The financial and retail institutions outsource the coin and currency operations to third-party service providers to reduce the risk and focus on core competencies. The carriers are offering state-of-the-art facilities dedicated for currency processing, owing to the increased demand for the market and the growing return on investment.
The requirement of secure movement and management services for cash has been increased owing to the rising security concerns among the financial institutions. The secure logistics service providers are rapidly transforming and evolving, owing to factors including the increasing demand for the movement of high-value freight and global security risks.
The global manufacturers, logistics providers, freight carriers, and other stakeholders are united through the forum named transport asset protection association was formed with an aim of reducing losses from international supply chains. In the European Union, the theft of high-risk, high-value products was estimated to cost over 8.2 billion Euro a year.
In terms of technological trends, big data and predictive analytics are expected to play a vital role in the logistics industry. The increasing use of Transportation Management System (TMS), to process a high volume of shipments, is likely to spur the market growth. TMS tends to focus on the cloud and web-based system. Companies, such as Amazon Inc., have introduced the drone service to deliver small packages to customers in a more efficient and safer way.
The banking industry across the globe is transforming owing to the changes in technical innovation and deregulation of financial services. The banking in emerging countries is having regulated deposits and restrictions for domestic and foreign entry. The increasing technological improvements have forced the banking industry to open up the market to foreign competition.
The inflow of foreign direct investment among emerging economies is expected to be large owing to the ease of government regulations. The growing skilled labor force, increasing globalization, and rapid rise in the number of young consumers have acted as the driving factors for these regions. The economic size and population density have a positive impact on the financial sector. The densely populated countries have a higher ATM penetration and higher geographic branch.
The financial challenges that the transport companies are experiencing include growing employee overhead and various natural disasters. Additionally, to overcome the low profit margins the transport companies are having repeated business from a satisfied customer. The lack of appropriate security personnel, coupled with the lack of appropriate training, would delay the detection of stolen freight and incur more loss to the firms. Transport security encompasses maritime, aviation, air cargo supply chain, and mass passenger transport system.
Various reasons such as laziness and time restraint at the employee’s end cause losses to the companies. The industry players are providing training for contractors and employees about freight handling and risk analysis to reduce the shrinkage.
The growing penetration of mobile payment is anticipated to restrain the market growth over the forecast period. Factors such as improved data and connectivity payment infrastructure present a significant opportunity for mobile commerce. With the growing number of consumers, online M-Commerce is gaining popularity. The emergence of mobile wallets, such as Apple pay, Android pay, and Samsung pay, are expected to drive the market demand. Emerging markets, such as Japan, India, China, Taiwan, and Malaysia, are localizing their content for mobile platforms for maximizing their potential sales. The NFC technology is widely used at pay terminals using mobile devices. Retailers such as Macy’s (U.S.), Walgreens Company (U.S.), and Target Corporation (U.S.)have started using the technology with Google Wallet.
In-depth report on global secure logistics market by Grand View Research:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.