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The currency counting machine market is estimated to grow at a CAGR of 14.61% between 2022 and 2027. The size of the market is forecast to increase by USD 625.77 million. The growth of the market depends on several factors, including the increase in counterfeit currency, the rising number of bank branches in developing economies, and the counting accuracy offered by currency counting machines.
This report extensively covers market segmentation by end-user (BFSI, retail, and commercial), type (basic note counter, hi-speed heavy duty cash counting, and intelligent counting cum counterfeit detection machines), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global currency counting machine market as a part of the global electronic equipment and instruments market within the overall electronics market. The parent global electronics market includes manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. The global electronic equipment and instruments market is expected to grow at a moderate pace. Technavio calculates the global electronic equipment and instruments market size by considering the revenue generated from sales of the associated information communication and technology and electronics products, equipment, and components. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increase in the circulation of counterfeit currency is notably driving the currency counting machine market growth, although factors such as the increased number of card transactions may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
Key Currency Counting Machine Market Driver
The increase in the circulation of counterfeit currency is the key factor driving the global currency counting machine market growth. The counterfeiting of currency is one of the oldest crimes in history. When the first coins were minted, their value was based on the intrinsic value of the metal. Forgers would scrape off small amounts of the metal from original coins and use it to make fake coins with inexpensive base metals. The fake currency market has become a big black market and is one of the biggest problems for governments.
Counterfeit money poses a major threat to national security and can result in economic destabilization. Fake currency is worthless, and it is difficult for ordinary people to identify such currency with the naked eye. Currency counting machines can detect fake currency, thus limiting the threat of fake currency. A currency counting machine uses several counterfeit detection technologies, including magnetic, ultraviolet, infrared, watermark, and microprint. These machines detect whether the currency has different security features that denote the genuineness of the currency. With the increase in the printing and circulation of counterfeit currency, especially high-value paper currency, the need for currency counting machines will rise.
Key Currency Counting Machine Market Trend
The increasing use of multi-currency forex cards will affect the global currency counting machine market growth. Forex cards are prepaid cards that can be loaded with multiple currencies. These cards act as a replacement for single-currency-denominated travel currency cards.
Contactless multi-currency forex cards are also available, which provide a fast and convenient way to pay for daily purchases. They use contactless chip technology and reduce the time spent at cash counters. These cards are generally used by travellers for hassle-free travel worldwide. With the currency exchange rates locked, customers are protected against currency fluctuations. These cards reduce the need to carry cash, which is a trend that is expected to affect the market negatively during the forecast period.
Key Currency Counting Machine Market Challenge
The increased number of card transactions is a major challenge to the global currency counting machine market growth. There has been a significant increase in the use of debit and credit cards for payments. The rise in the number of cashless payment transactions by consumers poses a threat to currency counting machines. Consumers who shop at retail or hospitality outlets use their debit or credit cards to make convenient payments. This encourages banks and merchants to invest in cashless technology and solutions.
In 2019, approximately more than half of all payment transactions globally were done using cards. Moreover, the growth of the retail e-commerce industry has fueled the increase in online payments. The increase in the number of card transactions is expected to hinder the growth of the market during the forecast period.
Key Currency Counting Machine Market Customer Landscape
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, Canada, China, Japan, India, and Germany. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Currency Counting Machine Market Customer Landscape
Vendors 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
maxsell.in - The company offers currency counting machines such as the Cash counting machine with 200 notes capacity, an Intelligent currency counter cum detector, and the Maxsell loose note counting machine. Also, under this segment, the company offers products such as currency sorting machines, gold testing machines for jewellers and banks, gold testing machines for testing, hallmarking centres and refineries, laser engraving machines, fibre laser marking machines, paper shredders, laser welding machines, and currency counting machines.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the BFSI segment will be significant during the forecast period. The BFSI sector includes companies that provide financial products or services. The BFSI sector witnessed negative growth due to the Great Recession in 2008. However, it has recovered from the impact of the recession and has been witnessing growth in recent years. Developing countries in APAC are the major contributors to the growth in the BFSI sector.
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The BFSI segment showed a gradual increase in market share with USD 96.94 million in 2017 and continued to grow by 2021. The growing popularity of alternative banking channels has not impacted brick-and-mortar bank branches in developing countries. Lenders in countries such as India are focusing on expanding their reach in unbanked and underbanked regions. Various sectors, such as services, real estate, agriculture, and allied sectors, have a high demand for credit in emerging economies. The rapid growth in savings and the rising disposable income in developing economies are factors that are driving the need for more bank branches. The rise in the number of bank branches will lead to a proportional increase in the need for currency counting machines. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of the Currency Counting Machines, which is driven by an increase in the global demand for the Currency Counting Machine Industry.
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APAC is projected to contribute 38% of market growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC was the highest revenue-generating region in 2020, and it is expected to continue to dominate the market during the forecast period. The market growth in APAC is expected to increase at a fast rate because of the growing end-user segments in the region. The BFSI, retail, and commercial sectors in the region are expected to grow at a moderate rate, which will drive the need for currency counting machines in the region.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 led to a decline in the demand for currency counting machines in APAC. The COVID-19 pandemic negatively impacted the growth of the currency counting machine market in APAC in 2020. The demand for currency counting machines declined due to the restrictions and lockdowns imposed by the governments of most countries in the region, which lead to the temporary closure of retail chains, casinos, and many commercial businesses. However, these restrictions were lifted in 2021 with additional measures, such as social distancing and standard safety procedures such as wearing masks, taken at workplaces. Moreover, the increase in the vaccination rate led to the removal of COVID-19-induced restrictions in 2021. This, in turn, is expected to lead to an economic recovery in APAC, which will increase the demand for currency counting machines during the forecast period.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by end-user, type, and region.
Currency Counting Machine Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historical year |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.61% |
Market growth 2023-2027 |
USD 625.77 million |
Market structure |
Fragmented |
YoY growth (%) |
13.87 |
Regional analysis |
APAC, Europe, North America, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key consumer countries |
US, Canada, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Aditya Systems, Arihant Maxsell Technologies Pvt. Ltd., Billcon Corp., CDM USA Inc., Crane Payment Innovations Inc., Dolphin Automation, Giesecke+Devrient GmbH, Glory Ltd., Godrej & Boyce Manufacturing Co. Ltd., GRG Banking, Guangdong Baijia Baiter Co. Ltd., Guangzhou SmartTec Co. Ltd., Halma Plc, Hilton Trading Corp., Julong Co. Ltd., Kisan Electronics Co. Ltd., Ktron Systems, Laurel Bank Machines Co. Ltd., Mycica Technologies, and NexBill Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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