About Cash Counter
Cash counters are widely used by the BFSI sector to count the cash deposited in the bank by account holders or for making any kind of transactions. The machines are primarily used in places where huge money transactions are involved daily. ATM machines also have inbuilt cash counter systems to determine the amount of money or currency being deposited by customers.
Technavio’s analysts forecast the global cash counter market to grow at a CAGR of 5% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global cash counter market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of cash counters by the vendors in this market. The average price of cash counter has been taken into consideration for estimating the market revenue.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cash Counter Market 2016-2020
Technavio recognizes the following companies as the key players in the global cash counter market: Giesecke & Devrient, Glory Global Solutions, and Royal Sovereign.
Other prominent vendors in the market are: Billcon, Cassida, Cummins Allison, Liaoning Julong Financial Equipment, Konyee Group, Laurel Bank Machines, and Semacon.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is use of advanced technology in cash counters. Advances in technology in cash counters have simplified the process of handling money. With improved efficiency, the product has become indispensable to most banks, hotels, retail shops, and casinos. Some of the cash counter machines are portable in nature. Also, cash counters with advanced technology can inform users of problems; the machine generates a beep to notify about problems, if any, related to its operation. As a result, they are known as intelligent cash counters. Manufacturers are focused on developing cash counters with innovative technologies as demand in the market is on the rise.”
According to the report, one of the primary drivers in the market is increasing number of ATMs in APAC. APAC has a large population that does not have access to banking facilities. To target the population, banks are increasingly setting up ATMs. In 2015, the growth of ATMs in APAC was registered at 13%. Bangladesh, with a population of 156 million, witnessed 20% growth, from 2014, in the number of ATMs installed in 2015. The double-digit growth rate is mainly because banks in the country do not have to obtain permission from the country's Central Bank for setting up new ATMs. In terms of number of ATM installations, Bangladesh was followed by Pakistan, India, and China.
Further, the report states that one major challenge in the market is growing popularity of electronic transactions. The advances in telecom technology like 5G and LTE, and the increased use of mobile devices such as smartphones and tablets have shifted the mainstream function of banking like bill payments, transactions, utility payments to the online forum or internet banking or mobile banking. Internet banking remains the preferred method of banking among adults in the US; 85% of banking transactions in the US take place outside the branch, with branch traffic continuing to decline at a rate of 4%.
Giesecke & Devrient, Glory Global Solutions, Royal Sovereign, Billcon, Cassida, Cummins Allison, Liaoning Julong Financial Equipment, Konyee Group, Laurel Bank Machines, Semacon.
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