accurately sort, count and validate cash, making them indispensable for banks and financial institutions. In addition, sorting ATMs are cost-effective and can help reduce costs associated with manual cash handling.
A sorting ATM is an instrument used to count and sort notes or coins, primarily by banks, retailers and businesses that handle large amounts of cash. These machines offer fast and accurate counting and sorting of cash, saving time and reducing manual labor. They can also detect counterfeit notes and come in different sizes and capacities.
Market Segmentation Analysis:
The banknote sorting ATM segment holds the largest market share due to its ability to improve cash management through efficient sorting and grouping of notes, resulting in increased productivity, efficiency and security.
The banking segment is expected to be the fastest growing due to adoption of digital payments, growing presence of banks and financial institutions and technological advancements in bank sorting machines.
The sorting ATM market in North America dominated the overall market due to several reasons. Cash is still widely used for transactions in many parts of North America, especially in the US, despite the growing adoption of digital payment methods. Asia Pacific is expected to be the fastest growing region during the forecast years 2023-2028.
The growth of this market is likely to be driven by various factors such as the increasing use of cash as a means of payment, the need for efficient cash management systems, and the adoption of technology in the banking and financial sector.
China is one of the largest manufacturers of sorting ATMs in the region, along with other countries such as Japan, South Korea, and Taiwan, and is a significant market for sorting ATMs due to its large population and significant urban-rural gap.
Global Sorting ATM Market Dynamics:
The growing adoption of cash automation driven by the rise of digital payments is fueling the growth of the cash sorting machines market as businesses and financial institutions seek to improve efficiency and accuracy in high volume cash transactions using the machines.
Furthermore, the market is expected to grow due to increasing disposable income, technological advancements in cash sorting machines, increased need for cash sorting machines in financial institutions, increasing demand from various end-use industries, etc. in the past years.
Digital payments are becoming increasingly popular, driven by consumer transactions and the desire for convenience, transparency, and reduced risks and costs, leading to an increase in digital payment penetration globally and hampering the growth of the sorting ATM market.
Besides, other factors like fake currency, high cost, maintenance and repair etc. are other challenges facing the market.
Cash sorting machines increasingly incorporate AI and ML algorithms to improve accuracy, efficiency and counterfeit detection, enabling faster and more optimized sorting, real-time data analysis, predictive maintenance and improved cash management , resulting in reduced costs and extended life, and is expected to continue to grow.
More market trends are estimated to grow the sorting ATM market over the forecast period, which may include escalation of the Internet of Things (IOT), emerging industrial robotics, emergence of 5G network, surge in demand for data analytics integration , increasing demand for integrated cash management solutions, growing adoption of compact and portable machines, increased focus on sustainability, and more.
Competitive Landscape and Recent Developments:
The global sorting ATM market is indeed a highly competitive and fragmented market with several key players operating in the market. These players are engaged in intense competition to capture market share and expand their business.
The Sorting ATM market mainly consists of companies selling paper shredders and factory value counting machines, which includes related services sold by the commodity makers, and to improve their market position, key players are adopting strategies such as product innovation, mergers and acquisitions, joint ventures, alliances and partnerships.
These players are constantly innovating and introducing new products to meet the changing needs of customers. They also invest in research and development to improve the performance and reliability of their products.
|Number of pages||140|
|Forecast period||2023 – 2028|
|Estimated Market Value (USD) in 2023||$1.64 billion|
|Estimated Market Value (USD) to 2028||$1.98 billion|
|Compound Annual Growth Rate||3.8%|
Engine of growth
- Rising disposable income
- Increasing adoption of Cash Automation
- Technological advances in cash sorting machines
- Growing demand for money sorting machines in financial institutions
- Various benefits offered by cash sorting machines
- Growing demand from various end-use industries
- Counterfeit currency
- High cost, maintenance and repair
- Entry of digital payments
- Increasing penetration of AI applications
- Escalation of the Internet of Things (IOT)
- Emerging Industrial Robotics
- The emergence of 5G network
- Growth in demand for data analytics integration
- Growing demand for integrated cash management solutions
- Growing adoption of compact and portable machines
- Increased focus on sustainability
Additionally, key players in the Sorting ATM market are:
- Giesecke & Devrient GmbH
- TOSHIBA Corp. (Toshiba Infrastructure Systems & Solutions Corporation)
- Julong Co., Ltd.
- Glory Global Solutions Limited
- GRG Banking Equipment Co., Ltd.
- Kisan Electronics
- Laurel Bank Machines Co. Ltd.
- Crane Payment Innovations Inc. (Cummins-Allison Corp.)
- Arihant Maxsell Technologies Pvt Ltd
- Longgang Xinda Electronic Equipment Co., Ltd.
- Aditya Systems
- Shanghai Guao Electronic Technology Co., Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/6eewre
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We bring you the latest data on international and regional markets, key industries, leading companies, new products and the latest trends.
Global Sorting ATM Market