Currency Sorter Market: Recent Developments in the Market with Key Players Announcements

Currency Sorter Market: Recent Developments in the Market with Key Players Announcements | At CAGR 8.9%

NEW CASTLE, WILMINGTON, UNITED STATES, March 5, 2024 /EINPresswire.com/ — llied Market Research published a report, titled, “Currency Sorter Market by Product Type (Note Sorter & Counter, Coin Sorter & Counter, and Currency Counterfeit Detector), Sorter Machine Size (Small Size, Middle Size, and Large Size), and End User (Banks & Financial Institutions, Retailers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global currency sorter market was valued at $7.8 billion 2022 and is estimated to reach $18.1 billion by 2032, exhibiting a CAGR of 8.9% from 2023 to 2032.

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A currency sorter allows employees to work more productively by cutting down on the amount of time they need to sort notes. In addition, specialized office tools and machinery such as money verifiers and note-counting machines contribute to increased workplace productivity and accuracy in commercial transactions. These devices offer a range of options to raise productivity, accuracy, and efficiency. For example, currency sorting machines are now a need for most retail stores, banks, and lodging facilities.

Prime determinants of growth

The global currency sorter market is influenced by several factors, including growth associated with commercial banks & retail industry, increase in demand for automated cash handling products, surge in demand for technologically advanced self-service machines, increased application areas, and inclination of consumers toward digital transaction solutions. However, increase in the use of virtual money is expected to hamper the currency sorter market growth. Furthermore, several governments are committed to promoting the introduction of a cashless society. Increase in adoption of smartphone applications for digital transactions drives the market growth. However, developing economies of Asia-Pacific and LAMEA regions possess high potential for expansion of retail industry, which is expected to drive the growth of currency sorter market during the forecast period.

The currency counterfeit detector segment to maintain its leadership status during the forecast period.

By product type, the indexed note sorter and counter segment held the highest market share in 2022, accounting for nearly three-fifths of the market revenue, owing to the integration of advanced sensor technologies, including infrared sensors and spectral imaging, to enhance the precision of discrimination in the global market. However, the currency counterfeit detector segment is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing to the integration of AI and ML algorithms into bank currency sorters, enabling them to adapt to change in patterns in currency features and counteract increasingly sophisticated counterfeiting techniques, which boosts the global market.

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The small size segment to maintain its leadership status during the forecast period

By sorter machine size, the small size segment held the highest market share in 2022, accounting for nearly half of the global currency sorter market revenue. This is attributed to the increasingly adopted comprehensive fitness sorting capabilities, assessing the quality and condition of banknotes to ensure that only fit the currency remains in circulation. However, the middle size segment is projected to attain the highest CAGR of 10.2% from 2023 to 2032, due to the integration of advanced counterfeit detection technologies, such as multi-spectral imaging and ultraviolet sensors, which improve the middle-range note sorter machine’s ability to detect counterfeit banknotes accurately and efficiently.

The banks and financial institutions segment to maintain its leadership status during the forecast period

By end user, the banks and financial institutions segment held the highest market share in 2022, accounting for nearly three-fifths of the global currency sorter market revenue, owing to the large amount of cash currency and coins that are being handled by banks, which has led to the dominance of the BFSI segment in the banknote/currency sorter market. Banks are a vital part of maintaining currency circulation and have contributed to the domination of this segment. However, the retailer’s segment is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing to the growing number of retailers opting for currency/banknote sorters to ensure consistent count and reduce human error in accounting, which are expected to result in the retailers segment becoming the fastest-growing segment.

Asia-Pacific maintain its dominance by 2032

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the market revenue, owing to increase in preference for digital transactions, driven by the convenience and safety associated with contactless payments, which has influenced the demand for note-sorting solutions. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increase in the adoption of digital payment methods that coexists with the demand for currency sorters, as businesses and financial institutions seek comprehensive solutions to manage both physical and digital currency.

Leading Market Players: –

Julong
Arihant Maxsell Technologies Private Limited
Toshiba International Corporation
Aditya Systems & Solutions
Jetex Infotech Pvt. Ltd.
KISAN ELECTRONICS.
Beijing Grace Ratecolor Technology Co., Ltd.
Giesecke+Devrient GmbH
Godrej Group
GRGBanking

Key Findings of The Study

By type, the indexed currency sorter segment accounted for the highest currency sorter market share in 2022.

Region-wise, North America generated the highest revenue in 2022.

Depending on sorter machine size, the small size segment generated the highest revenue in 2022.

By end-user, the banks and financial institutions segment accounted for the largest highest market share in 2022.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.alliedmarketresearch.com/request-for-customization/2354

The key players profiled in the currency sorter market analysis are Julong, Arihant Maxsell Technologies Private Limited, Toshiba International Corporation, Aditya Systems & Solutions, Jetex Infotech Pvt. Ltd., KISAN ELECTRONICS, Beijing Grace Ratecolor Technology Co., Ltd., Giesecke+Devrient GmbH, Godrej Group, and GRGBanking. These players have adopted various strategies to increase their market penetration and strengthen their position in the currency sorter industry.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:
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David Correa
Allied Market Research
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