Global Currency Sorter Market Assessment, By Product [Note Sorter, Coin Sorter, Currency Counterfeit Detector], By Sorter Type [Small, Medium, Large], By Technology [Magnetic, Watermark, Microprint, Others], By Application [Self-Checkout Machines, Vending Machines, Bank Note Counter, Others], By Industry Vertical [BFSI, Retail, Casino and Gaming, Government and Public Sector, Others], By Region, Opportunities and Forecast, 2017-2031F

Global currency sorter market is projected to witness a CAGR of 8.57% during the forecast period 2024-2031, growing from USD 5.85 billion in 2023 to USD 11.29 billion in 2031. 

Currency Sorter Market Size, Demand, Growth & Report 2031

Global currency sorter market is projected to witness a CAGR of 8.57% during the forecast period 2024-2031, growing from USD 5.85 billion in 2023 to USD 11.29 billion in 2031. The currency sorter market has seen rapid growth over the past few years due to many interlinking factors. Digital payments increasingly dominate transactions, so it remains unavoidable to opt for cash transactions in most economies of emerging markets. Therefore, with a persistent need for cash handling, the market continues demanding efficient solutions for currency sorting for streamlined processes and, hence, minimized labor costs.
The involvement of cash management structures will be fostered with the use of fake currency in investment in sorting machines with highly advanced detection technologies. Improved security, therefore, characterizes the transactions involving cash. The retail business through supermarket chains and electronic-based systems is growing, pushing the demand for cash management systems that guarantee efficiency. Other innovations, such as artificial intelligence and more sophisticated sensors, advance the abilities of currency sorters to be accurate and precise. New cash handling regulations stipulate more sophisticated sorting technologies to be utilized in addition to the demand posed by the cash.
Economic growth across regions results in an increase in cash and deployment of currency sorters coupled with automated cash handling at the bank and retail point-of-sale facilities, promoting efficiency in operations. In conclusion, these factors combine to drive immense currency sorting solution demand and set the currency sorting market for growth throughout the forecast years.
Currency sorter streamlines cash handling processes for businesses and financial institutions by accurately organizing currency, reducing human error, and improving efficiency. Many modern currency sorters include counterfeit detection features, enhancing security in cash transactions. Overall, these machines are essential for effective cash management in various sectors. In 2024, GRGBanking won the tender for the Smart Counter Project from the Postal Savings Bank of China, adding richness to Branch Remote Counter Services in all regions. The project further positions the bank as a provider of a high level of digital transformation of omnichannel smart services.
<h2 style="text-align: justify;">Rising Cash Transactions&nbsp;to Boost Market Growth</h2>
The rise in cash settlements has significantly driven growth in the currency sorter market as companies seek effective solutions to manage increasing cash volumes. While digital payment methods are on the rise, cash remains a crucial medium of exchange in many industries, especially in developing regions. Consequently, the ongoing demand for cash backhaul enhances the need for currency sorting machines, as these systems streamline and improve the efficiency of cash-handling processes.
As businesses expand, especially in the retailing and hospitality industries, the biggest need of the hour is to execute the process of cash management effectively. In 2023, Glory Global Solutions (International) Limited, a company based in the United States, launched its newest offering in the Teller Cash Recycler (TCR) category series, the GLR-200. Stemming off the success provided by the GLR-100 that was rolled out in August 2022, this new TCR has been designed to enhance speed and efficiency while expanding cash automation for financial institutions. The GLR-200 will take paper and polymer currency in the United States and Canada to further enhance cash management processes.
A currency sorter reduces labor costs and minimizes the risk of human error in sorting or counting banknotes and coins, thereby enhancing accuracy in the cash-handling process. With the rise in cash transactions, organizations are increasingly adopting advanced sorting technology that includes features, such as authentication checks, to combat counterfeit currency. Additionally, as economic growth stimulates cash circulation, the demand for currency sorters is expected to increase. Overall, the upward trend in cash usage highlights the currency sorter market as a compelling opportunity in the industry, with continued growth expected in the forecast years.
<h2 style="text-align: justify;">Counterfeit Currency Detection to Drive Market Growth</h2>
The critical emerging element of counterfeit currency detection in the currency sorter market is driven by organizations concerned with security in cash transactions. Improvements in the sophistication of the techniques of counterfeiting increase demand for highly developed sorting machines that function with reliable technological counterfeit detection. It uses technologies, such as ultraviolet and infrared scanning, which provide a precise identification of counterfeit notes to prevent financial loss for businesses and establish customer trust. In 2023, data from RBI reported that in India, about USD 0.96 million counterfeit notes were spotted. This is a drop of 68% compared to USD 3 million in fake notes discovered in FY2014.
In the retail and hospitality industries, cash is present in many organizations. Effective and secure cash management solutions are needed to aid in the handling of cash by way of currency sorters that can then incorporate counterfeit detection. In addition to making the process of sorting faster, these capabilities make the process of operations highly efficient as they quickly identify and remove counterfeit notes in circulation. It is an important capability in safeguarding the integrity of cash management systems.
<h2 style="text-align: justify;">BFSI Segment to Dominate the Currency Sorter Market Share</h2>
The Banking, Financial Services, and Insurance sectors are set to benefit significantly from the currency sorter market, as they rely heavily on efficient cash management solutions. Financial institutions need advanced technologies to manage high volumes of cash transactions with increased accuracy and minimized risks associated with cash handling. Currency sorters play a crucial role in this process by automatically sorting and counting banknotes, reducing time consumption and the likelihood of human error. Modern currency sorters often come equipped with essential features such as counterfeit detection and automated reporting, which enhances customer service and operational efficiency, making their adoption imperative for institutions looking to optimize their cash management processes. This technology identifies counterfeit notes quickly, thereby protecting the financial environment and building customer confidence.
Moreover, the trend of digital banking and cash management solutions is making it inevitable for BFSI organizations to integrate these technologies into their working system. Such a revolution demands the installation of efficient currency sorters to aid in cash deposits, withdrawals, and efficient daily transactions. Therefore, the BFSI sector is expected to maintain its position as the growth catalyst for the currency sorter market, with an ongoing need for effective cash-handling solutions that combine reliability with innovation. In 2023, Giesecke+Devrient, a Germany-based company, launched the BPS M EVO series, the new generation of high-performance BPS M systems in banknote processing. Three different variants are M3, M5, and M7, comprising software enhancements, improved sensor evaluation, a new stacker module, and modern visual design. The focus of users operating BPS M systems, including central banks, commercial banks, cash-in-transit companies, and casinos, can have these innovations integrated with an upgrade in their existing systems.
<h2 style="text-align: justify;">Asia-Pacific to Dominate Currency Sorter Market Share</h2>
In the currency sorter market, Asia-Pacific will become a dominant share in the forecast years, owing to high-speed economic growth, rapid urbanization, and rising cash transactions. Cash-handling solutions have surged in countries such as China, India, and Southeast Asian nations that have experienced significant economic development. A vast population that depends on cash for daily transactions feels a greater need for advanced currency-sorting technology than ever before. Additionally, the widening banking and retail businesses in the region are investing in automated cash management systems to smoothen operations and improve customer service. With characteristics such as counterfeit detection and high-speed capability, currency sorters have become an essential tool for banks and retailers to handle cash successfully.
North America is emerging as a significant contributor to the currency sorter market in terms of established banking infrastructure and a keen attitude toward automation. The gradual increase in the use of advanced currency sorting solutions by financial institutions and retail businesses for better operational efficiency and cash management processes will drive the market.
In April 2024, De La Rue plc, a United Kingdom company, revealed that it had extended its contract with Microsoft for five years ahead, and it shall continue to provide innovative authentication solutions to Microsoft's OEM, Retail, and Xbox channels through 2029. In this arrangement, De La Rue shall supply solutions to Microsoft partners around the globe, providing higher brand protection as a combination of unique physical and digital technologies while paying focus to cuts in carbon emissions.
