Global Cash Logistics Market By Manufacturers, Regions, Type And Application, Forecast To 2025
The process of shifting cash from one location to another is known as cash logistics. The activity encompasses several things and carries a certain risk with it. From cash transit to replenishment of automatic vending machines (ATM), there are several parts of the entire process. Other major tasks include wrapping, sorting, and ensuring the quality of the bill. The process is quite essential for the third parties generally provide banks and the services.
Major companies across the globe characterize the global cash logistics industry. Some of the notable names in the industry include names like Brink’s, Prosegur, Lemuir Group, Securitas, Global Security Logistics, Loomis and several others. These companies have been in the industry for long and know the market inside out.
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The cash logistics industry is marked by major developments all across the globe. The industry can be segmented under several factors, while the type of service and the application play a crucial role.
Based on the type of service, the industry covers activities like cash-in-transit, ATM services, cash management, and several others. While on the other hand, based upon the application, the market is segmented into personal, governmental, and enterprise. Each of the segment has its own set of advantages and disadvantages and depends upon the requirements of the client’s requirements.
Factors affecting the growth prospects
There is a slew of factors that affect the growth prospects of the cash logistics industry. The rising circulation of cash increase in the number of high net individuals, and an increase in the number of ATMs has helped the industry grow by leap and bound.
However, the increasing push from the government on the rising use of digital wallets and low per capita in the developing nations has locked down the liquidity of the nations.
However, lack of awareness and skeptic approach to about digital wallets, show some promising signs of growth in major nations like India. Several companies have already come up with a unique solution that affects the growth prospects of the industry. These companies have been backed by some major venture capitalists and have gained great traction in recent years.
However, lack of stringent laws, coupled with low-security features and the cash is the primary method of transaction in the country, still show some positive signs in the growth of cash logistics in the region.
The Asia Pacific region has emerged out to be the key geography in the cash logistics segment. The prevalence of cash instead of digital wallets has been the major driving force for the region.
Other major geographies include Latin America, the Middle East, and Africa. The banking system is robust in the region has led to the growth of cash logistics in the following regions.
The global cash logistics market hit a major high in the year 2018 and is expanding at an astounding growth rate of xx percent in the forecasted period. By the year 2025, the industry is expected to hit a major milestone.
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Source: EIN Presswire