A currency sorter is a kind of financial machine frequently used in the financial sector, especially in banks and financial institutions. It mainly comprises banknote and coin sorter. Currency sorters sort the cash and also count, denominate, authenticate, and distribute cash simultaneously. Boost in income and savings, expanding financial institutions, and retail sector growth is boosting the currency sorter market. An increasing flow of currency in casinos, banks, and other financial organizations are boosting the demand for currency sorters.
Continuous and growing circulation of currency from sector to sector in bulk is a major driver of the currency sorter market. Restaurants, big hotels, hospitals, and retail and departmental stores also adopt currency sorters for rapid and efficient sorting of currency which is anticipated to encourage their growth in the coming years. Also, technological development in the product such as sorting speed and weight-based sorting is expected to influence the currency sorter market positively. However, growing adoption of digital payment and wallet option is one of the major restraints to the growth of the currency sorter market.
Currency Sorter Market – Competitive Landscape
The currency sorter market encompasses several international and domestic companies. Leading market players are focusing on further innovation in products and business expansion to enhance their market share.
- In May 2019, Glory Ltd. announced the acquisition of Grupo Sortek S.A. de C.V. (Sortek) through its subsidiaries Glory Global Solutions (International) Ltd. (GGSI) and Glory Global Solutions (Holdings) Ltd. Sortek is a provider of cash sorting solutions in Mexico.
- Companies active in currency sorter machine manufacturing are currently targeting both developed and developing markets as a part of their R&D strategy. Thus, companies are investing heavily in R&D, particularly in the office automation and currency automation / banking automation segments.
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Godrej Security Solutions
Godrej Security Solutions is a subsidiary company of Godrej Industries Ltd. The company provides solutions in consumer goods, real estate, agriculture, and retail through its subsidiary and associate companies across 18 countries. Godrej Security Solutions manufactures a wide range of currency counting and sorting machines for financial institutions, retailers, hotels, educational institutions, and other sectors. The company operates its business in more than 45 countries.
Giesecke + Devrient GmbH is specialized in manufacturing, developing, and distributing products and solutions for the safeguarding of payment processes, e-SIM management, identities, secure connectivity, data and project management solutions for banks, automotive, mobile phone manufactures, and other companies. The company operates its business in more than 32 countries across the world. Under the G+D Currency Technology segment, it offers banknotes and currency processing solutions which includes currency counting and sorter machines and currency verification processing systems to central banks, commercial institutions, casinos, and the retail sector.
GRG Banking was founded in 1999 and has its headquarters in Guangzhou, China. GRG Banking is a China based listed company specialized in the financial self-service market. GRG Banking is involved in manufacturing, sales, R&D and service, and software development for ATMs. It is also active in the production of other currency recognition and processing equipment.
Several international and domestic players are involved in manufacturing of currency sorters. These include Kisan Electronics, Julong Europe GmbH, Shanghai Guao Electronic Technology Co., Toshiba Infrastructure Systems & Solutions Corporation, and Glory Ltd.
Currency Sorter Market – Dynamics
Technological development in the product
Advancement in product technology is the supportive factor for currency sorter market growth. Several innovations in currency sorter machines such as weight based cash sorting which facilitates the application of the currency sorter machine at an enhanced level is driving the currency sorter machines market. Modern machines are focusing on efficiency which saves time and increases the operational efficiency of businesses.
Growing demand for currency sorter machines from different end-use industries
Continuous and increasing cash flow in banks, big hotels, casinos, retail stores, and hospitals are boosting the adoption rate of currency sorter machines. Growing income and hike in savings is anticipated to influence the growth of financial institutes and also the retail sector across the globe, which ultimately creates opportunities for currency sorter manufacturers.
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Global Currency Sorter Market – Segmentation
The global currency sorter market can be segmented based on:
- Product Type
Global Currency Sorter Market, by Product Type
Based on product type, the global currency sorter market can be classified into:
- Note Sorter
- Coin Sorter
Global Currency Sorter Market, by Application
In terms of application, the global currency sorter market can be divided into:
- Others (Hospitality, Education etc.)
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