The cash sorting machines market in the MEA is driven by several advances in cash sorting machines, such as weight-based cash sorting, which allows for better use. Modern machines place a premium on efficiency, which saves time and improves a company's operating efficiency. Cash sorting machines with the appropriate security measures to prevent cash counterfeiting are being developed by market participants using next-generation technologies. Manufacturers are attempting to consolidate a better position in the market by providing these machines with dependability algorithms and cash detection systems. While security, accuracy, and efficiency remain the most critical aspects of cash sorting machines, manufacturers increasingly include configurable touchscreen displays, machine graphics, and hands-free cash handling. Manufacturers and distributors are applying sophisticated technologies to incorporate unique and top-notch security features in cash sorting machines to gain a competitive edge. The MEA sorting cash machine market is predicted to grow at a moderate rate during the forecast period, owing to various market factors, including lower cash usage and advanced security features.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA sorting cash machine market in the coming years. The market is expected to grow at a good CAGR during the forecast period.
MEA Sorting Cash Machine Market Segmentation
The MEA sorting cash machine market is segmented based on type, application, and country. Based on type, the MEA sorting cash machine market is segmented into banknote sorter and coins sorter. The banknote sorter segment dominated the MEA sorting cash machine market in 2020. Based on application, the MEA sorting cash machine market is segmented into bank, supermarket, and others. The bank segment dominated the MEA sorting cash machine market in 2020. Based on country, the MEA sorting cash machine market is segmented into South Africa, Saudi Arabia, the UAE, and the rest of the MEA. South Africa dominated the market in 2020.
De La Rue PLC, Giesecke Devrient GmbH, GLORY GLOBAL SOLUTIONS (INTERNATIONAL) LIMITED, GRG Banking, Toshiba Infrastructure Systems and Solutions Corporation, Kisan Electronics Co Ltd, and Laurel Bank Machines Co Ltd are among the leading companies in the MEA sorting cash machine market.