A lead analyst at AMR highlighted that the retail cash management market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period
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Allied Market Research published a research report on the retail cash management market. The findings of the report state that the global market for retail cash management generated $3.2 billion in 2021, and is projected to reach $12.1 billion by 2031, growing at a CAGR of 14.5% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. The unavailability of a proper in-store workforce, an increase in disposable income among people, and a surge in the adoption of innovative technologies such as bug data analytics and machine learning are expected to drive the growth of the global market. On the other hand, extortionate maintenance costs of cash management solutions restrict growth to some extent. However, persistent technological advancements are expected to create ample opportunities for the industry.
“The cloud segment is expected to witness the highest growth in the upcoming years, owing to its easier deployment and rapid scalability, which is expected to allow the adoption of cloud-based cash management solutions in both small- and large-scale retail applications,” said Kanhaiya Kathoke, Research Analyst BFSI at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the retail cash management market globally. The outbreak of COVID-19 has had a positive impact on the growth of the global retail cash management market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the reduction or unavailability of a proper workforce. Thus, there was an immediate need among people to adopt automated cash management solutions. Reduced physical contact during the pandemic further propelled the growth of the market.
The report offers detailed segmentation of the global retail cash management market based on component, application, deployment mode, enterprise size, and region.
Based on components, the solution segment held the largest market share in 2021, holding nearly two-thirds of the global market. The service segment, on the other hand, is expected to cite the fastest CAGR of 16.9% during the forecast period.
Based on deployment mode, the on-premise segment held the dominating market share in 2021, holding nearly three-fifths of the global market. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 17.3% during the forecast period.
Based on region, North America held the lion’s share in 2021, holding over one-third of the global market. The Asia-Pacific region, on the other hand, is expected to exhibit the fastest CAGR of 17.8% during the forecast period.
The key players analyzed in the global retail cash management market report include NTT DATA Corporation, Nucleus Software Exports Ltd., Oracle Corporation, ALVARA Digital Solutions GmbH, Aurionpro Solutions Limited, Giesecke+Devrient GmbH, Glory Global Solutions, opra Banking Software SA, The Sage Group plc, and Tietoevry.
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