About Currency Counting Machine
A currency counting machine is used either for counting or sorting or counterfeit detection or all the three, for banknotes and coins. The global currency counting machine market can be segmented by end-user into three segments: banking, financial services, and insurance (BFSI); retail; and commercial. The BFSI sector dominates the market, followed by the retail and commercial sectors. In terms of the market by region, APAC holds the largest share of the global market, followed by the Americas and EMEA. The increasing number of bank branches in the region drives the market growth in APAC.
Technavio’s analysts forecast the global currency counting machine market to grow at a CAGR of 3.94% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global currency counting machine market for 2017-2021. To calculate the market size, the report considers the end-user segments.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Currency Counting Machine Market 2017-2021
Technavio recognizes the following companies as the key players in the global currency counting machine market: Giesecke & Devrient, Glory Global Solutions, and Cummins-Allison.
Other Prominent Vendors in the market are: BILLCON, GRGBanking, Guangdong Baijia Baiter Industry, Julong, Kisan Electronics, LAUREL BANK MACHINES, Maxsell, Royal Sovereign, and Shenzhen Best Machinery Electronics.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing need for weight-based currency counting machines. The global shift toward polymers is compelling governments of various countries to adopt plastic bills. Polymer banknotes are 2.5 times more durable than the current cotton-based paper notes. These notes are manufactured using a transparent plastic film coated with an ink layer. It allows clear portions in designs and improves the security against counterfeits. The switch to polymer-based banknotes will lead to fewer rejections by cash processing machines and lower destruction rates, resulting in better ROI. In addition, the security features are enhanced in polymer-based banknotes to detect counterfeits.”
According to the report, one of the major drivers for this market is Increase in fake currency. 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 scrap 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. For instance, according to the National Crime Agency, counterfeit Bank of England notes with a value of £8.05 million were taken out of circulation in 2014.
Further, the report states that one of the major factors hindering the growth of this market is Increased number of card transactions. 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 that shop at retail or hospitality business stores use their debit or credit cards for making payments as they are easy to handle. This encourages banks and merchants to invest in the technology and market, with the assurance that merchants and consumers will make payments through card transactions.
Giesecke & Devrient, Glory Global Solutions, and Cummins-Allison. BILLCON, GRGBanking, Guangdong Baijia Baiter Industry, Julong, Kisan Electronics, LAUREL BANK MACHINES, Maxsell, Royal Sovereign, and Shenzhen Best Machinery Electronics.