The coin sorter global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Coin Sorter Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The coin sorter market size has grown strongly in recent years. It will grow from $3.90 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing urbanization, the expansion of the banking sector, demand for automation, the increasing volume of cash in casinos, and the rising number of self-service machines.
The coin sorter market size is expected to see strong growth in the next few years. It will grow to $5.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to growing e-commerce, increasing awareness of cash management, government support for cash transactions, increasing focus on accuracy, and growing cash transactions in developing countries. Major trends in the forecast period include the integration of artificial intelligence, advanced sensor technology, real-time data analytics, internet of things connectivity, and the development of user-friendly interfaces.
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Scope Of Coin Sorter Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Coin Sorter Market Overview
Market Drivers –
The increasing use of cash transactions is expected to propel the growth of the coin sorter market going forward. A cash transaction refers to a financial transaction where payment is made immediately in physical currency, typically coins and banknotes. The rise in cash transactions is driven by increased consumer demand for physical currency in specific markets and situations where digital payment methods are less accessible or trusted. Coin sorters streamline cash transactions by efficiently sorting and counting coins, reducing manual handling time and errors. For instance, in September 2023, according to UK Finance, a UK-based trade association for the UK banking and financial services sector, the total number of cash payments made in the UK rose to 6.4 billion in 2022, up from 6 billion in 2021. Therefore, the increasing use of cash transactions is driving the growth of the coin sorter market.
Rising Demand For Banking Services Drives Growth In Coin Sorter Market
The rising banking services are expected to propel the growth of the coin sorter market going forward. Banking services refer to financial operations and products provided by banks, including deposit accounts, loans, and investment services. The rising demand for banking services is driven by increasing financial inclusion, digital banking adoption, and growing economic activities. Coin sorters help in banking services by efficiently organizing and counting large volumes of coins, streamlining cash-handling processes, and reducing manual labor. For instance, in January 2024, according to the data published by the Federal Reserve Economic Data, a UK-based research department of the Federal Reserve Bank of St. Louis, the total revenue for commercial banking increased to $566.9 billion in 2022, up from $512.1 billion in 2021, reflecting significant growth in the sector. Therefore, the rising demand for banking services is driving the growth of the coin sorter market.
Market Trends –
Major companies operating in the coin sorter market are focused on developing advanced products, such as sensor-integrated coin sorters, to enhance sorting accuracy and efficiency, meeting the increasing demand for reliable cash-handling solutions. Sensor-integrated coin sorters are devices equipped with sensors that detect various attributes of coins, such as size, weight, and metal composition. For instance, in February 2023, REDWAVE Inc., an Austria-based manufacturer of sensor-based sorting machines, launched the EDWAVE CX coin sorter, a cutting-edge sensor-based system designed to enhance the efficiency and accuracy of metal sorting processes. This innovative technology utilizes advanced sensors to precisely identify and sort various metal types, ensuring high sorting precision. Built for industrial applications, the system features a robust design capable of withstanding rigorous operational demands while maintaining optimal performance.
The coin sorter market covered in this report is segmented –
1) By Type: Large Size Coin Sorters, Medium Size Coin Sorters, Small Size Coin Sorters
2) By Display Type: Light Emitting Diode (LED) Display Coin Sorter, Liquid Crystal Display (LCD) Display Coin Sorter
3) By Capacity: Coin Bin Capacity, Hopper Capacity
4) By Application: Bank, Retailing, Other Applications
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Regional Insights –
North America was the largest region in the coin sorter market in 2023. The regions covered in the coin sorter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the coin sorter market are Giesecke+Devrient GmbH, Glory Global Solutions Limited, Crane Payment Innovations, Royal Sovereign Inc., De La Rue Plc, Cummins Allison, Laurel Group, Guangdong Baijia Baiter Co. Ltd., Julong Co. Ltd., Safescan BV, Namibind Inc., Arihant Maxsell Technologies Pvt Ltd, CT Coin Inc., GRG Banking, KLOPP Coin Inc., Nadex Coins, Semacon Business Machines Inc., Smars Inc., Suzhou Ribao Technology Co Ltd., SUZOHAPP Inc., Teachers Choice, Bkash Inc.
Table of Contents
1. Executive Summary
2. Coin Sorter Market Characteristics
3. Coin Sorter Market Trends And Strategies
4. Coin Sorter Market – Macro Economic Scenario
5. Global Coin Sorter Market Size and Growth
….
32. Global Coin Sorter Market Competitive Benchmarking
33. Global Coin Sorter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Coin Sorter Market
35. Coin Sorter Market Future Outlook and Potential Analysis
36. Appendix
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