The ‘Global Cash in Transit Services Market Analysis, Share, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cash in transit services market, assessing the market on the basis of its segments like end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Cash in Transit Services Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 22.86 billion
- Forecast CAGR (2023-2028): 8%
- Forecast Market Size (2028): USD 36.28 billion
The global cash in transit services market is expected to register growth during the forecast period on account of the high need for safety in cash movement practices. Aspects like the rising cash transactions in certain regions, an upsurge in the need for cash vaults, and an increase in demand for ATMs are the significant aspects driving the market growth of cash in transit services.
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The surging number of ATMs in rural and urban areas by banks to provide customers with better and improved services is further likely to fuel market growth over the forecast period. With an increase in ATMs, the need is bolstered for safe and reliable transportation of cash to keep the ATMs filled.
The rise in demand for automation across the banking industry of various emerging and developed countries is likely to enhance the deployment of ATMs globally.
The growing casino industry is expected to bolster the cash in transit services market across the globe due to the high demand for cash transactions in casinos.
A significant amount of money is lost owing to theft in casinos, and the troubles are escalating which is expected to boost the adoption of cash in transit services across the casinos.
The rising preference for cash as a payment method in certain regions is likely to spur market growth for cash in transit services. Customers are looking for faster, more reliable, convenient, and secure ways of accessing cash.
Cash in Transit Services Industry Definition and Major Segments
Cash in transit or CIT is the physical transfer of coins, banknotes, and credit cards, along with things of value from one location to another. Such locations can consist of bank branches, ATMs, cash centres, and large retailers, among other premises holding large amounts of cash.
CIT ATM services generally involve cash reconciliation, cash replenishment, verification and deposit pickup, and the transportation of cash along with valuables in armoured or otherwise protected vehicles.
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Based on end use, the market is segmented into:
- Academic Institutions
- BFSI
- Hospitals
- Government Organisations
- Retail
- Others
On the basis of region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East and Africa
Cash in Transit Services Market Trends
Geographically, the North America region is anticipated to drive the cash in transit services market growth on account of the huge number of financial institutions like brokerages, investment banking, and insurance companies, among others. All these institutions take precautionary measures with the movement of cash, particularly with rising rates of petty crime.
With intensified cash circulation in significant economies like Canada and the United States, the market demand for cash-in-transit services is likely to increase over the coming years.
The high usage and preference for using cash rather than other payments ways, particularly as a means to control spending, are further expected to propel the market growth of cash in transit services.
Meanwhile, the Asia Pacific region is anticipated to gain momentum over the coming years in the cash in transit services market growth on account of the rising preference of consumers for cash for daily purchases.
The evolving banking sector in China, Japan, and India are expected to enhance the demand for cash in transit services in the Asia Pacific region. Several aspects like increasing usage of cash, enhanced installation of ATMs, and improved purchasing power are likely to drive the cash in transit services market growth in the Asia Pacific.
Key Market Players
The major players in the global cash in transit services market report include are :
- Brink’s Incorporated
- G4S Limited
- Gardaworld Corporation
- Loomis Armored US LLC
- Linfox Armaguard Pty, Ltd.
- others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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