Los Angeles, December 20, 2019 - As per the new report published by QY Research titled, “Global Currency Sorter Market Professional Survey Report 2019,” the global currency sorter market is likely to attain the value of US$ 1.9 Bn by the end of 2025, whereas in 2018 it was valued US$ 1.6 Bn, registering a sluggish CAGR of 2.5% during the assessed year (2019-2025).
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Simplified Cash Handling Process to Create Robust Growth of the Global Currency Sorter Market
Currency transaction has largely improved in recent years due to technological advances in recent years. Increasing money transactions in retail, commercial banks, and financial institutions need to monitor cash with accuracy. These institutions require fast transactions leading to increasing usage of currency sorter to automate the process, save time, and increase accuracy. This has led to increasing usage of currency sorter, which has simplified the cash handling process and reduced the risk of errors. Currency sorters with advanced technologies have enabled complex operations with its highly convenient and simple usage. Increasing instances of counterfeiting activities have resulted in the need for detection of fraud notes, which is likely to boost the growth of the market.
Largescale Cash Transaction in Banks to Foster the Growth of the Application Segment
The application segment is bifurcated into Coin sorter and Banknote sorter. Banks, casinos, financial institutions, and currency exchange offices majorly use currency sorter machines to count notes and coins and to root out counterfeit money. Banknote sorter machines enable counterfeit money identification using advanced features. These BFSI institutions have largescale transactions, which require accuracy in cash handling. All of these factors are likely to foster the growth of the application segment. The type segment is divided into large size, middle size, and small size.
Growing BSFI and Retail Sector in the Asia-Pacific Region is Likely to Boost the Growth of the Market
The Asia-Pacific is witnessing a growing BFSI sector and retail industry, which have huge amounts of cash transactions. These industries have regular cash transactions that demand denomination, distribution and authenticate of cash. Technological advances have improved speed while enabling complex operations to give error-free results. Increasing security and efficiency while dealing in cash transactions have become important factors, which are expected to drive the growth of the regional market.
However, increasing usage of credit and debit cards and online payment and transactions using e-wallets such as Google Pay and Paytm is expected to hamper the growth of the market.
Innovation and Product Development: A Key Area of Focus for the Top Players
Some of the top players operating in the global market are Glory, Giesecke & Devrient, Laurel, Toshiba, De La Rue, Kisan Electronics, Toshiba, Julong, GRG Banking, Guao Electronics, and Xinda. Market players are concentration on innovation and product development and are keen to undertake activities such as M&A’s and collaborations to expand their portfolio.
QY Research established in 2007, focus on custom research, management consulting, IPO consulting, industry chain research, data base and seminar services. The company owned a large basic data base (such as National Bureau of statistics database, Customs import and export database, Industry Association Database etc), expert’s resources (included energy automotive chemical medical ICT consumer goods etc.
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