Technavio market research analysts forecast the global POS banknote recycler market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171111005039/en/
Technavio has published a new report on the global POS banknote recycler market from 2017-2021. (Photo: Business Wire)
The report further segments the global POS banknote recycler market by distribution channel (offline and online) and by geography (APAC, the Americas, and EMEA).
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free
Technavio analysts highlight the following three market drivers that are contributing to the growth of the global POS banknote recycler market:
- Innovation in product technology
- Increased concern regarding risks associated with cash management
- Inclination toward automation
Looking for more information on this market? Request a free sample report
Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, trends, drivers, challenges, and more.
Innovation in product technology
The key factors driving the global POS banknote recycler market are innovations in product technology and product design. Banknote recyclers effect the efficiency of staff and business operations in retail stores. The vendors are leveraging a banknote recycling system, which allows machines to manage tasks that had to be previously relegated to cashiers. This integration shortens shifts, saves time, and redeploys cash room attendants. Automation helps cashiers to check tills back at the end of the shift, conducting till sweeps, counting and recounting money, investigating discrepancies, and reconciling till balances by using banknote recyclers. Thus, POS banknote recyclers help in reducing labor costs.
According to Shikha Kaushik, a lead analyst at Technavio for retail systemsresearch, "The vendors are integrating their products with existing POS system which reduces cash exposure and eliminates discrepancies related to cash management. It also improves productivity, customer service, and fund efficiency. Such innovations are expected to increase the demand for POS banknote recyclers across the globe."
Increased concern regarding risks associated with cash management
The increased concern regarding the risks associated with manual cash management drives the demand for POS banknote recyclers. While handling cash manually, the chances of cash theft are relatively high. Banknote recyclers more or less eliminate the risks associated with manual cash handling. Banknote recyclers are developed with lockable loader cassettes, note recycling facilities specifically for multiple denominations, secure cashbox, and fully linked accounting capability features.
"Repetitive tasks such as end-of-shift reconciliation, till preparation, and bank drops are reduced by incorporating banknote recyclers to points of sales. The cash in POS banknote recyclers is visible and secure. Each transaction is followed by a complete audit trail. Remote monitoring gives an instant analysis of the amount of cash generated and is driving the market growth," says Shikha.
Inclination toward automation
The shortage of labor has led retailers to adopt automated products such as banknote recyclers that ensure speedy cash management processes. For instance, Glory Global Solutions offers the Compact Cash Recycling System CI-10 that can be integrated with the existing POS system. This enables automated cash handling, increases staff productivity, improves security, ensures quality customer service, and improves fund efficiency. It also offers the CASHINFINITY CI-300 that reduces the cash handling time and eliminates a significant proportion of manual, back-office activities. The system aids in automated cash counting, sorting, and managing of cash.
Browse Related Reports:
- Retail Self-checkout Terminals Market in the US 2017-2021
- Electronic Shelf Labels Market in the US 2017-2021
- Global Intelligent Vending Machine Market 2017-2021
About Technavio
Technaviois a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171111005039/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com
