Enjoy complimentary customisation on priority with our Enterprise License!
The coin sorter market size is forecast to increase by USD 1.32 billion at a CAGR of 7.08% between 2024 and 2028. Accurately counting coins is essential for businesses to comply with government regulations and minimize costs and losses. By employing advanced coin counting technology, businesses can achieve precise tallies, ensuring compliance with regulatory standards. This not only enhances operational efficiency but also reduces errors that can lead to financial discrepancies. The adoption of such technology often results in decreased operational costs and minimized losses associated with manual counting errors. Moreover, these automated systems streamline processes, saving time and improving overall accuracy in financial transactions. Embracing these advancements not only meets regulatory requirements but also positions businesses to operate more effectively in managing their financial resources.
For More Highlights About this Report, Request Free Sample
In today's interconnected world, device integration is pivotal across commercial banking, retail industries, and other cash-intensive environments. Containers and tubes facilitate seamless cash-handling automation, mitigating human error and optimizing revenue-generating processes. This technological advancement supports end users in various retail outlets and end-use industries, enhancing performance and ensuring organization in global digitization efforts. Taiwan, a hub of electronics production and semiconductor innovation, plays a crucial role in supplying IT gear for automated cash handling systems. Studies show significant benefits in staff productivity and revenue growth through efficient device utilization. As semiconductor demands rise across sectors, organizations increasingly prioritize robust contact form solutions to streamline cash-handling automation and bolster revenue streams. This interconnected ecosystem underscores the pivotal role of technology in modernizing cash-handling practices globally.
Key Coin Sorter Market Driver
One of the key factors driving the global coin sorter industry growth is the accurate counting of coins. These counting errors can result in losses and can complicate the maintenance of financial records. Coin sorter provides high levels of accuracy, thus, they are used for counting, sorting, and currency authentication. The coin sorters are used in banks, railway stations, airports, and shopping malls, where cash exchange takes place regularly. Coin sorter machines offer increased convenience as they can count large amounts of money at a significantly faster rate than humans and with a high degree of precision. They save time and increase the operational efficiency of businesses. Such factors will be driving the demand for coin sorters during the forecast period.
Significant Coin Sorter Market Trend
The rising number of bank branches in developing economies is one of the key coin sorter market trends during the forecast period. Banks in emerging economies are opening branches to tap the unbanked population in countries such as India, which will drive the demand for coin sorters. For instance, the number of commercial bank branches in India grew from 9.28 per 100,000 adults in 2008 to 14.7 per 100,000 adults in 2020. Similarly, the number of commercial bank branches in Armenia grew from 17.3 per 100,000 adults in 2008 to 24.6 per 100,000 adults in 2020. Such factors may fuel the growth of the market in the forecast years.
Major Coin Sorter Market Challenge
One of the key challenges to the global coin sorter industry growth is the increased number of card transactions. The rise in the number of cashless payment transactions by consumers poses a threat to coin sorters. Consumers are using online modes of payment or cards to shop at retail or hospitality business stores for making convenient payments. Thus, banks and merchants are investing in cashless technology and the market. In 2021, approximately more than half of all payment transactions globally were done using cards. Moreover, the growth of the retail e-commerce industry has been fueled by the increase in online payments, which will hinder the growth of the coin sorter machine market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BCASH ELECTRONICS CO. LTD. - The company offers coin sorter products such as CS2000-9P, CS2000-7P, and Detector L90C.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The small-size coin sorter segment is estimated to witness significant growth during the forecast period.
Get a glance at the market share of various regions Download the PDF Sample
The small-size coin sorter segment accounted for USD 1.15 billion in 2023 and showed a gradual increase during the forecast period. The small-size coin sorter segment in the global coin sorter market is expected to witness significant growth in terms of market revenue when compared with the other segments, such as medium- and large-size coin sorters, during the forecast period. This is due to the increasing number of coins of different sizes that can be handled with the help of small-size sorters and the large popularity of such sorters in the retail industry, which has largely contributed to the dominance of the small-size coin segment. Such factors are expected to propel the demand for small-size coin sorters and significantly fuel the growth of the market in focus during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC was the largest- and fastest-growing market for coin sorters in 2023. China, South Korea, and Japan were the major contributors of revenue to the coin sorter market in the region. This is due to the growing number of banks, retail stores, casinos, and other monetary organizations in these countries, which are fueling the growth of the coin sorter market in APAC during the forecast period. The growth in savings and increasing disposable income in the region are factors that are driving banks to expand their reach in the rural sectors of developing countries, such as India, Afghanistan, Bangladesh, Bhutan, and Cambodia. The number of commercial bank branches per 100,000 adults has increased significantly in the region. The demand for coin sorters is expected to increase with the rise in the number of bank branches in the region.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also interested in below market reports:
1. Portable Cash Counting Machine Market: Portable Cash Counting Machine Market by Product, End-user, and Geography - Forecast and Analysis
2. Currency Counting Machine Market: Currency Counting Machine Market Analysis APAC, Europe, North America, South America, Middle East and Africa - Japan, US, China, India, Germany - Size and Forecast
3. Cash Logistics Market: Cash Logistics Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, India, Germany, UK - Size and Forecast
In the realm of consumer cashless transactions and cashless technologies, denominations play a crucial role in transforming the landscape of lodging establishments and other high cash value environments. MMF coin sorter products represent a leap forward in technologically advanced coin machines, enhancing efficiency and accuracy in handling diverse denominations. Studies indicate a shift towards online payment methods, driving the adoption of cashless technologies across various sectors. Current trends suggest a steady increase in digital transactions, with future estimates pointing to continued growth in investment pockets related to cashless solutions. This shift underscores the competitive strength gained by businesses embracing innovative coin machines and cashless technologies. As businesses adapt to evolving consumer preferences, MMF coin sorter products stand out for their ability to streamline operations and enhance customer satisfaction in lodging establishments and beyond. Embracing these technologically advanced solutions is key to staying ahead in the digital economy.
Market Scope |
|
Report Coverage |
Details |
Page number |
136 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
Market growth 2024-2028 |
USD 1.32 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.49 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arihant Maxsell Technologies Pvt. Ltd., BCASH ELECTRONICS CO. LTD., Crane Holdings Co., CTcoin AS, De La Rue PLC, Giesecke Devrient GmbH, Glory Ltd., GRGBanking, Hilton Trading Corp., International Business Machines Corp., Julong Co. Ltd., KLOPP Coin Inc., Nadex Coins, Royalsovereign, Safescan BV, Semacon Business Machines Inc., Suzhou Ribao Technology Co. Ltd., SUZOHAPP, TaskFile, and Teachers Choice |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.