Note Sorter Market is valued around USD 6.51 Billion in 2019 and expected to reach USD 13.56 Billion by 2030 with the CAGR of 6.9% over the forecast period.
Note sorter is a machine used for the effective cash management in various cash intensive business & institutions such as banks, retails, amusement parks & other. These machines reduce the human efforts along with high operational efficiency as well as reductions in the errors. These machines help to keeps the exact count of notes with amount in short span of time and also help in the reduction of internal theft.
Global Note Sorter Market report is segmented on the basis of product, application and by regional. Based upon product, the note sorter market is fragmented into Small Size Note Sorter, Medium Size Note Sorter, and Large Size Note Sorter. On the basis of application, the market is categorized into BFS, retail and others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The note sorters market is mainly driven by the constant development in technology along with the high adoption rate on a large scale. There has been growth in automation followed by high demand of operational efficiency along with reduced errors. Note sorter is one of the cost saving methods which helps in faster processing & save lot of time. In addition, there has been constant growth in cash intensive business along with the development of economic conditions as well as disposable income. On the other and constant growing investment in the market along with surge in research & development activities followed by rising awareness among people are also expected to anticipate the market growth.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the high demand of operational efficiency with reduced errors. Moreover, high adoption rate along with technological advancement as well as rising R&D activities. Asia Pacific is expected to dominate the note sorter market in terms of growth rate owing to the rapid growth in cash intensive business in the region along with high adoption rate. In addition, growing industrial automation with high demand of cost saving methods is likely to drive the market growth in near future.
The major market players profiled in the note sorter market includes Giesecke & Devrient, De La Rue, Julong, Toshiba, Glory Global Solutions, GRGBanking, Laurel, Cummins-Allison, Bcash Electronics, and Kisan among others.