Currency Sorter Market Trend, Share, Growth, Size Analysis and Forecast 2030

Currency Sorter Industry Prospective:

The global currency sorter market size was worth around USD 2200 million in 2022 and is predicted to grow to around USD 4200 million by 2030 with a compound annual growth rate (CAGR) of roughly 8.5% between 2023 and 2030.     

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Currency Sorter Market: Overview

A fairly common instrument in the financial industry is the currency sorter. The purpose of the currency sorter machine is to reduce the amount of time wasted on laborious operations like manually counting coins or notes into huge bundles. Additionally, it avoids mistakes made when counting money or sorting it into the incorrect section. Consequently, organizing monetary tasks quickly and effectively can be achieved by using a currency sorter.

Key Insights

• As per the analysis shared by our research analyst, the global Currency Sorter market is estimated to grow annually at a CAGR of around 8.5% over the forecast period (2023-2030).
• In terms of revenue, the global Currency Sorter market size was valued at around USD 2200 million in 2022 and is projected to reach USD 4200 million, by 2030.
• The growing demand for currency sorters from BFSI, retail, and other sectors will positively influence the currency sorter market expansion over the forecast period.
• Based on the product, the note sorter is expected to dominate the market over the forecast period.
• Based on the industry vertical, the BFSI segment is expected to hold the largest market share over the forecast period.
• Based on region, the Asia Pacific is expected to hold the largest market share over the forecast period.

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Currency Sorter Market: Growth Drivers

Detection of counterfeit currency drives market growth

Businesses, banks, and government organizations are very concerned about the proliferation of counterfeit currency. Currency sorters that are outfitted with cutting-edge technology for detecting counterfeit money, such as magnetic and UV ink detection, offer a vital line of defense against fake currency and are a vital weapon in the battle against financial fraud. For instance, according to the Bank of Russia, in 2022, there were over 22,900 counterfeit coins and banknotes found in Russia's financial system—a 1.6-times drop from the previous year. Out of one million banknotes in circulation, there were only four fakes (compared to six counterfeit banknotes in 2021). Therefore, the aforementioned facts are expected to propel the global currency sorter market expansion during the forecast period.

Currency Sorter Market: Restraints

An increasing number of card transactions hamper the market growth

Currency sorters are at risk due to the increase in customer cashless payment activities. When shopping at retail or hospitality businesses, customers use cards or online payment methods to make easy purchases. As a result, banks and retailers are funding the market for cashless technologies. Globally, cards were used for about half of all financial transactions in 2021. Furthermore, the surge in online payments has propelled the expansion of the retail e-commerce sector, impeding the growth of the currency sorter machine market throughout the projected period.

Currency Sorter Market: Opportunities

A growing number of bank branches in developing economies offers an attractive opportunity for market expansion

Currency sorters will become more and more in demand as banks in emerging economies build branches to reach the unbanked populace in places like India. In 2008, there were 9.28 commercial bank branches per 100,000 adults in India; by 2020, that number had increased to 14.7 per 100,000 persons. In a similar vein, Armenia saw an increase in commercial bank branches from 17.3 per 100,000 adults in 2008 to 24.6 per 100,000 persons in 2020. In the years ahead, these variables could boost currency sorter industry expansion.

Currency Sorter Market: Challenges

High initial investment and maintenance cost poses a major challenge to market growth

The cost of buying currency sorting machines can be high, particularly for small and medium-sized enterprises. Some firms may find it difficult to embrace these technologies due to the initial financial investment. They also need occasional repairs and routine maintenance. These recurring expenses may discourage some companies from investing in this technology and raise the overall cost of ownership. Thus, this is expected to pose a major challenge for the market growth.

Currency Sorter Market: Segmentation

The global Currency Sorter industry is segmented based on product, type, technology, application, industry vertical, and region.

Based on the product, the global market is bifurcated into note sorter and coin sorter. The note sorter is expected to dominate the market over the forecast period. A note sorter is a type of currency sorting machine intended to handle and process paper cash. It is also referred to as a banknote sorter, bill counter/sorter, or note sorter. Note sorters are used to effectively count, authenticate, and sort banknotes. They are an essential component of the currency sorter industry. The main functions of note sorters are paper cash counting, sorting, and verification. They can swiftly and precisely handle large amounts of funds. Note sorters are made to assist financial institutions and enterprises in handling currency more safely and effectively.

Based on the type, the global Currency Sorter industry is bifurcated into small, medium, and large.

Based on the technology, the market is bifurcated into magnetic, watermark, microprint, and others.

Based on the application, the currency sorter industry is bifurcated into self-checkout machines, vending machines, bank note counters, and others.

Based on the industry vertical, the global currency sorter market is bifurcated into BFSI, retail, and others. The BFSI segment is expected to hold the largest market share over the forecast period. Daily operations in the BFSI industry involve managing enormous quantities of cash at ATMs, bank offices, and other financial service sites in addition to deposits and withdrawals. By limiting mistakes and saving manual labor, currency sorters facilitate precise and efficient counting and sorting of banknotes. In bank branches, currency sorters are frequently utilized by teller operations. They provide speedier client transactions and better customer service by assisting bank tellers with counting and verifying currency. Cash drawer reconciliation is made simpler by these devices' simultaneous processing of many currencies. Therefore, these benefits of currency sorter in BFSI will drive the market growth.

Currency Sorter Market: Report Scope

Currency Sorter Market: Regional Analysis

Asia Pacific is expected to hold the largest market share over the forecast period

The Asia Pacific is expected to hold the largest currency sorter market share over the forecast period. The region has experienced significant economic expansion. It is home to some of the fastest-growing economies in the world, such as China and India. There is an increasing need for currency sorters to manage cash transactions effectively as economies grow and the amount of cash transactions increases. For instance, in the middle of 2023, India's economy is still growing quickly. According to figures issued by India's National Statistical Office, India's GDP growth rate increased to a pace of 7.8% y/y in the April-June quarter of 2023, up from growth of 6.1% y/y in the January-March quarter.

Moreover, there is a growing need for effective cash processing solutions as banks in the Asia Pacific area are growing their branch and ATM networks. To handle cash transactions, cash centers, ATMs, and teller operations employ currency sorters. According to the published journals of Hindu BusinessLine, the total number of scheduled commercial banks' branches has increased significantly over the last few decades, rising from 8,321 in 1969 to 162,904 in 2023. Additionally, according to the data given by the India Brand Equity Foundation, in March 2023, there were 14,74,548 ATMs in India overall. Additionally, there are 96,243 off-site ATMs and Cash Recycling Machines (CRMs) in addition to 1,21,894 on-site ATMs. Thus, the aforementioned stats are expected to propel the market growth in the region.

Currency Sorter Market: Competitive Analysis

The global Currency Sorter market is dominated by players like:

• Julong Co. Ltd.
• Arihant Maxsell Technologies Private Limited
• Toshiba Infrastructure Systems & Solutions Corporation
• Aditya Systems
• Jetex Infotech Private Limited
• KISAN ELECTRONICS
• Beijing Grace Ratecolor Technology Co. Ltd.
• Giesecke+Devrient GmbH
• Eromart
• Kores (India) Limited
• Godrej and GRGBanking

The global Currency Sorter market is segmented as follows:

By Product

• Note Sorter
• Coin Sorter

By Type

• Small
• Medium
• Large

By Technology

• Magnetic
• Watermark
• Microprint
• Others

By Application

• Self-checkout Machines
• Vending Machines
• Bank Note Counter
• Others

By Industry Vertical

• BFSI
• Retail
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa