LONDON--(BUSINESS WIRE)--The currency counting machine market is expected to grow by USD 62.11 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Counting a large number of banknotes or coins manually can result in counting mistakes. These errors can further lead to huge financial losses and can complicate the maintenance of financial records. Currency counting machines provide high levels of accuracy in the process of counting banknotes and coins. As a result, these machines are witnessing increased adoption. In addition to banks, currency counting machines are also being used in retail outlets, schools and colleges, hospitals, railway stations, airports, and shopping malls, where cash exchange takes place on a regular basis. These machines offer increased convenience as they can count large amounts of money at a significantly faster rate than humans. Furthermore, they save time which, in turn, helps to increase the operational efficiency of businesses. Thus, the elimination of human error, convenience, and improved efficiency are the major factors driving the demand for currency counting machines.
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As per Technavio, the growing need for weight-based currency counting machines 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.
Currency Counting Machine Market: Growing Need for Weight-based Currency Counting Machines
The global shift toward polymers is compelling governments of various countries to adopt plastic bills. Polymer banknotes are 2.5 times more durable in comparison to the current cotton-based paper notes. These notes are manufactured using a transparent plastic film coated with an ink layer. It allows clear portions of designs and provides security against counterfeits. In addition, the switch to polymer-based banknotes will lead to fewer rejections by cash processing machines and lower destruction rates, resulting in better ROI. Furthermore, polymer-based banknotes are technologically advanced and durable. Hence, they are highly useful in enterprises that deal with large amounts of cash. This will create a demand for weight-based cash counters, which are efficient in counting polymer-based banknotes. A weight-based cash counter picks bills or coins in batches. The machine compares this against a stored weight for each coin or bill and divides the total weight on the machine by this stored weight. The machine calculates the amount of cash within seconds and is highly efficient. This will further drive market growth during the forecast period.
"Increase in prevalence of fake currency and the rising number of bank branches in developing economies are few other factors anticipated to contribute to the currency counting machine market growth during the forecast period," according to the market research analyst at Technavio
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Currency Counting Machine Market: Segmentation Analysis
This market research report segments the currency counting machine market by end-user (BFSI sector, retail sector, and commercial sector), and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the currency counting machine market in 2019, followed by Europe, North America, MEA, and South America respectively. The region is expected to register the highest incremental growth due to the rise in the number of bank branches in the emerging economies including India and China.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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