NEWARK, Del, Oct. 19, 2023 (GLOBE NEWSWIRE) — According to forecasts, the currency counting machines market is expected to be US$ 231.4 million in 2023 and US$ 373.4 million by 2033.
The currency counting machines sector is expanding primarily due to the rise in the use of counterfeit money, while other reasons, like the rise in card transactions, might restrain this expansion. The rising usage of multi-currency forex cards will likely impact the market expansion.
Prepaid cards called “forex cards” can be filled with several currencies. These cards replace travel currency cards that only support one currency. Manufacturers are developing innovative methods to enhance the detection of fake money. This is accomplished using optical inspection and image processing technologies to provide an improved, intelligent, dependable cash sorter that recognizes bogus currencies.
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Increasing demand for sophisticated money-counting devices is being driven by increased awareness of the value of counterfeit detection and security measures. Increase in businesses that handle cash often, such as casinos, supermarkets, and hotels, where accuracy and efficiency in processing cash are essential.
Key Takeaways from the Currency Counting Machines Market Report:
- By 2033, the currency counting machines market in the United Kingdom will likely expand, with a CAGR of 5.2%.
- In 2023, the United States is expected to develop the currency counting machines business with a share of 23.4%.
- The currency counting machines market grew considerably to US$ 9,220.5 million in 2022.
- The currency counting machines sector developed at a CAGR of 3.7% between 2018 and 2022.
- By 2033, China’s currency counting machines market is projected to develop with a CAGR of 7%.
- By 2033, India’s currency counting machines industry is projected to expand with a CAGR of 7.3%.
- Japan’s currency counting machines industry is likely to grow significantly, with a 5.0% share in 2023.
- Australia’s currency counting machines are expected to develop with a share of 1.1% in 2023.
- Germany’s currency counting machines business is expected to grow, with a share of 5.6% in 2023.
- In 2023, based on the type, the loose note segment is expected to dominate the market, with a share of 44%.
- In 2023, a BFSI segment is expected to dominate the market, with a share of 36%, based on application.
“The Currency Counting Machines Market,” revealed by our recent market research study, continues to witness significant growth driven by increasing demand for automated and efficient cash-handling solutions across various industries. This market is experiencing a surge in adoption due to the growing importance of accurate and time-saving currency-counting processes, particularly in the banking and retail sectors. The report highlights the competitive landscape and emerging trends, indicating a promising outlook for the currency counting machines industry.” – Comment by Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitors’ Successful Techniques:
Pricing competition was a crucial element in the market. Businesses that provided quality cash-counting machines at a reasonable price acquired a sizable client base. Several companies concentrated on providing specialized cash-counting equipment designed to meet certain industrial demands. They could serve specific markets and achieve a competitive advantage because of this strategy.
Recent Development:
- A cash counting machine with a capacity of 200 notes, an intelligent currency counter cum detector, and a loose note counting machine are all available from the firm Maxsell. In.
- Through its subsidiaries, Glory Global Solutions (International) Ltd. and Glory Global Solutions (Holdings) Ltd. announced the purchase of Grupo Sortek S.A. de C.V. in May 2019. In Mexico, Sortek offers services for sorting cash.
Leading Key Players:
- Maxsells
- Godrej Group
- Mycica
- RDS Group
- Ktron Systems
- Web Sec Systems
- Cannon Electronic Systems
- Prompt Automation
- Giesecke & Devrient GmbH
- Cummins Allison Corp.
- De La Rue plc
- Bcash
- Electronics Co.
- Glory Global Solutions Limited
- GRGBanking
- CT Coin
- Kisan Electronic
- Julong Europe GmbH
- Royal Sovereign
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Currency Counting Machines Market Segmentation:
By Type:
- Loose Note
- Bundle Note
- Desktop Model
By Range:
- Basic Note Counter
- Hi-Speed Heavy Duty Cash Counting
- Intelligent Counting cum Counterfeit Detection Machines
By Application:
- BFSI
- Business Houses
- Hospitals
- Schools & Colleges
- Airports
- Jewelers
- Retail Outlets & Showroom
- Hotels & Restaurants
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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