Overview and Scope
Retail cash management refers to the processes and strategies involving the systematic handling, tracking, and secure storage of cash transactions within a retail business to optimize efficiency and security while ensuring accurate financial record-keeping. It is used to ensure the smooth operation of cash transactions, minimize cash handling errors, maintain financial accuracy, enhance security, and streamline the overall cash management process.
Sizing and Forecast
The retail cash management market size has grown rapidly in recent years. It will grow from $4.32 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to cash handling efficiency, reducing cash handling costs, security concerns, regulatory compliance, integration with point-of-sale (pos) systems.
The retail cash management market size is expected to see rapid growth in the next few years. It will grow to $9.13 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to customer experience, contactless payments integration, blockchain for security, advanced robotics in cash handling, environmental sustainability. Major trends in the forecast period include cash recycler technology, cloud-based solutions, data analytics for decision making, cloud-based cash management systems, mobile point-of-sale (mpos) systems, integration with e-commerce platforms.
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The retail cash management market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Mode: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Application: Balance And Transaction Reporting, Cash Flow Forecasting, Corporate Liquidity Management, Payables And Receivables, Other Applications
North America was the largest region in the retail cash management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail cash management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of digital payment solutions is expected to propel the growth of the retail cash management market going forward. Digital payment solutions are online tools and services that enable electronic transactions and financial exchanges over the Internet, streamlining payments and reducing the reliance on physical currency. Digital payments are revolutionizing retail cash management by improving efficiency, enhanced security, better data utilization, and a more sustainable and customer-centric approach to cash management. For instance, in September 2022, according to the Central Bank of Ireland, an Ireland-based central bank, the volume of card payments increased by 20.6 percent in 2021. Further, in 2021, e-money payments surged by 289%, reaching approximately $29.77 billion (€28 billion) in transaction value, with a 70% increase in transaction volume compared to 2020. Therefore, the increasing adoption of digital payment solutions is driving the growth of the retail cash management market.
Key Industry Players
Major companies operating in the retail cash management market report are Oracle Corporation, NTT Data Corporation, HCL Technologies Limited, Toshiba Tec Corporation, Diebold Nixdorf Inc., Tietoevry Corporation, Giesecke+Devrient GmbH, Sage Group PLC, Finastra Group Holding Limited, Loomis AB, Crane Payment Innovations Inc., JCM American Corporation, Nucleus Software Exports Limited, Intimus International GmbH, Tellermate Inc., Glory Ltd., Kisan Electronics Co. Ltd., Cashmaster International, Puloon Technology Inc., Bankers Equipment Service Inc., ALVARA Digital Solutions GmbH, GRG Banking Equipment Co. Limited., Fujitsu Frontech North America Inc., Royal Sovereign International LLC, SUZOHAPP Germany GmbH
The retail cash management market report table of contents includes:
1. Executive Summary
2. Retail Cash Management Market Characteristics
3. Retail Cash Management Market Trends And Strategies
4. Retail Cash Management Market – Macro Economic Scenario
5. Global Retail Cash Management Market Size and Growth
…..
32. Global Retail Cash Management Market Competitive Benchmarking
33. Global Retail Cash Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Cash Management Market
35. Retail Cash Management Market Future Outlook and Potential Analysis
36. Appendix
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