Note Sorter Market to Reach $14.7 Billion, Globally, by 2032 at 8.4% CAGR: Allied Market Research
Friday, May 31, 2024
WILMINGTON, Del., May 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Note Sorter Market by Device (Discriminator and Banknote Sorter), Sorter Type (Small Size, Middle Range, and Heavy Duty), End User (Bank, Financial Institution, Cash-in-Transit (CIT), Retail, and Casino), and Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the "note sorter market" was valued at $5.9 billion in 2017, and is estimated to reach $14.7 billion by 2032, growing at a CAGR of 8.4% from 2024 to 2032.
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247 - Tables
74 - Charts
549 - Pages
Drivers, Restraints, and Opportunities-
The note sorter market is expected rise in cash transactions, growth in retail and banking industry and growth in need for efficient cash replenishment Moreover, the expansion of the product and services and the technological advancement of the note sorter industry are expected to provide lucrative opportunities for the growth of the market during the forecast period.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024-2032
Base Year 2017
Market Size in 2017
$5.9 billion
Market Size in 2032
$14.7 billion
CAGR 8.4 %
No. of Pages in Report 549
Segments Covered Device, Sorter type, Heavy duty, End user, Enterprise
size, Region
Drivers
Rise in cash transactions
Growth in the retail and banking industry
Growth in need of efficient cash replenishment
Opportunities
Technological advancement
Restraints
Transitions toward cashless transactions
High initial costs
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The banknote sorter segment to rule the market-
By device segment, the banknote sorter segment dominated the global note sorter market share in 2023, accounting for more than three-fourths of the note sorter market revenue and is estimated to maintain its leadership status during the forecast period and is expected to remain dominant during the forecast period, owing to growth in emphasis on connectivity and data analytics, allowing businesses to gather insights into cash flow, optimize inventory management, and improve overall operational efficiency. Integration with cash recycling systems is another notable trend, offering a comprehensive solution for both depositing and dispensing cash within banking and retail environments. However, the discriminator segment is expected to witness the highest growth of 10.5% in the upcoming years, owing to the integration of advanced sensor technologies, including infrared sensors and spectral imaging, to enhance the precision of discrimination has fueled the growth of the market. These technologies enable discriminators to detect subtle features and security elements in banknotes, thereby improving counterfeit detection capabilities. There is a growth in the trend toward the development of discriminators with modular designs, allowing for easier upgrades and adaptations to evolving security features on new banknote releases.
The Heavy-duty segment to dominate by 2032
By sorter type, the heavy-duty segment accounted for nearly half of the global note sorter market share in 2023 and is expected to remain dominant by 2032, owing to enabling heavy-duty sorters to handle vast volumes of banknotes with unparalleled efficiency. Advanced counterfeit detection features continue to evolve, incorporating innovative technologies such as deep learning algorithms and multispectral imaging to enhance accuracy and security. Heavy duty note sorters have increasingly adopted comprehensive fitness sorting capabilities, assessing the quality and condition of banknotes to ensure that the currency remains in circulation. However, the middle range segment is expected to witness the highest growth of 9.4%, owing to middle range note sorters have increasingly adopted user-friendly interfaces and intuitive controls, streamlined operations, and reduced training time for users. Connectivity features are also on the rise, enabling seamless integration with other financial systems, allowing businesses to gather insights into cash flows and optimize inventory management.
The retail segment to dominate by 2032
By end user, the bank segment accounted for nearly two-fifths of the global note sorter market share in 2023 and is expected to remain dominant by 2032, owing to note sorters for banks often being equipped with fitness sorting capabilities, enabling the assessment of the quality and condition of banknotes. User-friendly interfaces and ergonomic designs have gained importance to streamline operations within the banking environment. However, the retail segment is expected to witness the fastest CAGR of 11.5% throughout the forecast period, owing to retail-oriented note sorters often including features such as fitness sorting to assess the quality and condition of banknotes, ensuring that only fitted currency remains in circulation. Connectivity features have also gained prominence, enabling seamless integration with point-of-sale (POS) systems and broader financial networks. This connectivity facilitates real-time reporting, allowing retailers to monitor cash flows, optimize change management, and streamline overall cash-handling operations in the market.
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The large enterprise segment to dominate by 2032
By enterprise type, the large enterprise segment accounted for nearly more than two-thirds of the global note sorter market share in 2023 and is expected to rule the boost by 2032, owing to these versatile note sorters can efficiently process multiple denominations and currencies, providing adaptability to the complex financial ecosystems of large enterprises. Furthermore, the trend toward modular and scalable designs is significant, allowing large enterprises to customize their note sorting capabilities based on evolving business requirements. However, the small and medium-sized enterprise segment is expected to witness the fastest CAGR of 10.2% throughout the forecast period, owing to connectivity features that have also emerged as a trend in note sorters for SMEs, enabling integration with point-of-sale (POS) systems and other financial software. This connectivity facilitates real-time reporting, allowing SMEs to monitor cash transactions, optimize change management, and streamline overall cash-handling processes.
Asia-Pacific garnered the major share in 2023.
Region-wise, the note sorter market was dominated by Asia-Pacific in 2023 and is expected to retain its position during the forecast period, accounting for more than one-third of the note sorter market revenue and is estimated to maintain its leadership status during the forecast period, owing to an increase in penetration of electronic production and the significant presence of extended warranty providers. However, South America is expected to witness the fastest CAGR of 11.8% throughout the forecast period owing to the proliferation of complex and expensive consumer electronics and appliances, coupled with a surge in the per capita income of individuals in this region.
Leading Market Players-
-- BCASH ELECTRONICS CO
-- CUMMINS ALLISON CORP
-- DE LA RUE PLC
-- GIESECKE+DEVRIENT GMBH
-- GLORY GLOBAL SOLUTIONS
-- GRG BANKING
-- JULONG EUROPE GMBH
-- KISAN ELECTRONICS
-- LAUREL BANK MACHINES CO, LTD
-- TOSHIBA INFRASTRUCTURE SYSTEMS AND SOLUTIONS CORPORATION
-- HITACHI TERMINAL SOLUTIONS
-- MASTERWORK AUTOMODULES
-- DOUBLEPOWER
The report analyzes these key players in the global note sorter market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
Key Benefits For Stakeholders
-- The study provides an in-depth analysis of global note sorter market
forecast along with the current trends and future estimations to
elucidate the imminent investment pockets.
-- Information about key drivers, restraints, and opportunities and their
impact analysis on global note sorter market share is provided in the
report.
-- Porter's five forces analysis illustrates the potency of the buyers and
suppliers operating in the industry.
-- The quantitative analysis of the market from 2020 to 2027 is provided to
determine the market potential.
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Key Market Segments
By Sorter Type
-- Small-Sized Note Sorter
-- Medium-Sized Note Sorter
-- Large-Sized Note Sorter
By Enterprise Size
-- Large Enterprises
-- Small and Medium Enterprises
By End-user
-- BFSI
-- Retail
-- Others
By Region
-- North America
-- U.S.
-- Canada
-- Europe
-- UK
-- Germany
-- France
-- Italy
-- Spain
-- Netherlands
-- Rest of Europe
-- Asia-Pacific
-- China
-- Japan
-- India
-- Australia
-- South Korea
-- Singapore
-- Rest of Asia-Pacific
-- LAMEA
-- Latin America
-- Middle East
-- Africa
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" 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 and every 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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SOURCE Allied Market Research
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