The Coin Sorter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Coin Sorter Global Market Report 2024, 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.
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.
<h4 class=reporthtag>Rising Demand For Banking Services Drives Growth In Coin Sorter Market</h4>
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.
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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
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 report table of contents includes:
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
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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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