Currency Counting Machines are machines that aids in counting money, either loose coin collections or stacks of banknotes. These machines are available either as completely mechanical machines or completely electronic machines. The currency counting machine was first discovered in China in 1958 by a small time banker, Zhi Tian Sie. Currency counting machines, provides a total count of all the currency, and also counts specific batch sizes for storage and wrapping.
Currency counting machines finds application in a number of places such as banks, colleges, schools, hospitals, and business organizations, etc. have large amounts of currency to be handled and thus requires incorporation of currency counting machines for precise tallying of the money. The cash is put inside on to the machine which then counts numerous money folds in just a few seconds. Similarly, these machines also count coins and identify coin types according to their respective weights.
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Global Currency Counting Machines Market Dynamics:
The market for currency counting machines is anticipated to be driven by a number of factors such as increasing number of fake currency production globally, time-saving potential of the currency counting machines, rising consumer awareness regarding fake note detection, and various governmental regulations regarding placement of currency counting machines in places such as banks. Furthermore, rising demand for currency counting machines in various business & financial organizations and retail stores is expected to drive market growth.
However, factors such as requirement of continuous power supply, high machine cost, and requirement of human interpretation to operate the machines, etc. are expected to hinder the growth of the global currency counting machines market over the forecast period.
Global Currency Counting Machines Market Segmentation:
The global currency counting machines market is segmented on the basis of types, range, application and region. On the basis of types, the global currency counting machines market is segmented into loose note counting machines, bundle note counting machines and desktop model. On the basis of Range, the global currency counting machines are segmented into basic note counter, hi speed heavy duty cash counting and intelligent counting cum counterfeit detection machines. The global currency counting machines market is also segmented on the basis of application such as banks and financial institutions, business houses, hospitals, schools & colleges, airports, jewelers, retail outlets and showroom, hotels & restaurants and others.
Global Currency Counting Machines Market: Regional Outlook
Geographically, the currency counting machines industry can be divided by major regions which include North America, Latin America, Western Europe, Eastern Europe, Asian-Pacific Excluding Japan (APEJ), Japan, and Middle-East & Africa (MEA). The currency counting machines market is projected to witness a considerable growth in CAGR from 2016 to 2026.
Currently, North America and Western Europe are the matured market for currency counting machines. However, Asia-Pacific, and MEA are expected to become lucrative regional market for key players operating in the currency counting machines market. FMI forecasts, the market in Asia-Pacific region is expected to grow at fastest CAGR over the forecast period.
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Global Currency Counting Machines Market Players
The key players identified across the value chain of global currency counting machines market include Maxsells, Web Sec Systems, Godrej, Mycica, Cannon Electronic Systems, RDS Group, Ktron Systems, Prompt Automation and many others. The global currency counting machines market is highly fragmented with a large number of local/small-scale manufacturers operating across the globe. Major companies are focused on new product development in order to maintain the competitive advantage in global currency counting machines market during the forecast period.