The need for professional security systems and security professionals has increased, due to the growth of terrorist activities and organized crime. In addition, cash theft is the second-most common reason for retailers’ loss, followed by bad checks, credit card fraud, refund fraud, and Internet fraud. This has led to an increase in the number of firms specializing in cash logistics and security services. Cash logistics firms have slowly moved from traditional methods of manning premises to advanced methods, such as regular monitoring and neutralization techniques. Furthermore, cash transportation and cash in ATMs has become increasingly prone to security threats. These factors are expected to lead to the growth of cash logistics market during the forecast period.
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As per Technavio, the growing preference for outsourcing cash management services by financial institutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cash Logistics Market : Growing preference for Outsourcing of Cash Management Services by Financial Institutions
Growing preference for outsourcing is one of the major factors contributing to the growth of the global cash logistics market. The rise in the number of ATMs has led to the outsourcing of cash management and security. The amount of cash handled by ATMs is expected to take over the cash handled by banking staff, which will increase the need for professional cash logistics. Outsourcing of cash management security and services has reduced cash-in-transit time. Once the cash is handed over to the third-party cash logistics company, any mishap, including loss, misplace, theft, and others, leads to the payment of heavy compensation to the client. Hence, banks are increasing cash management outsourcing activities to reduce their in-house operational activities.
“Factors such as the increasing demand for ATMs, and growth of organic and inorganic prospects in cash logistics will have a positive impact on the growth of the cash logistics market value during the forecast period,” says a senior analyst at Technavio.
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Cash Logistics Market: Segmentation Analysis
This market research report segments the cash logistics market by service (cash-in-transit, cash management and ATM service), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the cash logistics market in 2019, followed by North America, Europe, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the expansion of banking facilities in remote locations and the rise in the flow of cash circulation due to high demand for cash.
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Some of the key topics covered in the report include:
- Cash management
- ATM service
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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