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A04192 | Pages: 549 | Charts: 74 | Tables: 247 |
The global note sorter market was valued at $5.9 billion in 2017, and is projected to reach $14.7 billion by 2032, growing at a CAGR of 8.4% from 2024 to 2032.
Note sorter helps to reduce the time of the employee to sort notes and do more productive work. Furthermore, specialized office machines and equipment, including note counting machines, currency verifiers, and others help to improve workplace efficiency and accuracy in business transactions. These machines provide a variety of solutions, all aimed to improve efficiency, accuracy, and productivity. Note sorter machines for instance have become indispensable to most retail shops, banks, and hotels today. Businessmen use these currency machines, as they offer various benefits. The machine proves to be very useful in daily operations. Instead of having to roll their own notes and count themself, users can use this tool to make sure that everything is accurate without having to invest a lot of time.
In addition, one of the major reasons businesses turn to these machines is for the time it saves them and enhances cash management solutions. Furthermore, being an easier and more efficient way to count money, the note sorter machines help to keep businesses and their employees healthier. Thus, these are the key factors that boost the growth of the note sorter market. Furthermore, the key players in the market have constantly developed their product offerings for multiple operations to enhance efficiency. For instance, Daniele Tartaglia has created an electromechanical sorting machine that not only works as a note separator but also stacks notes on the basis of denominations and counts & totals them as they drop through a curvy maze. Therefore, with the help of such inventions, the note sorter market share is expected grow in the upcoming years.
The note sorter market is segmented on the basis of device, sorter type, end user, enterprise size, and region. On the basis of device, the market is bifurcated into discriminator and banknote sorter. The sorter type segment is further divided into small size, middle range, and heavy duty. The heavy-duty segment is further divided into 1+1, 2+1, 3+1, and multi-pocket sorter (4-24 pockets). On the basis of end user, the market is segmented into bank, financial institution, cash-in-transit (CIT), retail, and casino. On the basis of enterprise size, the market is bifurcated into large enterprise and small and medium-sized enterprise (SME). On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, South America, Middle East, and Africa.ÂÂÂ
[ENTERPRISESIZEGRAPH]
On the basis of enterprise size, the small and medium-sized enterprise (SME) segment is expected to grow at a fastest rate during the note sorter market forecast period. This is attributed to the development of compact and cost-effective note sorters, designed to cater to the limited space and budget considerations commonly found in SMEs is a major trends in note sorter market. These smaller-scale sorting systems offer essential functionalities such as counting, sorting, and basic counterfeit detection, providing SMEs with efficient yet economical solutions for managing cash flows.
[REGIONGRAPH]
 On the basis of region, the note sorter market was dominated by North America in 2022 and is expected to maintain this trend during the forecast period. This is attributed to the fact that financial institutions and businesses in the U.S. and Canada have invested in innovative technologies that not only streamline traditional cash-handling processes but also integrate seamlessly with digital payment systems.
Competitive analysis and profiles of the major players in the global note sorter industry the major players operating in the note sorter market are BCASH Electronics, Crane Payment Innovations (CPI) (Cummins Allison), De La Rue plc, Giesecke+Devrient GmbH, Glory Global Solutions Limited, GRGBanking, Julong Europe GmbH, Kisan Electronics, Laurel Bank Machines Co., Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Hitachi, Ltd., Masterwork Automodules, and DoublePower. These players have adopted various strategies to increase their market penetration and strengthen their position in the note sorter market. Major players have adopted product launch, partnership, collaborations, and acquisition as key developmental strategies to improve the product portfolio and gain strong foothold in the extended warranty industry.
On March 2023, GLORY partnered with QikServe to enhance operational efficiencies and reallocate precious labor into other activities can now employ an integrated kiosk ordering and cash payment processing solution enabling guests with complete self-service and multiple payment options upon checkout.
On October 2023, Glory collaborated with Kinective to enhance their operational efficiency and security through the implementation of GLR-100 of Glory, incorporating cash recycling. This technology enhances productivity, efficiency, and job satisfaction, saving up to 50% in manual banknote counting time. This enables tellers to prioritize customer service and cross-selling.
The note sorter market growth is expected to witness notable growth due to the rise in cash transactions. This growth is driven by various factors, including the increasing demand for automated cash handling products, the growth of the retail and commercial banking sectors, and the expansion of the retail industry in the Asia-Pacific and LAMEA regions. The market's growth will be influenced by the rising disposable income and the increasing demand for sorting cash machines in various sectors that use large amounts of cash, such as banks, casinos, financial institutions, hospitals, supermarkets, and large theme parks. Sorting cash machines help in reducing human efforts put into sorting cash and save a considerable amount of time, which would have been wasted in sorting and counting of cash. This also reduces the chances of errors which usually take place when sorting and counting of cash is done by humans. This also leads to fewer financial losses and helps in decreasing operational costs. However, the detection of counterfeit notes and coins helps save the organization's reputation. It also helps detect torn notes or faulty notes and starts beeping once it detects such kind of notes or coins.
The growth in the retail and banking industry is a significant factor contributing to the expansion of the note sorter market. The increasing demand for automated cash handling products, surge in demand for technologically advanced self-service machines, and increased application areas are driving the market growth. Increased adoption of smartphone applications for digital transactions is also driving the market growth. However, the increasing use of virtual money and the transition towards a cashless society are expected to hamper the currency sorter market growth. Developing economies in the Asia-Pacific and LAMEA regions possess high potential for expansion of the retail industry, which is expected to drive the growth of the currency sorter market during the forecast period.
The increasing demand for note sorters in developing nations and the adoption of advanced technologies such as artificial intelligence, machine learning in banknote sorter machines and cash counting and sorting machine, and IoT in medium-sized note sorter machines are contributing to the market's growth. The small-size note sorter segment is expected to maintain its dominance throughout the forecast period, while the medium-size note sorter segment is expected to grow at a significant CAGR during the same period. The note sorter market is dominated by North America, which is expected to retain its position during the forecast period.
Key Market Segments
Key Market Players