Cash Logistics Market: Introduction
- Cash logistics service refers to the movement and handling of cash from one location to another in physical form. Cash logistics services include cash-in-transit, cash management, and ATM replenishment. Cash-in-transit services include physical movement of cash from one location to another. Cash management consists of services such as wrapping, sorting, and checking quality of bills. Implementing cash logistics services results in efficient project management, reduced operational costs, and infrastructure resource management.
Key Drivers of Cash Logistics Market
- Rise in circulation of currency in the economy has fueled the demand for cash logistics solutions. For instance, According to RBI (Reserve Bank of India), in financial year 2020, India witnessed currency circulation of more than 3 lakh crore rupees. Increase in cash transactions, rise in demand for presence of ATMs, and a surge in the demand for safe & vault for managing cash are key factors boosting the global cash logistics market. Moreover, an increase in the demand for cash from emerging economies boosts the global cash logistics market.
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- Rising security concerns among banks and corporate houses requiring secure movement and management services for cash are likely to drive the global market for cash logistics services during the forecast period. Additionally, an increase in the number of ATMs by banks in the rural as well as urban areas to offer better services and stand out in the competition has increased the demand for cash logistics services. The global cash logistics market is expected to witness a steady rise in the demand for the cash logistics and cash management services during the forecast period.
Global Cash Logistics Market: Restraint
- Globally, smart city projects are compelling businesses to adopt digital business practices. Therefore, majority of businesses conduct transactions using digital money. This, in turn is expected to restrain the global cash logistics market.
- High risk of destruction of paper currency due to physical damage is expected to increase the adoption of digital currencies, thereby hampering the market
Global Cash Logistics Market: COVID-19 Impact
- During the Corona virus pandemic, the population was advised to avoid physical contact with each other as much as possible to avoid the spread of COVID-19 virus. Therefore, small and local business owners as well as large firms, supermarkets were expected to adopt digital currency for money transactions. This, in turn, hindered the cash logistics market in 2020.
Asia Pacific to Account for Prominent Share of Global Cash Logistics Market
- In terms of region, the global cash logistics market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific is anticipated to hold a major share of the global cash logistics market owing to the presence of emerging economies and developing nations. Rise in demand for cash in emerging economies for currency circulation coupled with a rise in number of fully automated cash-in-transit machines in developing countries such as Malaysia, Thailand, China, and India are expected to offer significant opportunities for the players engaged in the cash logistics market.
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Key Players Operating in Cash Logistics Market
The global cash logistics market is concentrated owing to the presence of prominent transportation service providers. A few key players operating in the global cash logistics market are:
- Cash Logistics Security AG
- CMS Info Systems Ltd.
- G4S plc.
- Garda World Security Corporation
- Global Security Logistics Co
- GSLS
- Lemuir Group
- Loomis
- Prosegur Cash, S.A.
- The Brink’s Company
- Other Key players
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