Currency Counting Machines Market Industry Growth by 2019

  • October 3, 2019
  • 396
  • Manufacturing & Construction

New York City, NY, 03 October, 2019/ 24 Market Reports: Currency counting machines are available either as completely mechanical machines or completely electronic machines. These prove vital in counting money, either loose coin collections or stacks of banknotes. Zhi Tian Sie, a small-time banker from China was the first to discover the currency counting in the year 1958. Currency counting machines provides a total count of all the currency and also counts specific batch sizes for storage and wrapping.

An increasing number of fake currency production globally, rising consumer awareness regarding fake note detection, time-solving potential of the currency counting note machines are the factors driving the global currency counting machines market. Also, the rising trend of the use of currency counting machines in banks, business & financial organizations, and retail stores is expected to fuel the growth of the market.

Market segmentation of the currency counting machines market

Type, range, application, and region are the segmentations of the global currency counting machines market. Bundle note counting machines, desktop model, and loose note counting machines are the categories of the segmentation of the market based on type.

The range segment is categorized into hi-speed heavy duty cash counting, intelligent counting cum counterfeit detection machines, and basic note counter. Banks and financial institutions, hospitals, schools & colleges, jewellers, airports, hotels & restaurants, and others are the categories based on application.

High cost of the counting machines to slowdown the growth of the market

It is been estimated that a few factors such as high machine cost, the continuous requirement of electricity, and requirement of human interpretation to operate the machines are expected to hinder the growth of the market up to some extent.

The Asia Pacific to be the fastest-growing market

Western Europe, North America, Latin America, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and Middle-East & Africa are the major regions of the market. The market is been forecasted to witness considerable growth during the forecast period from 2016 to 2026.

At present, Western Europe and North America are considered as the matured market for currency counting machines. It is expected for the Asia Pacific and MEA market to observe huge growth in the forecast period. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period.

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