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Global Banknote Processing Systems Market Size, Trends & Analysis - Forecasts to 2026 By Product Type (Note Counter, Note Stacker, Note Quality Evaluating Sensor, Foreign Currency Recognizer and Other Products), By No. of Note Counted Per Hour (Below 40,000, 40,000 - 60,000, 60,000-80,000, 80,000-1,00,000, 1,00,000-1,20,000 and 1,20,000 and Above), By End-User (BFSI Sector, Casino, Retail Sector and Other End Users), By Region (Europe, North America, MEA, Asia Pacific, and CSA); Vendor Landscape, Company Market Share Analysis, End-User Landscape, and Competitor Analysis
The banknote processing systems market includes banknote counting machines, banknote sorting machines, coin-sorting machines, note quality evaluating sensors and automated cash operations management solutions and inventory monitoring software, foreign currency recognizers, and others. These machines are largely used at commercial banks, casinos, retail shops, and business organizations, schools, hospitals, bank offices among others. Such high-speed high-tech banknote processing machines have helped end-users gain reliability, security, and efficiency in every single step from sorting to distributing banknotes to evaluating the quality and reducing manual labor time and waving off high chances of error.
The market for banknote processing systems or machines is heavily driven by the rising number of criminal cases of fake note circulation in the system, error-free, and manual labor-free timely monitoring and sorting of banknotes at the bulk level, stringent government regulations in regards the fake note and coin circulations, rising alertness among end-users and customers related to the value of real and monitored banknotes. However, the market for such machines will also be increasing owing to the rising strength of the retail business, an increasing number of counting machine installations across developed and developing regions.
As per the machines or products offered, the market is segmented into note counter, note stacker, note quality evaluating sensor, foreign currency recognizer, and others. The note counters segment will be the fastest as well as the largest market segment owing to the increasing installations of such machines worldwide due to the expanding retail and banking sector. Also, with rising awareness and alertness about fake notes amongst end-users and customers, the market is ought to touch the heights of growth.
Based on the number of banknotes counted and sorted per hour, the market has a varied type of machines to offer to its end users. The market segments are below 40,000; 40,000 - 60,000; 60,000-80,000; 80,000-1,00,000; 1,00,000-1,20,000; and 1,20,000 and above. The market for 1,00,000 to 1,20,000 banknotes counted per hour machine will be the fastest owing to a huge number of capacity for note counting and efficiency offered.
Based on potential customers, the market for the BFSI sector, casino, retail sector, and other end users. The market for BFSI or commercial banks would be the highest and also the fastest growing owing to the high amount of cash transfer and deposit in this sector, and rising demand for cash and coin-sorting machines along with note evaluating sensor.
Owing to the presence of major BFSI firms and the largest casinos, and retail chains, the market for North America and Europe is ought to be the highest. However, owing to the increasing number of bank branches in various regions of Asian countries, a rising number of retail chains, and casinos, and the circulation of the high amount of fake notes in the region will pursue the APAC region to be the fastest-growing lucrative market.
ABANA Enterprises Group Co., ID Vision LLC, Primo, Nigachi, Harbin Bill Sorter, Cummins-Allison, SEMACON, Magner, Cassida Corporation, Crane Payment Innovations, Royal Sovereign, Cash Processing Solutions, De La Rue, LAUREL BANK MACHINES CO., LTD., ?Giesecke & Devrient, Xinda, Julong, GRG Banking, Guao Electronic, Bcash Electronics, KOA CO., LTD., Kisan Electronics, LIDIX, Toshiba, Glory Global Solutions, Goznak, and PT. Murni Solusindo Nusantara among others are the major players in the market.
Please note: This is not an exhaustive list of companies profiled in the report.
In August 2020, Giesecke & Devrient and the Federal Reserve System’s Cash Product Office (CPO) announced the contract-partnership for building the next generation of high-speed currency processing machines and software for the central bank.
In November 2020, GRG Banking hosted the GRGBanking's Global Customer Exchange 2020 which helped the company interact with its customers and improve its brand visibility.
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The Global Banknote Processing Systems Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Banknote Processing Systems Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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