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Retail Cash Management Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Retail Cash Management Market
According to The Business Research Company's, the retail cash management market size has grown rapidly in recent years. It will grow from $4.32 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to cash handling efficiency, reducing cash handling costs, security concerns, regulatory compliance, integration with point-of-sale (pos) systems.
The retail cash management market size is expected to see rapid growth in the next few years. It will grow to $9.13 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to customer experience, contactless payments integration, blockchain for security, advanced robotics in cash handling, environmental sustainability. Major trends in the forecast period include cash recycler technology, cloud-based solutions, data analytics for decision making, cloud-based cash management systems, mobile point-of-sale (mpos) systems, integration with e-commerce platforms.
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Market Drivers and Trends:
The increasing adoption of digital payment solutions is expected to propel the growth of the retail cash management market going forward. Digital payment solutions are online tools and services that enable electronic transactions and financial exchanges over the Internet, streamlining payments and reducing the reliance on physical currency. Digital payments are revolutionizing retail cash management by improving efficiency, enhanced security, better data utilization, and a more sustainable and customer-centric approach to cash management. For instance, in September 2022, according to the Central Bank of Ireland, an Ireland-based central bank, the volume of card payments increased by 20.6 percent in 2021. Further, in 2021, e-money payments surged by 289%, reaching approximately $29.77 billion (€28 billion) in transaction value, with a 70% increase in transaction volume compared to 2020. Therefore, the increasing adoption of digital payment solutions is driving the growth of the retail cash management market.
Major companies operating in the retail cash management market are focused on developing automation technology solutions to improve efficiency. Automation technology solutions refer to a range of technological systems, tools, and processes designed to automate and streamline various tasks, operations, or processes within businesses and industries. For instance, in September 2022, Glory Ltd., a Japan-based cash management company, launched the launch of the next generation of their market-leading CASHINFINITY range of retail cash automation solutions. The new solutions are designed to optimize cash processes, reduce costs, and improve operational efficiency for retailers of all sizes.
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Major Key Players of the Market:
Oracle Corporation, NTT Data Corporation, HCL Technologies Limited, Toshiba Tec Corporation, Diebold Nixdorf Inc., Tietoevry Corporation, Giesecke+Devrient GmbH, Sage Group PLC, Finastra Group Holding Limited, Loomis AB, Crane Payment Innovations Inc., JCM American Corporation, Nucleus Software Exports Limited, Intimus International GmbH, Tellermate Inc., Glory Ltd., Kisan Electronics Co. Ltd., Cashmaster International, Puloon Technology Inc., Bankers Equipment Service Inc., ALVARA Digital Solutions GmbH, GRG Banking Equipment Co. Limited., Fujitsu Frontech North America Inc., Royal Sovereign International LLC, SUZOHAPP Germany GmbH
Retail Cash Management Market 2024 Key Insights:
• The retail cash management market is expected to grow to $9.13 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%.
• Digital Payment Surge Fuels Growth In Retail Cash Management Market
• Leading Companies In The Retail Cash Management Market Embrace Automation Technology Solutions
• North America was the largest region in the retail cash management market in 2023
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