Cash Recycler Market Analysis By Component(Hardware, Software, Services), By Deployment(On-premise, Cloud), By Cassstte Capacity(Up to 4000 Notes, More than 4000 Notes), By End-user(BFSI, Healthcare, Hospitality, Retail, Government, Media & Entertainment) & Forecast 2023 - 2032

The global Cash Recycler market size was valued at US$ 7,219.3 Million in 2022, and anticipated to grow at a CAGR of 4.4% over the forecast period. The cash recycling machine is a complex device that can manage some straightforward but crucial duties, like receiving and dispersing cash. In past few years, the banking industry has undergone dramatic changes. With the cash recycling machine, the operator can fully automate the banking and reconciliation process, significantly reducing labor at the beginning and end of shifts, not only for administrative functions, but also for individual tellers. Few of the most significant shifts have moved to the evolving role of the banking branches. However, despite the ever-increasing degree of digitalization of banking business, there is still a strong market for the automation of traditional manual banking business processes. Therefore, growing demand for cash management system among enterprises is anticipated to fuel the growth of the cash recyclers market across the region. Cash recyclers helps in driving more efficient management of funds, are helping transform bank branches by saving considerable time and resources
There is a huge demand for automatic cash recycling at ATMs, self-service cash recycling machines and automated teller safes across the region. This demand is mainly attributed due to the growing implementation of key technologies such as teller cash recyclers, which store, count and verify cash for tellers across enterprises.
Banks and other financial institutions hope to achieve higher revenue growth, better customer experience, and better cost optimization. There are certain areas where the market requires a large amount of cash deposit activities from retail customers, and there are also certain market areas where retail customers need to withdraw cash frequently, thereby generating frequent cash replenishment needs. In terms of labor costs for tellers and the opportunity cost of maintaining the amount of cash in the ATM, such activities bring high costs to the bank. Therefore, enterprises are emphasizing on acquiring cash recyclers to simplify the work process and efficiently managing the cash levels across the globe.
Internet has revolutionized the world, benefiting enterprises, industries, and end-users. Increasing use of mobile internet is the one of the key reason limiting the growth of the cash recyclers market across the region. This is primarily due to the increasing number of digital transactions and major initiatives introduced by government to make a cashless economy.
Globally, half of the population is using mobile internet. According to GSMA Intelligence, 3.89 billion mobile internet users were active in 2019, which is expected to increase at an annual rate of 9.1%. Mobile internet users are expected to reach 5.0 billion by 2025.
The outspread of COVID-19 has become one of the greatest threats to financial markets and the global economy. In order to contain the impact of the coronavirus outbreak, like many countries in the world, the United States is taking various measures, including restriction on the movement of the entire population; closing public places and transportation; and urging the public to stay indoors and maintaining social distancing and work from home facilities to the working people. This has further resulted in the adoption of digital payment and less usage of cash for daily needs.
COVID-19 Insights
Consumers are fearful due to concerns that cash handling is dirty and may be another way the coronavirus can be transmitted and spread. The retail industry has accentuated this hysteria with many shops and supermarkets refusing to accept cash payments, offering card transactions only. During the COVID-19 shopping habits and cash payment has changed. However, a cash recycler can dispense, count, track, store, sort, reconcile, authenticate and accept cash and reduce vault holdings. It improves productivity, operational proficiency and flexibility, as well as speeds up customer transactions by automating previous manual tasks and processing. Further during COVID-19, cash recycling reduces the opportunity for multiple touchpoints, keeping customers and staff safer. Hence, adoption is expected to resume after the third quarters of 2020.
Additionally, delays in the installation of cash recyclers and smart safes due to travel restriction and closure of borders also had a marginal negative impact on the market during the first quarter of 2020.
Regional Insights
In terms of region, North America dominated the global market share in 2021. Rising demand for money management systems to maximize the automation of financial transactions for large enterprises is propelling market growth. There is a need for enterprise-level connectivity and liquidity management; therefore, large, small, and medium enterprises in the region are deploying tailor-made money management solutions to attain significant returns on investment. Hence, fuelling the demand for the Cash Recycler market across different verticals in the region.
Cash Recycler market in Asia Pacific is projected to register fastest revenue CAGR between 2022 and 2031 owing to rising adoption of Cash Recycler and government funding for Cash Recycler deployment. Among Asia Pacific countries, Australia is estimated to be among the fastest growing country in this cluster of regional markets followed by the South East Asia, South Korea and India. Government support together with huge investment in banking and financial services industry is anticipated to boost the adoption of Cash Recycler market across the region.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: AMSEC, AMERICAN SECURITY, Armor Safe Technologies, arca.com, Diebold Nixdrof, FireKing Security Group, Gunnebo Group, Fiserve, Inc., G4S Limited, Glory Global Solutions (International) Limited, Keba AG, Oki Electric Industry Co., Ltd., NCR Corporation, Socal Safe Company, Tidel Engineering L.P., Triton Systems and Others. Major players operating in the ecosystem experiences intense competition owing to the presence of large number of players on the global scale. Further, players are adopting various strategies such as merger and acquisition, geographic expansion, product launch, research & development for expanding their product portfolio, and others.
For instance, In May 2021, DBSI+CFM entered into an partnership with ATEC America, to offer core-integrated cash recycling solutions and to certify the Atec LTA-380 and LTA-450 cash recyclers.
In July 2021, FTSI, Inc. entered into partnership with ARCA to offer hardware sales and field services for ARCA's cash recyclers. The main aim behind this partnership is to offer the customer personalized services such as choosing the right size recyclers that fit the branch environment.
Segments
By Component
• Hardware
• Software
• Services
By Deployment
• On-premise
• Cloud
By Cassstte Capacity
• Up to 4000 Notes
• More than 4000 Notes
By End-user
• BFSI
• Healthcare
• Hospitality
• Retail
• Government
• Media & Entertainment
• Others
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt