Currency Sorter Market to Reach $18.1 billion globally, by 2032 at 8.9% CAGR

𝑪𝒖𝒓𝒓𝒆𝒏𝒄𝒚 𝑺𝒐𝒓𝒕𝒆𝒓 𝑴𝒂𝒓𝒌𝒆𝒕 𝒕𝒐 𝑯𝒊𝒕 $18.1 𝑩𝒏 𝒃𝒚 2032, 𝑫𝒓𝒊𝒗𝒆𝒏 𝒃𝒚 𝒂𝒏 8.9% 𝑪𝑨𝑮𝑹 𝑺𝒖𝒓𝒈𝒆 𝒊𝒏 𝑪𝒂𝒔𝒉 𝑴𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕 𝑰𝒏𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏𝒔

NEW CASTLE, DE, UNITED STATES, November 7, 2024 /EINPresswire.com/ -- 𝙂𝙧𝙤𝙬𝙩𝙝 𝙖𝙨𝙨𝙤𝙘𝙞𝙖𝙩𝙚𝙙 𝙬𝙞𝙩𝙝 𝙘𝙤𝙢𝙢𝙚𝙧𝙘𝙞𝙖𝙡 𝙗𝙖𝙣𝙠𝙨 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙧𝙚𝙩𝙖𝙞𝙡 𝙞𝙣𝙙𝙪𝙨𝙩𝙧𝙮, 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚 𝙞𝙣 𝙙𝙚𝙢𝙖𝙣𝙙 𝙛𝙤𝙧 𝙖𝙪𝙩𝙤𝙢𝙖𝙩𝙚𝙙 𝙘𝙖𝙨𝙝 𝙝𝙖𝙣𝙙𝙡𝙞𝙣𝙜 𝙥𝙧𝙤𝙙𝙪𝙘𝙩𝙨, 𝙨𝙪𝙧𝙜𝙚 𝙞𝙣 𝙙𝙚𝙢𝙖𝙣𝙙 𝙛𝙤𝙧 𝙩𝙚𝙘𝙝𝙣𝙤𝙡𝙤𝙜𝙞𝙘𝙖𝙡𝙡𝙮 𝙖𝙙𝙫𝙖𝙣𝙘𝙚𝙙 𝙨𝙚𝙡𝙛-𝙨𝙚𝙧𝙫𝙞𝙘𝙚 𝙢𝙖𝙘𝙝𝙞𝙣𝙚𝙨, 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙙 𝙖𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙖𝙧𝙚𝙖𝙨, 𝙖𝙣𝙙 𝙞𝙣𝙘𝙡𝙞𝙣𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝙘𝙤𝙣𝙨𝙪𝙢𝙚𝙧𝙨 𝙩𝙤𝙬𝙖𝙧𝙙 𝙙𝙞𝙜𝙞𝙩𝙖𝙡 𝙩𝙧𝙖𝙣𝙨𝙖𝙘𝙩𝙞𝙤𝙣 𝙨𝙤𝙡𝙪𝙩𝙞𝙤𝙣𝙨, 𝙙𝙧𝙞𝙫𝙚 𝙩𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙜𝙧𝙤𝙬𝙩𝙝.

Allied Market Research published a report, titled, "Currency Sorter Market by Product Type (Note Sorter & Counter, Coin Sorter & Counter, and Currency Counterfeit Detector), Sorter Machine Size (Small Size, Middle Size, and Large Size), and End User (Banks & Financial Institutions, Retailers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global currency sorter market was valued at $7.8 billion 2022 and is estimated to reach $18.1 billion by 2032, exhibiting a CAGR of 8.9% from 2023 to 2032.

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𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡
The global currency sorter market is influenced by several factors, including growth associated with commercial banks & retail industry, increase in demand for automated cash handling products, surge in demand for technologically advanced self-service machines, increased application areas, and inclination of consumers toward digital transaction solutions. However, increase in the use of virtual money is expected to hamper the currency sorter market growth. Furthermore, several governments are committed to promoting the introduction of a cashless society. Increase in adoption of smartphone applications for digital transactions drives the market growth. However, developing economies of Asia-Pacific and LAMEA regions possess high potential for expansion of retail industry, which is expected to drive the growth of currency sorter market during the forecast period.

𝐓𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐜𝐨𝐮𝐧𝐭𝐞𝐫𝐟𝐞𝐢𝐭 𝐝𝐞𝐭𝐞𝐜𝐭𝐨𝐫 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.
By product type, the indexed note sorter and counter segment held the highest market share in 2022, accounting for nearly three-fifths of the market revenue, owing to the integration of advanced sensor technologies, including infrared sensors and spectral imaging, to enhance the precision of discrimination in the global market. However, the currency counterfeit detector segment is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing to the integration of AI and ML algorithms into bank currency sorters, enabling them to adapt to change in patterns in currency features and counteract increasingly sophisticated counterfeiting techniques, which boosts the global market.

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𝐓𝐡𝐞 𝐬𝐦𝐚𝐥𝐥 𝐬𝐢𝐳𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
By sorter machine size, the small size segment held the highest market share in 2022, accounting for nearly half of the global currency sorter market revenue. This is attributed to the increasingly adopted comprehensive fitness sorting capabilities, assessing the quality and condition of banknotes to ensure that only fit the currency remains in circulation. However, the middle size segment is projected to attain the highest CAGR of 10.2% from 2023 to 2032, due to the integration of advanced counterfeit detection technologies, such as multi-spectral imaging and ultraviolet sensors, which improve the middle-range note sorter machine's ability to detect counterfeit banknotes accurately and efficiently.

𝐓𝐡𝐞 𝐛𝐚𝐧𝐤𝐬 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
By end user, the banks and financial institutions segment held the highest market share in 2022, accounting for nearly three-fifths of the global currency sorter market revenue, owing to the large amount of cash currency and coins that are being handled by banks, which has led to the dominance of the BFSI segment in the banknote/currency sorter market. Banks are a vital part of maintaining currency circulation and have contributed to the domination of this segment. However, the retailer's segment is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing to the growing number of retailers opting for currency/banknote sorters to ensure consistent count and reduce human error in accounting, which are expected to result in the retailers segment becoming the fastest-growing segment.

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐
Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the market revenue, owing to increase in preference for digital transactions, driven by the convenience and safety associated with contactless payments, which has influenced the demand for note-sorting solutions. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increase in the adoption of digital payment methods that coexists with the demand for currency sorters, as businesses and financial institutions seek comprehensive solutions to manage both physical and digital currency.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -

Julong
Arihant Maxsell Technologies Private Limited
Toshiba International Corporation
Aditya Systems & Solutions
Jetex Infotech Pvt. Ltd.
KISAN ELECTRONICS.
Beijing Grace Ratecolor Technology Co., Ltd.
Giesecke+Devrient GmbH
Godrej Group
GRGBanking
The report provides a detailed analysis of these key players of the global currency sorter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global currency sorter market analysis from 2023 to 2032 to identify the prevailing global currency sorter market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the global currency sorter market segmentation assists to determine the prevailing currency sorter market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global currency sorter market outlook.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the currency sorter market players.
The report includes the analysis of the regional and global currency sorter market trends, key players, market segments, application areas, market growth strategies, and currency sorter market forecast.

Currency Sorter Market Report Highlights:

By Product Type
Note Sorter and Counter
Coin Sorter and Counter
Currency Counterfeit Detector

By Sorter Machine Size
Small Size
Middle Size
Large Size

By End User
Banks and Financial Institutions
Retailers
Others

By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East (Gcc Countries, South Africa, Rest of Middle East and Africa)

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