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Future Market Scenario (2024 &ndash; 2031F)
<ul style="text-align: justify;">
<li>The continued dominance of cash transactions, mainly in emerging markets, will compel the demand for efficient currency sorting solutions.</li>
<li>Sorting will improve in speed and accuracy with advanced artificial intelligence and machine learning combined with enhanced counterfeit detection capacities.</li>
<li>With the advancement of digital banking, there will be a need for reliable cash management solutions that can be updated on changes in consumer behavior.</li>
<li>Financial institutions are expected to invest more in advanced sorting technologies to meet higher security and compliance requirements.</li>
</ul>
Report Scope
&ldquo;Currency Sorter Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global currency sorter market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 8.57% between 2024 and 2031
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Revenue Forecast in 2031
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USD 11.29 billion
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Segments Covered
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Product, Sorter Type, Technology, Application, Industry Vertical
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Giesecke+Devrient GmbH, Glory Global Solutions International Limited, Suzohapp Inc. (Scan Coin Group AB), Crane Payment Innovations Inc. (Cummins Allison Corp.), Magner Corporation of America, Jetex Infotech Private Limited, Beijing Grace Ratecolor Technology Company Limited, De La Rue&nbsp;plc&nbsp;, GRG Banking Equipment (HK) Company Limited, Laurel Bank Machines Company Limited
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global currency sorter market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Product
<ul>
<li>Note Sorter</li>
<li>Coin Sorter</li>
<li>Currency Counterfeit Detector</li>
</ul>
</li>
<li>By Sorter Type
<ul>
<li>Small</li>
<li>Medium</li>
<li>Large</li>
</ul>
</li>
<li>By Technology
<ul>
<li>Magnetic</li>
<li>Watermark</li>
<li>Microprint</li>
<li>Others</li>
</ul>
</li>
<li>By Application
<ul>
<li>Self-Checkout Machines</li>
<li>Vending Machines</li>
<li>Bank Note Counter</li>
<li>Others</li>
</ul>
</li>
<li>By Industry Vertical
<ul>
<li>BFSI</li>
<li>Retail</li>
<li>Casino and Gaming</li>
<li>Government and Public Sector</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
The leaders in the currency sorter market have been striving to enhance their existing product portfolios to better cater to the changing requirements of their clients. Companies further seek optimal and robust sorters by integrating technologies, such as artificial intelligence, machine learning, and refined systems, to detect counterfeit currency. This strategic development is expected to increase product penetration as providers will have a robust platform in developing markets that are witnessing an increase in demand for cash-handling solutions. Moreover, commercial banks are modernizing the cash management process, which further boosts market growth. As the banks move toward more automated solutions to operate more efficiently and give better customer services, they are expected to require high-performance currency sorters. This ensures the accuracy and security of cash handling and provides scope for process improvements and cost savings in cash handling. The investment in advanced sorting technologies by the banks will be driven by compliance with regulatory standards.
In 2024, OXXO and Glory Global Solutions (International) Limited have partnered to streamline cash handling and enhance financial inclusion in Mexico. As a retail powerhouse, OXXO's expansive footprint allows it to expand its financial services capabilities across its network of customers. For the partnership, OXXO has chosen GLORY's CASHINFINITY technology as the foundation for store chain innovations-customer and employees alike.
Key Players Operating in Global Currency Sorter Market are:
<ul style="text-align: justify;">
<li>Giesecke+Devrient GmbH</li>
<li>Glory Global Solutions International Limited</li>
<li>Suzohapp Inc. (Scan Coin Group AB)</li>
<li>Crane Payment Innovations Inc. (Cummins Allison Corp.)</li>
<li>Magner Corporation of America</li>
<li>Jetex Infotech Private Limited</li>
<li>Beijing Grace Ratecolor Technology Company Limited</li>
<li>De La Rue&nbsp;plc&nbsp;</li>
<li>GRG Banking Equipment (HK) Company Limited</li>
<li>Laurel Bank Machines Company Limited</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Currency Sorter Market Assessment, Opportunities and Forecast, FY2017-FY2031F

The global currency sorter market is expected to experience growth due to urbanization and economic growth, technological advancements, and the rising need for advanced counterfeit detection technologies.

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