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

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

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
  • Application
  • Region

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:

  • Banking
  • Retail
  • Healthcare
  • Others (Hospitality, Education etc.)

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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