The global coin-counting machines market is expected to witness steady growth, expanding at a CAGR of 4.3% during the forecast period from 2018 to 2026. Coin counting machines have emerged as one of the most promising solutions for counting loose coin collections. Before the introduction of these machines, the process of coin counting was done manually and was cumbersome and time-consuming. Coin counting machines are not only used for coin sorting or counting but are also capable of detecting counterfeit coins. Their implementation has reduced human efforts that were wasted during the process of coin sorting and counting. Coin-counting machines enable an automated coin-handling process that saves time and money for an organization by delivering results with minimal errors. The global coin-counting machine market is expected to gain immense popularity due to the superior benefits offered in terms of convenience in sorting and counting and the high level of accuracy offered over their traditional counterparts.
Coin-counting machines can do wonders by reducing errors and discrepancies related to counting, reducing labor costs, saving time, and increasing overall operational productivity. Apart from banks and financial institutions, coin counting machines are also used by several medium- and large-scale businesses, including casinos, transport companies, charitable institutions, etc. Commercially available coin counters sort and count coins by assessing the shape and weight of the coins. The simple coin counter sorts coins, while the more sophisticated ones are able to count, sort, verify, and generate coin counting reports accordingly.
Increasing production and circulation of fake currency worldwide, coupled with rising consumer awareness regarding the same, is facilitating the growth of the coin counting machine market. Based on geography, North America holds the largest market share in the overall coin counting machine market. This dominance can be largely credited to the sophisticated banking infrastructure and high replacement demand for advanced coin counting machines. Coin counting machines are relatively common and are widely used in the banking sector across North American and European markets. On the other hand, the coin counting machines market in the Asia Pacific is expected to witness the fastest growth due to the surge in the need for advanced coin counting devices and growth associated with the retail industry, especially in countries including India, China, and Japan. On the contrary, the requirement of a continuous power supply is one of the biggest challenges to the adoption of coin counting machines.
The global coin counting machine market is segmented on the following basis:
- Mixed-coin Counters
- Pre-sorted coin counters
- Banks and Financial Institutions
- Commercial Businesses
- North America
- rest of North America
- Rest of Europe
- Rest of Asia Pacific
Rest of the World
- Middle East and Africa
- Latin America
Key players identified in the global coin counting machines market include but are not limited to:
American Changer Corporation, Cassida Corporation, CTcoin A/S., Cummins-Allison Corp., De La Rue Plc, Giesecke+Devrient Currency Technology GmbH, Glory Global Solutions Limited, Laurel Bank Machines Co., Ltd., Magner Corporation of America, Nathans Limited, Royal Sovereign International, Inc., and Suzhou Ribao Technology Co., Ltd., among others.