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According to the market research analysts at Technavio, the global cash counter market is anticipated to witness steady growth and will post a moderate CAGR of close to 5% during the forecast period. With the increasing number of bank branches in emerging countries, the market for cash counters is expected to have a positive outlook over the coming years. Retail banking channels like the brick-and-mortar branches have faced the impact of digitization in the BFSI sector in developed economies, but the scenario is strikingly different in emerging economies. Banks in emerging countries like India and China are opening new branches to target the population that does not have access to banks. This is expected to increase the demand for cash counters in the APAC region over the next four years.
One of the latest trends spurring this market’s growth prospects is the increasing use of advanced technology in cash counters. Recent technological advancements have simplified the process of handling money, which has made cash counters indispensable to most banks, hotels, retail shops, and casinos. Also, the new and improved cash counters can inform the users of any problems related to its operation. Moreover, manufacturers are increasingly focussing on developing cash counters with innovative technologies, which will boost this market’s growth in the years to come.
The global cash counter market is highly fragmented owing to the presence of a vast number of big and medium-sized vendors. Due to increased commoditization of the product, vendors are not able to differentiate their products from those of their competitors. Many vendors are adopting the strategy of differentiating their product on the basis of counting speed and the counterfeit technology used. The key players in the market compete on the basis of price, quality, and brand loyalty. Acquisition of new enterprises will give the leading players a chance to maintain their dominance in the market throughout the forecast period.
Key vendors in this market are -
Other prominent vendors are Billcon, Cassida, Cummins Allison, Liaoning Julong Financial Equipment,
Konyee Group, Laurel Bank Machines, and Semacon.
During 2015, the BFSI industry was the highest revenue-contributing end user segment and will continue to dominate the market over the next four years. Most banks are equipped with cash counters for daily activities like cash deposits. The growth in the number of bank branches in APAC countries such as China and India will significantly contribute to this segment’s growth in the near future.
In terms of geography, EMEA accounted for the maximum market shares and is likely to continue its dominance until the end of 2020. Most European banks have adopted the policy of carry-trade to strengthen their financial positions. This has resulted in the opening of a number of bank branches, thereby, contributing to this market’s growth in the region. Also, the adoption of polymer-based banknotes in the region will steer the demand for weight-based cash counters in the market.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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