According to the latest report by IMARC Group, titled "Note Sorter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global note sorter market reached a value of US$ 5.7 Billion in 2021. A note sorter refers to a device that is generally used to accurately count and sort banknotes. It mainly provides the total amount of cash commonly required for wrapping and storage. It is widely used across banks, casinos, financial institutions, self-service kiosks, theme parks and transit services. It aids in reducing human efforts while minimizing errors occurring during the sorting and counting of cash. Besides this, it also helps in fast processing of bank procedures, declining financial losses and reducing the risks of internal theft occurring during the process of sorting and counting while decreasing operational expenses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Note Sorter Market Trends:
The global market is primarily driven by the increasing product demand from the banking, financial services and insurance (BFSI) sector. With the widespread adoption of hassle-free equipment, there has been a considerable increase in the utilization of note sorters across multiple industrial verticals. Since note sorter machines provide efficient, smooth and continuous processing of large volumes of cash, this is providing a boost to the market. In addition to this, the growing popularity of gambling games among the masses, especially among young adults, is significantly supporting the product demand across multiple countries. Moreover, continual technological advancements and the integration of sensors with note counter machines are considered to be major growth-inducing factors. Other factors, including the rising development of financial institutes across rural and geographical extended locations, continuous product innovations, including the miniaturization of note sorters, the increasing volume of currency circulation, and extensive research and development (R&D) activities conducted by key players, are also favorably impacting the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.5 Billion by 2027, exhibiting a CAGR of 9.13% during 2022-2027.
- On the basis of the sorter type, the market has been segmented into small, medium and large size note sorters.
- Based on the enterprise size, the market has been segregated into large and small and medium enterprises.
- On the basis of the end-user, the market has been classified into BFSI, retail and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include BCASH Electronics Co. Limited, Cummins Allison Corp. (Crane Payment Innovations Inc.), De La Rue plc, Giesecke+Devrient GmbH, Glory Ltd., GRG Banking, Julong Co., Ltd., Kisan Electronics, Laurel Bank Machines Co. Ltd., and Toshiba Corporation.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800