The report forecasts the global cash counter market to grow at a CAGR of 5% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is use of advanced technology in cash counters. Advances in technology in cash counters have simplified the process of handling money. With improved efficiency, the product has become indispensable to most banks, hotels, retail shops, and casinos. Some of the cash counter machines are portable in nature. Also, cash counters with advanced technology can inform users of problems; the machine generates a beep to notify about problems, if any, related to its operation. As a result, they are known as intelligent cash counters. Manufacturers are focused on developing cash counters with innovative technologies as demand in the market is on the rise.
According to the report, one of the primary drivers in the market is increasing number of ATMs in APAC. APAC has a large population that does not have access to banking facilities. To target the population, banks are increasingly setting up ATMs. In 2015, the growth of ATMs in APAC was registered at 13%. Bangladesh, with a population of 156 million, witnessed 20% growth, from 2014, in the number of ATMs installed in 2015. The double-digit growth rate is mainly because banks in the country do not have to obtain permission from the country's Central Bank for setting up new ATMs. In terms of number of ATM installations, Bangladesh was followed by Pakistan, India, and China.
Further, the report states that one major challenge in the market is growing popularity of electronic transactions. The advances in telecom technology like 5G and LTE, and the increased use of mobile devices such as smartphones and tablets have shifted the mainstream function of banking.