Coin Sorter Market to Reach $5.4 Bn, Globally, by 2023 at 6.8% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 16, 2018 /PRNewswire/ --
Growth of the commercial banks & retail sector, increase in demand for automated cash-handling products, and increased application areas would drive the growth of the global coin sorter market.
Allied Market Research published a report, titled, Coin Sorter Market by Type (Small Size Coin Sorter, Medium Size Coin Sorter, and Large Size Coin Sorter) - Global Opportunity Analysis and Industry Forecast, 2016-2023. The report provides extensive analyses of the top investment pockets, drivers & opportunities, competitive landscape, and key strategic moves by key players. According to the report, the global coin sorter market generated $3.6 billion in 2017 and is projected to reach $5.4 billion by 2023, growing at a CAGR of 6.8% from 2017 to 2023.
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Growth of the commercial banks & retail sector, increase in demand for automated cash-handling products, and increase in application areas drive the growth of the market. However, advent of digital transactions restrains the market growth. On the other hand, increase in demand for technologically advanced self-service machines and untapped potential in emerging economies would provide new opportunities to the market.
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Small size coin sorter segment remain dominant by 2023
Small size type accounted for nearly half of the total market share in 2017, owing to the rapid emergence of infrastructural money handling requirements, increased application areas, and surge in the number of cash-intensive environment facilities. This segment is expected to maintain its lead through 2023. However, large size coin sorter segment would register the highest CAGR of 7.6% from 2017 to 2023 due to their increased utilization in large cash-sensitive businesses and technological advancements. The medium size coin sorter segment would witness moderate growth during the forecast period.
Asia-Pacific to grow the fastest through 2023
The trend of using automation for handling cash and increase in presence of highly cash-intensive businesses have enabled the Asia-Pacific region to grow at the fastest CAGR of 8.7% from 2017 to 2023. However, North America contributed more than one-third share of the total revenue in 2017, owing to heavy inflow of investments in the R&D sector and advancements in sorting technologies. This segment is expected to dominate throughout the forecast period.
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Leading market players
The leading players analyzed in the report include Giesecke & Devrient, Laurel, Glory Global Solutions Limited, Baija Baiter, Delarue, Cummins Allison, Royal Sovereign, Suzhou Ribao Technology Co., ltd., BCash, and CT Coin. These players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong foothold in the industry.
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