The rising number of ATMs and adoption of polymer banknotes is driving the global banknote counters market.
The global Banknote market is expected to develop $ 29.7 billion by 2031, at a compound annual increase in price (CAGR) of 10.4% throughout the forecast period.
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Covid-19 Impact & Market Status
The COVID-19 pandemic is still spreading, wreaking havoc on people, communities, and companies. Several industries' growth may be hampered, while many others will likely remain unaffected and offer exciting chances for growth.
The coronavirus outbreak is extremely serious and has far-reaching market consequences, as well as major risks on the downside. Business leaders are trying to figure out how the coronavirus will affect the global economy and change the way they do business.
However, these scenarios will play out differently in different areas and businesses, emphasizing the importance of precise and timely market research.
This report offers a comprehensive overview of the key elements of the market such as drivers, restraints, opportunities. Furthermore, current market size, growth rate estimates through the forecast span 2021-2028, individual sectors and sub-sectors, countries, and regions contributing majorly to the growth of Global Banknote Counters Market are studied in the report. The report gives some recommendations and solutions that help market players take informed decisions in the Global Banknote Counters Market.
Electronic Counters Segment Poised For Rapid Market Progress
The global banknote counters market is classified into duty cash counting, counterfeit detection built-in to money counters, electronic counters on the basis of counter type. Among these, the electronic counters segment is poised for rapid progress in global banknote counters market and is expected to account for measurable share of global banknote counters market in forecast years 2021-2028. The key factors such as increasing need for validating currency authenticity, demand for banknote counters due to dramatic surge in ATMs and finance infrastructure is boosting electronic counters market share in global banknote counters market.
Commercial Bank Recorded Strong Growth
The global banknote counters market is classified into exchange office, markets merchant, central and commercial banks, medical, household, and other on the basis of application. Among these, the commercial banks segment accounted for highest market share of global banknote counters market and is anticipated to gather substantial market share in forecast years 2021-2028. The key factor is rising commercialization and privatization of banks.
In financial institutions, banknote counters are commonly used to count a large number of currencies. By minimising manual labour, these robots assist banks, finance corporations, and other financial institutions save time.
One of the most important functions of currency counters in medical facilities is to prevent fraud. This ensures that transactions are accurate and that errors are minimised. Using these machines speeds up service delivery and enhances patient care by reducing hospital/clinic wait times.
Household banknote counters are used to sort and count cash. It's one of the most prevalent applications. In today's world, banknote counters are commonly used to count currency in homes.
Latin America is The Largest Shareholder
North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa make up the market. The largest market share is estimated to be in North America. During the forecast period, Latin America is expected to increase at the fastest rate.
The need for equipment that validate currency authenticity and checking for damaged or detect counterfeit notes is improving the reliance on banknote counters.
Owing to benefits such as high speed counting, cash validation, accurate counting of banknotes, time saving, easy operability, detection of counterfeit notes, accuracy, intelligent counting, and increased productivity, banknote counters is experiencing rapid adoption as opposed to manual approaches such as hand counting, thus fostering remarkable progress in global banknote counters market.
The factors such as increasing need for validating currency authenticity, demand for banknote counters due to dramatic surge in ATMs and finance infrastructure, increased demand for advanced counterfeit detection technologies is driving the global banknote counters market.
Banknote counter is a devices that accurately counts the quantity of banknotes. The banknote counter sorts the banknotes into batches and identifies the damages notes or counterfeit notes. When the machine has counted all of the notes, it will come to a halt and display the number of notes (the count) on its display panel. It could also stop counting until enough coins have been input for new batches.
The banknote counter machine can also be used to detect circulating counterfeit banknotes. This is accomplished by scanning the notes and comparing them to data maintained in a database that contains photographs of all real notes currently in circulation.
When it finds an image that matches one in their counterfeits gallery, it will notify employees. The industry is likely to be driven by factors such as an increase in the number of ATMs worldwide and a growing population.
However, counterfeiting of banknotes and the rapid expansion of electronic payments will pose a threat to the industry's success. Also, expensive costs of banknote counters, growing adoption of polymer banknotes, security designs, advanced cash sorting technologies, demonetization trends in certain countries, cashless transactions being the most dominant trend are hampering the global banknote counters market. Furthermore, the increasing need for validating currency authenticity, demand for banknote counters due to dramatic surge in ATMs and finance infrastructure, increased demand for advanced counterfeit detection technologies is anticipated to be growth opportunity for the global banknote counters market.
The major players in the global banknote counters market are Security Papers, BNB, Orell Fussli, Oberthur Fiduciaire, Joint Stock Company Goznak, SAS, Giesecke + Devrient, , FNMT-RCM, De La Rue, Crane, and CCL Industries among others.
Latest Innovations in the Global Banknote Counters Market: a Snapshot
- Security by design- In recent years, banknote suppliers have responded to market forces and central bank objectives by harmonizing design, security, and supply chain considerations, giving rise to the notion of ‘security by design.'
- Note construction durability- Fitness factors assist assess whether a banknote is appropriate for recirculation or should be replaced by a new one, as well as increase the efficiency of ATMs and note sorting systems in terms of processing speed and sorting accuracy.
Banknote Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | $29.7 billion |
| Growth Rate | CAGR of 10.4 % during 2021-2031 |
| Segment Covered | Component, Solution Type, Service Type, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Barry-Wehmiller Companies, Bobst Group SA, Cash Processing Solutions (CPS), Crane Holdings, Co., Flint Group, Focus Technology Co., Ltd., Goebel Capital GmbH, Heidelberger Druckmaschinen AG, Koenig & Bauer AG, Komori Corporation, Konica Minolta, Inc., Oumolat Security Printing LLC, Pasaban S.A., Security Printing & Minting Corporation of India Ltd., Shenzhen CBPM-KEXIN Banking Technology Co., Ltd, SPS TechnoScreen GmbH, and Tangem AG. |
Key Segments of the Global Banknote Counters Market
Type Overview, (USD Billion)
- Duty cash counting
- Counterfeit detection built-in to money counters
- Electronic counters
Application Overview, (USD Billion)
- Exchange office
- Markets merchant
- Central and commercial banks
- Medical
- Household
- Other
Regional Overview, (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The global banknote market size is expected to reach $ 29.7 billion by 2031.
The banknote market is growing at a CAGR of 10.4% over the forecast period.
The application of the banknote market are exchange office, markets merchant, central and commercial banks, medical, household, other.
Latin America dominated the market for banknote market and accounted for the largest revenue share.
The top companies that hold the market share in banknote market are BNB, Orell Fussli, Oberthur Fiduciaire, Joint Stock Company Goznak, SAS, Giesecke + Devrient, , FNMT-RCM, De La Rue, Crane, and CCL Industries.