According to a recent report published by Allied Market Research, titled, “Cash Logistics Market by Service, End User, and Mode of Transit: Global Opportunity Analysis and Industry Forecast, 2021–2030,”the global cash logistics market was valued at $16.83 billion in 2020, and is projected to reach $33.28 billion by 2030, registering a CAGR of 6.9% from 2021 to 2030.
Europe dominates the market in terms of revenue, followed by North America, LAMEA and Asia-Pacific. Germany garnered the highest share in 2020. However, LAMEA is expected to grow at a significant rate during the forecast period due to increase in demand for cash transportation across the region along with lower internet penetration supporting the online cash payment alternatives.
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The cash logistics industry deals with the physical movement & storage of currency notes and other valuables on behalf of the banks. It mainly consists of cash management & security solutions such as cash-in-transit, cash management services, ATM replenishment & services, money processing, vault outsourcing, international transportation of valuables, intelligent safe services, and payment services. The locations include cash centers & bank branches, ATM points, large retailers, and other premises. At present, many cash logistics service providers implement cash management solutions such as smart safes, automation to reduce risk, real-time access to reporting data & account information, and streamlined processes to increase operational efficiency & transparency. Furthermore, advantages such as robust deployment process, strategic partnership, efficient project management, and others are also provided by cash logistics companies.
The cash logistics market has witnessed significant growth over the years, owing to an increase in cash circulations despite digital currency in the developing regions. The companies that operate in the market have adopted collaboration, cooperation, partnership, product launch, R&D, and acquisition to increase their market share and expand their geographical presence. In 2018, Loomis AB & Sonet entered into a global partnership to offer advanced digital solutions to customers and build a bridge between physical & digital payments. Furthermore, Prosegur has acquired Logmais in Brazil, a banking correspondent company, to enhance new services for clients in Brazil that is expected to reinforce the company’s position as a payment solutions provider with the guarantee of a solid, agile, and efficient presence throughout the Brazilian territory. In recent days, the rate of cash-in-transit vehicle robberies has increased exponentially, leading to injured staff and sometimes death. For instance, the Mercedes Benz Sprinter is the perfect example of an automated cash-in-transit vehicle that offers CCTV cameras, armored sliding doors, interlocked system, fingerprint scanner, LED push buttons for door controls, and coded infrared sensors. Thus, the adoption of cash logistics services by various businesses & government agencies reduces the added risk in today’s economic environment using operational controls to provide efficient project management, dependable infrastructure, and others.
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The cash logistics market report is segmented into service type, end-user, mode of transit, and region. Depending on service type, the global market has been segmented into cash management, cash-in-transit, and ATM services. By end-user, the global market has been segmented into financial institutions, retailers, government agencies, hospitality, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Factors such as growth in the circulation of cash, rise in the demand for safe & vault for cash management, and increase in the deployment of ATMs supplement the market’s growth across the globe. However, factors such as increase in cash-in-transit vehicle robberies and rise in the adoption of digital money hamper the market’s growth around the world. Moreover, factors such as production of fully automated cash-in-transit vehicle and rise in cash demand from emerging economies create ample opportunities for the market’s growth during the forecast period.
Key Findings Of The Study
By end user, the Hospitality segmentis expected to register a significant growth during the forecast period.
Depending on mode of transit, the roadways segment is anticipated to exhibit significant growth in the near future.
LAMEA is anticipated to register the highest CAGR.
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Covid-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the market by slowing down the logistics services, hampering business growth, and increasing panic among the customer segments.
Governments across different regions announced total lockdown and temporarily shutdown of industries, leads to the border closures that restricted the movement of transportation & logistics services.
The global business outlook has changed dramatically post COVID-19 health crisis.
Moreover, the overall service activities of market players have declined, owing to drastic fall of demand in the cash usage to avoid the risk of contamination.
As per current scenario, overall world is getting back on track slowly with the new restriction and policies a significant recovery in product sales across the retail sector may assert a positive influence on the cash logistics market to support the economic activities across all industries.
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The key players operating in the global cash logistics market are Cash Logistics Security AG, CMS, GardaWorld, GSL, GSLS, G4S, Lemuir Group, Loomis AB, Prosegur, and The Brink’s Company.
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