The global cash logistics market is anticipated to grow at a CAGR of 8.1% over the forecast period. The increasing number of ATMs and rising demand for vaults for cash management are the major factors driving the market growth. According to the 2018 report of Diary of Consumer Payment Choice (DCPC), cash has continued to be the most frequently used payment method especially for transactions of amounts less than USD 10.
The rising demand for cash in emerging economies and the increasing number of fully automated cash-in-transit machines in developing countries such as India and China are expected to create new growth opportunities for the market over the forecast period. However, factors such as the rise in adoption of digital money and high risk of destruction of bank notes due to physical damage are expected to hamper the market growth.
The market has been segmented on the basis of service, end use, and region. Based on service, the market has further been segmented into cash-in-transit, cash management, and ATM services. The cash-in-transit segment is anticipated to dominate the market over the forecast period owing to the rising adoption of new technologies by market players to ensure the safety and security of cash-in-transit vehicles.
Market players in India are collaborating with Cash Logistics Association (CLA), which deals in cash pick-up & delivery, intercity bulk cash movement, and ATM cash management, among others. This is expected to contribute to the growth of the segment in the Asia Pacific region.
Based on end use, the market has been segmented into financial institutions, retail, and government agencies, and others. The financial institutions segment dominates the market as these institutions are widely adopting these solutions owing to various advantages such as improved transparency, customization of solutions, and optimal cash.
Based on region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to emerge as the fastest-growing regional market owing to the enhancement of banking facilities in emerging economies such as China and India. Various factors such as increasing cash usage, increased ATM installation, and increased purchasing power are further expected to propel the market growth in the region.
Key players operating in the cash logistics market include G4S PLC., Loomis AB, Cash Logistics Security AG, Brink’s Incorporated, Garda World, CMS Info Systems Ltd., Lemuir Group, Prosegur Cash, S.A., and Global Security Logistics Co.
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