Currency Sorting Machine Market by Device Type (Banknote Sorter, Discriminator), Sorter Type (Heavy Duty Sorting Machine, Middle Range, Multi-pocket Sorter), Application, Distribution Channel, End-User - Global Forecast 2024-2030

Currency Sorting Machine Market by Device Type (Banknote Sorter, Discriminator), Sorter Type (Heavy Duty Sorting Machine, Middle Range, Multi-pocket Sorter), Application, Distribution Channel, End-User - Global Forecast 2024-2030

The Currency Sorting Machine Market size was estimated at USD 457.77 million in 2023 and expected to reach USD 478.64 million in 2024, at a CAGR 4.81% to reach USD 636.25 million by 2030.

A currency sorting machine is used for sorting banknotes and is widely adopted in cash-based organizations and institutions such as retail stores, casinos, amusement parks, and commercial banks. Rising disposable income and strong growth in savings are impacting the growth of financial institutes and the retail sector throughout the globe, accelerating the need for the management of currency in terms of cash. The growing awareness regarding the advantages and minimal errors in currency sorting is expanding the use of currency sorting machines in monetary organizations worldwide. However, the high cost of implementation and the need for regular maintenance may limit their adoption by the end users. Moreover, innovation and enhancement in cash sorting machines to improve the accuracy of currency sorting are expected to encourage the adoption of currency sorter machines across financial, retail, and monetary organizations worldwide.

Regional Insights

Customers in Asia, particularly in emerging nations, continue to rely on cash despite the rapid rise of electronic payments. Customers in nations including Vietnam require substantial amounts of cash to pay for daily necessities such as gasoline, food & beverages, groceries, and also for large purchases, including real estate, subsequently expanding the adoption of currency sorting machines across the retail sector of the Asia-Pacific. In recent years, managing the cost of cash handling has been a concern for retail banks across the region. As banks’ operating environment becomes more competitive and complex, this puts increasing pressure to secure their cash transactions, creating a potential platform for the growth of the currency sorting machine market in the Asia-Pacific. The various food restaurants and retail stores are continuously adopting cash sorting machines, which are anticipated to expand the growth of the currency sorting machine market in EMEA. The presence of well-established players and their ongoing efforts to introduce advanced currency sorting machines is expanding the growth of the market in the Americas.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Currency Sorting Machine Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Unhindered and non-intermittent flow of currency across BFSI and monetary organizations
High adoption to reduce errors and human intervention in currecy sorting

Market Restraints

High implementation and maintenance cost of currency sorter machine

Market Opportunities

Introduction of technologically advanced cash sorter machines
High potential across retail sector and casinos

Market Challenges

Growing penetration of digital payments and wallets

Market Segmentation Analysis

Device Type: Growing preferences for technologically advanced discriminator to minimize the risk of counterfeit currency
Sorter Type: Deployment of multi-pocket sorters to maximize efficiency and productivity
Application: Significant applications of currency sorting machines for assessing banknotes with different denominations
End-User: Higher adoption of portable currency sorting machines by retailers

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Currency Sorting Machine Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Currency Sorting Machine Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Volumatic Launches Money-Counting Scale Upgrade - Counteasy 2

The global market for currency sorting machines has just gotten an upgrade with Volumatic's launch of CountEasy 2. This innovative money counting scale is designed to increase efficiency and accuracy in cash handling, particularly in retail and banking industries. With advanced software features and enhanced security measures, CountEasy 2 guarantees error-free counting and seamless integration with existing cash management systems. The newly improved product appeals to businesses seeking to streamline their operations and reduce costs associated with cash management. The CountEasy 2 is undoubtedly a game-changer that will revolutionize the cash handling market.

RBI Revises Norms On Banknote Authentication, Sorting

The Reserve Bank of India (RBI) has recently revised its guidelines on banknote authentication and sorting, placing a greater emphasis on the use of technology to ensure the accuracy of currency processing. In response to the increasing sophistication of currency counterfeiting, the RBI now requires banks to use advanced currency sorting machines that can quickly and accurately distinguish between genuine and fake banknotes. This move is expected to enhance the efficiency and precision of currency processing, thereby reducing the risk of errors and safeguarding the integrity of the Indian banking system. Banks will have to implement these revised norms from July 1, 2021, and ensure that their sorting machines meet the updated specifications outlined by the RBI.

Goznak has Developed A Counting And Sorting Machine “Bars S5” Of A New Class

Goznak, the Russian State-owned company, has unveiled its latest product in the market of currency sorting machines. The new contraption has been designed to handle large amounts of banknotes with high speed and accuracy, facilitating the process of currency management. The machine's innovative technology can detect counterfeit currency and banknotes that are damaged or unfit for circulation, providing valuable assistance to financial institutions and commercial banks in streamlining their operations. The currency sorting machine is an important addition to Goznak's extensive portfolio of secure printing products and services, as it aims to strengthen the financial sector's efforts to maintain a safe and efficient banking system.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Currency Sorting Machine Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Currency Sorting Machine Market, highlighting leading vendors and their innovative profiles. These include Aditya Systems, Anhui Zhongke Optic-electronic Color Sorter Machinery Co., Ltd., Arihant Maxsell Technologies Private Limited, Bcash Electronics Company, BellCon ApS, CDM USA Inc., Cummins-Allison Corporation by Crane Co., De La Rue PLC, Deteck USA, Dolphin Automation, Giesecke & Devrient GmbH, Glory Global Solutions, Godrej & Boyce Manufacturing Company Limited, Goznak, GRGBanking Equipment Co., Limited, Hyundai MBI International, Jetex Infotech Private Limited, Julong Co., Ltd., Kisan Electronics, KLOPP International, Inc., Laurel Bank Machines Co. Ltd, Promech Industries Pvt. Ltd., PT Murni Solusindo Nusantara, Shanghai Guao Electronic Technology Co., Ltd, Shenzhen Watt Data Technology Co., Ltd., Suzhou RIBAO Technology Co. Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Volumatic Limited, and Xinda Electronic Equipment Co.Ltd.

Market Segmentation & Coverage

This research report categorizes the Currency Sorting Machine Market to forecast the revenues and analyze trends in each of the following sub-markets:

Device Type
Banknote Sorter
Discriminator
Sorter Type
Heavy Duty Sorting Machine
1+1 Pocket
2+1 Pocket
3+1 Pocket
Middle Range
Multi-pocket Sorter
Small
Application
Banknote
Coin
Distribution Channel
Offline
Online
End-User
BFSI
Cash-in-Transit
Casinos & Large Theme Parks
Retail
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year