PORTLAND, Oregon and PUNE, India, January 31, 2018 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, "Note Sorter Market by Type, End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global note sorter market was valued at $5,334 million in 2016, and is projected to reach at $8,454 million by 2023, growing at a CAGR of 7.00% from 2017 to 2023. In 2016, the small size note sorter segment accounted for the highest revenue share in the global market.
Increased growth associated with highly cash-intensive environments, such as retail industry, commercial banks, public sector outlets, and others, rise in adoption of note sorting machines by end user due to its numerous benefits drive the growth of the global note sorter market growth. However, penetration of digital transaction solutions and presence of large number of note sorter machine manufactures which results into market saturation impedes the market growth.
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Based on end user, the BFSI segment led the market in 2016, and is projected to maintain its dominance in the future, owing to growth associated with bank industry among the developing nations. However, the medium size note sorter segment is expected to witness the highest growth.
North America generated the highest revenue in 2016; however, Asia-Pacific is anticipated to witness the fastest growth rate during the forecast period.
KEY FINDINGS OF THE STUDY
- The small size note sorter segment is expected to exhibit significant increase in the global note sorter market during the forecast period.
- In 2016, the BFSI segment accounted for the highest revenue among the other end user.
- North America region generated the highest revenue in 2016.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.
Some of the key players operating in the note sorter market that are profiled in the report include Giesecke & Devrient GmbH, Glory Global Solutions (International) Limited, Laurel, De La Rue plc, Toshiba Infrastructure Systems & Solutions Corporation, Kisan Electronics, Julong Europe GmbH, Cummins-Allison Corp., GRGBanking, and Bcash Electronics Co.
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SOURCE Allied Market Research