Cash-in-transit bags are used for transferring coins, banknotes, credit cards, and other valuables from one location to another. ATMs, cash centers, retailers, bank branches, and other facilities that handle large amounts of cash may be included in the locations. Furthermore, these have strong zips and closures, as well as an anti-theft smoke hole in the top that can be secured with a secure lock. The security seals on cash in transit bags are tamper-evident. Bags used to transport currency from one location to another are known as cash-in-transit bags. With an increase in environmental concerns, key players in the cash-in-transit bag market are shifting their focus to less toxic raw materials, as consumers today prefer more eco-friendly products. Therefore, there has been a gradual increase in demand for the cash-in-transit bags which is expected to boost the growth of the market in the upcoming years.
The global cash-in transit bags market share is segmented into product type, material, application and region. Based on product type, the market is further segmented into deposit bags, shipping bags, coin bags, strap bags, stock bags and custom bags. In terms of material, the market is bifurcated into plastic, fabric and paper. Based on application, the market is financial institutions, hospitals, casinos, hotels, retail chains, government organizations, courier services, academic institutions and others. Based on region, the global market is divided across North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa.
COVID-19 Scenario Analysis
- During COVID-19 outbreak, lockdown was imposed across various sectors to prevent the disease, effectively halting economic activity. Due to the lockdown, many markets have been negatively affected and cash-in-transit bags market is one such. As there was a belief at the start of the pandemic that contact payments pose a greater risk, customers began switching to digital modes of payments.
- As the demand for digital payments & contactless cards took place during COVID-19, there has been a significant impact on the cash-in transit bags as the usage has been drastically reduced. But since the lockdown has been lifted across many countries now, the cash-in-transit bags are gaining popularity again, wherein it is expected to boost the growth of the market in a few years.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The rise in concerns over secured & safe cash transactions and growing risk of online frauds & cybercrimes are driving the growth of the market. In addition, the increased adoption by banks, retailers, local organizations & authorities propels the growth of the market. However, the rising usage of mobile phones for payment across the world might hamper themarket growth. On the contrary, the rise in number in the retail & financial sector is further anticipated to provide several growth opportunities for the key players in the cash-in-transit bags market over the upcoming years.
The global cash-in transit bags market trends are as follows:
Concerns Over Secured & Safe Cash Transactions:
Current packaging solutions are used for transferring cash or coins from one location to another, as opposed to traditional packaging. Cash-in-transit bags provide additional value by being highly secure, reusable, and biodegradable. There are also tamper-evident security seals on them. Bags used to transport currency from one location to another are known as cash-in-transit bags. Furthermore, the demand for cash-in-transit bags is increasing as people become more concerned about the safe and secure movement of cash from one location to another. Consumers prefer more eco-friendly products, so manufacturers of cash-in-transit bags are focusing more on using less toxic materials. Therefore, the rise in demand due to added values & features is expected to drive the growth of the cash-in-transit market during the forecast period.
Growing Risk of Online Frauds & Cybercrimes:
The threat of online fraud and cybercrime is increasing, necessitating more stringent security and safety measures. As online fraud is on the rise and spreading quickly across the globe, financial institutions and merchants, are investing in cash transfers to combat online fraud, which is expected to drive the cash-in-transit bags market over the forecast period. Furthermore, the cash-in-transit bag market has been impacted by the rapid increase in ATM installations in developing and emerging regions, which is driving the growth of the market during the forecast period.
Key Benefits of the Report:
- This study presents an analytical depiction of the global cash-in transit bags market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global cash-in transit bags market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Cash-In Transit Bags Market Research Report:
- Which are the leading players active in the global cash-in transit bags market?
- What would be the detailed impact of COVID-19 on the global cash-in transit bags market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global cash-in transit bags market?
- What are the projections for the future that would help in taking further strategic steps?
Cash-in Transit Bags Market Report Highlights
By Product Type
Key Market Players
Harcor Security Seals, A. Rifkin Co., ProAmpac, Packaging Horizons Corporation, Versapak International Limited, Coveris, DynaCorp, Mega Fortris Group, ADSURE Packaging Limited, Amerplast