Currency Count Machine Market Size, Share, Growth, And Industry Analysis By Type (Banknote Counter, Coin Counter) By Application (Financial, Commercial, Retail and Supermarket, Others), Regional Forecast To 2031

Updated On: 15 April 2024

Currency Count Machine Market Report Overview

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The global Currency Count Machine market is expected to grow from USD 1100.1 Million in 2021 to USD 854.28 Million by 2031, at a CAGR of -2.5% from 2021 to 2031. 

The global market for currency counting machines is categorised by Technavio as a subset of the global market for electronic instruments and equipment within the electronics industry as a whole. Manufacturers of communications equipment, technological hardware storage and peripherals, electronic instruments and equipment, electronic components, consumer and industrial electronics goods, as well as electronic manufacturing services, are all part of the parent global electronics market. The market for electrical instruments and equipment is anticipated to expand moderately. By taking into account the income produced by sales of the related information, communication, and technology, electronics goods, equipment, and components, Technavio determines the size of the global market for electronic instruments and equipment.

One of the key drivers of market expansion is the rising need for precise counting. However, factors including a rise in card transactions will stifle industry expansion.

COVID-19 Impact: COVID-19 Pandemic Hindered The Market Growth

The COVID-19 pandemic in the European area had the most of an impact on member nations in Russia, France, Italy, the UK, Spain, and Germany. Businesses in the area were forced to cease operations or drastically cut back on their activities, which put them in a dire financial situation. The region's economy slowed down in 2020 as a result of supply chain interruptions, travel restrictions, and corporate lockdowns. To stop the new coronavirus from spreading among its population, European Union members like Italy, Spain, and Germany put severe restrictions on travel. A significant market for digital payments exists in Europe as a result of the BFSI industry's use of cloud and mobile technology. The number of fintech has also increased in the area.

Latest Trends

"A Significant Market Trend Will Be The Rising Demand For Weight-Based Currency Counting Machines"

The use of plastic currency is being forced upon governments of many nations by the worldwide move towards polymers. Banknotes made of polymers are sophisticated technologically and durable. They are therefore quite helpful in businesses that handle big quantities of cash. Because weight-based currency counters are effective at counting banknotes made of polymer, this will increase demand for them. A currency counter that operates on weight selects coins or notes in groups. The machine divides the overall weight on the machine by the stored weight for each coin or note, then compares this weight to the stored weight. The device is quite effective and estimates the amount of money in a matter of seconds. Throughout the projected period, this will further fuel market expansion.

Currency Count Machine Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Banknote Counter, Coin Counter. Banknote Counter is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Financial, Commercial, Retail and Supermarket, Others. Financial will be the dominating segment.

Driving Factors

"Main Element Fueling The Expansion Of The Worldwide Market For Currency Counting Machines Is An Increase In The Amount Of Counterfeit Money In Circulation"

One of the oldest crimes in human history is the counterfeiting of money. When the first coins were produced, their worth was determined by the metal's inherent value. Small quantities of metal from genuine coins would be scraped off by counterfeiters, who would then utilise that metal along with cheap base metals to create imitation coins. One of the largest issues for governments is the market for counterfeit money, which has grown to be a sizable black market.

"Expansion Of The Worldwide Market For Currency Counting Machines Would Be Impacted By The Rising Usage Of Multi-Currency Forex Cards"

Prepaid cards called "forex cards" can be filled with several currencies. These cards take the place of travel currency cards that only support one currency.

There are also contactless multi-currency forex cards that may be used to make quick and simple daily purchases. The time spent at cash counters is decreased since they employ contactless chip technology. Travelers typically use these cards for international hassle-free travel. Customers are shielded from exchange rate swings thanks to the fixed currency conversion rates. These cards lessen the need to carry cash, a trend that is anticipated to have a negative impact on the market during the course of the projection period.

Restraining Factors

"Limiting Availability of Money Sorting Of Machines Will Restrict The Market Growth "

The market becomes saturated when there are several manufacturers of money sorting machines, which stops the market's exponential expansion.

Currency Count Machine Market Regional Insights

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"APAC Will Be The Leading Region During Forecast Period"

APAC will have profitable growth throughout the course of the projection. It is anticipated that 57% of the market's overall growth would come from APAC. The two largest markets for currency counters in APAC are China and India. The APAC, North America, Europe, the Middle East and Africa, and South America regions make up the regional segments of the worldwide market for currency counting machines. Over the projected period, APAC is anticipated to contribute 38% to the growth of the worldwide market. The expansion of the regional market is being driven by the expansion of end-user sectors like the BFSI and retail as well as the rising number of banks.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Glory (Japan)
• Giesecke & Devrient (Germany)
• LAUREL (India)
• Baijia Baiter (China)
• Cummins Allison (U.S.)
• Konyee (Finland)
• SBM
• Renjie (Taiwan)
• PRO Intellect Technology (U.S.)
• Henry (U.S.)
• Weirong (China)
• Hitachi-Omron Terminal Solutions(China)
• Gu-ao (China)
• CBPM-Xinda (China)
• KISAN Electronics (South Korea)
• BILLCON CORPORATION (U.S.)
• Speed (U.S.)
• Magner International  (Canada)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.