The worldwide intelligent cash counter industry is expected to grow remarkably in the next several years, driven by banks, convenience stores, grocers, and others. The corporate sector is likely to create lucrative growth opportunities for the market. These machines are widely used in banks and corporate sectors.
An electronic device used to count banknotes is known as an intelligent cash counter. This device can also detect cash damages or counterfeit notes. It has various functions, such as automatic counterfeit detection, adding batch-creating capabilities, automatic MG and UV detection, and computerized counting. This device can count the currency in stacks or banknotes. It also makes cash counting easy and takes minimum time to give the final count of the currency. These machines are available in top and back loading designs. The cash handling machines are available at a low price, which is forecasted to augment the demand. Additionally, departmental stores, gas stations, sports stadiums, banks, and convenience stores use cash-handling machines. These machines offer high security and accuracy, which makes the population rely on it more often.
According to a research study by Business Research Insights, the global market for intelligent cash counters is projected to rise at a CAGR of 6.5% during 2022-2028. In 2022, the market value stood at USD 2.41 billion. The market is estimated to stand at 3.52 billion in 2028.
Business Research Insights Presents the Top 5 Prominent Players in the intelligent cash counter Industry
1. Glory- the company was established in the year 1918 and is headquartered in Japan. It is a pioneer company in the manufacturing and development of money-handling machines. The company is a leading player in cash-handling equipment. They open banknote counters, recyclers, open teller systems, coin wrappers, money changers, rental lockers, and other such equipment and machines.
2. De La Rue- was founded by Thomas De La Rue in 1821. The headquarter of the company is located in Hampshire, England. Hermann Simon recognized the company as a small and medium-sized business in his book Hidden Champions. The company sells high-security paper and printing technology for more than 69 national currencies.
3. Laurel- is an Indian company that manufactures commercial equipment. The company manufactures, develops, maintains, and sells cash-handling systems, machines, and online financial terminals. The company serves various industries, such as retail, amusement, transportation, and finance.
4. Royal Sovereign- is a non-government company and is headquartered in the U.S. The company was founded in 1986. The company supplies appliances, graphic solutions, office products, and cash management.
5. Cassida- is a global leader company in cash automation solutions. The founders worked on currency handling equipment and established a headquarter in 2006 in the U.S. The company consistently developed solutions for the business, which were in demand all across the globe. The company’s continuous research in money security and printing made the company stay ahead of the competition in counterfeit detection and currency compatibility. The company manufactures various money-handling equipment and is one of the leading players in the intelligent cash counter industry.
Major Challenges Posed by COVID-19 Pandemic
Lockdown Restrictions Affected the Cash Flow
The pandemic imposed various strict protocols to control the vital spread of the virus. The demand for intelligent cash counters experienced a decline due to the stagnancy in cash flow. The temporary shutdown of casinos, retailers, and other commercial sectors hindered the adoption of the device. The banks were closed, which became a major holdback for the market. The economy of the world experienced a severe downfall as import and export activities were prohibited by the government, which decreased the cash flow from other countries.
Major Upcoming Trends in the Industry
Constant Cash flow to Cater to The Device Demand
The main driver of the intelligent cash counter sector is accuracy. The cash counter gadget, which provides more security, precision, and dependability, is predicted to have the most increase in the market. Additionally, using cash counter devices makes it simple for managers to compute sales data, stimulating market expansion. The cash counter quickly calculates the currencies and displays comprehensive information about the overall count of the currencies and the number of banknotes inserted into the device. Its many advantages are its ability to track customer transactions and expedite checkout times. It provides price lookups, calculates change, records sales, and produces receipts. Utilizing this tool speeds up and simplifies the work.
-Written by Kajal Mendekar
Kajal is an MBA in Advertising and PR management and is a writer by choice. She loves drawing, anchoring, and bike riding. She is passionate about art, and good music, and she loves animals. Creativity lies within her.