Smart Safe Cash Management System Market Analysis By Component(Hardware, Software, Services), By Deployment(On-premise, Cloud), By Cassstte Capacity(Up to 1500 Notes, 1500 to 3000 Notes, More than 3500 Notes), By End-user(BFSI, Healthcare, Hospitality, Retail, Government, Media & Entertainment) & Forecast 2024-2035
- PUBLISHED ON
- 07/02/2023
- NO OF PAGES
- 283
- CATEGORY
- Banking & Finance
Enterprises are focusing on implementing smart safes at their premises in order to significantly reduce the chance of cash discrepancies while simultaneously reducing time and costs. Smart safes can also offer business intelligence, by providing a details of who deposited the money in the safe and the total cash balance of the company. Corporate customers are turning to technologies such as smart safes and cash management systems to streamline, simplify and automate streamline, simplify and automate cash deposit management and change ordering processes. Rise in adoption of smart safe across enterprises, specifically among convenience retailers and fast food chains are one of the major driving factor contributing to the growth of the smart safe cash management system market across the region. Smart safes also offer cash currency counting, bill validating, cash management, and cash recycling capabilities. Retailers who avoid losses and increase profit margins are implementing smart safes to simplify and optimize the details of cash transactions. This will also be attracting customers from different verticals and is anticipated to add value to the growth of this market across the region.
Furthermore, shortage of IT professional experts for installation, maintenance, upgrades and fixing safe cash management system is another major factor which is anticipated to hamper the growth of the safe cash management system market. Slow adoption in small and medium enterprises due to the high cost of installation of the safe cash management system is also limiting the growth of the safe cash management system across the region.
COVID-19 Insights
End-users are facing many challenges during COVID-19 pandemic such as extra costs for PPE, supply chain delays, site management challenges, contractual disputes, unexpected quarantines for key staff and trades and many more. Additionally, delays in the installation of cash recyclers and smart safes due to travel restriction and closure of borders also had a marginal negative impact on the market during the first quarter of 2020.
Regional Insights
In terms of region, North America dominated the global market share in 2021. Rising demand for money management systems to maximize the automation of financial transactions for large enterprises is propelling market growth. There is a need for enterprise-level connectivity and liquidity management; therefore, large, small, and medium enterprises in the region are deploying tailor-made money management solutions to attain significant returns on investment. Hence, fuelling the demand for the Smart Safe Cash Management System market across different verticals in the region.
Smart Safe Cash Management System market in Asia Pacific is projected to register fastest revenue CAGR between 2022 and 2031 owing to rising adoption of Smart Safe Cash Management System and government funding for Smart Safe Cash Management System deployment. Among Asia Pacific countries, Australia is estimated to be among the fastest growing country in this cluster of regional markets followed by the South East Asia, South Korea and India. Government support together with huge investment in banking and financial services industry is anticipated to boost the adoption of Smart Safe Cash Management System market across the region.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: AMSEC, Armor Safe Technologies, FireKing Security Group, Gunnebo Group, Tidel Engineering, Triton Systems, GardaWorld, Tellermate, Fiserv, intimus, Glory Limited, Keba AG, Oki Electric Industry Co., Ltd., Socal Safe Company and Scolari Engineering and Others. Major players operating in the ecosystem experiences intense competition owing to the presence of large number of players on the global scale. Further, players are adopting various strategies such as merger and acquisition, geographic expansion, product launch, research & development for expanding their product portfolio, and others.
For instance, In February 2020, AMSEC and ARCA, are entered into partnership agreement to add competitive, automated cash recycling to AMSEC’s CashWizard Smart Safe Technology.
In January 2020, Gunnebo entered into a partnership with Loomis U.S, to drive retail growth with new cash management solution. The integration of Gunnebo's smart cash deposit technology to Loomis’ core systems will enable retailers to expand and deliver superior customer service, while driving security, process improvements and cost efficiencies across retail operations.
Segments
By Component
• Hardware
• Software
• Services
By Deployment
• On-premise
• Cloud
By Cassstte Capacity
• Up to 1500 Notes
• 1500 to 3000 Notes
• More than 3500 Notes
By End-user
• BFSI
• Healthcare
• Hospitality
• Retail
• Government
• Media & Entertainment
• Others
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
Historic Year: 2016-2022
Forecast: 2024-2035
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