In terms of revenue, North America cash logistics market was valued at US$ 3,829 Mn in 2018 and is anticipated to reach US$ 5,963.3 Mn by 2027, growing at a CAGR of 5.1% over the forecast period. Rise in financial transactions and increasing the demand for cash management solutions and services thus driving the growth of cash logistics market across North America countries over the forecast period. Changing consumer expectations with technological advancement and digitalization have resulted in greater adoption of a futuristic cash machines including Smart ATMs, Interactive Teller Machines among others. The experience offered by these machines with hassle free and secure transactions have increased ATM withdrawals across countries of North America region. Cash management service providers have introduced end-to-end offerings for assisting banks and financial institutions’ ATM network with solution and services ranging from deployment to managed services. For instance, U.S. based cash logistics service provider Brink's Inc. provides a wide range of ATM services including real?time monitoring, ATM cash forecasting, service activity and uptime along with other services. In a similar instance, ManageCash provides innovative solutions for ATMs and Cash in Transit. The company facilitates automatic data collection and control capabilities to facilitate remote monitoring of ATM problems and provides immediate response. This remote management platform of ATMs also enables software updating of ATMs without manual support through an end-to-end encrypted TCP/IP connection. These solutions are increasing productivity of ATMs, reducing errors and increasing revenue per unit time generated by banks and other financial institutions. Thus, the wide array of advanced offerings are poised to benefit financial institutions and streamline ATM withdrawals and hence boost the growth of North America cash logistics market over the forecast period.
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Along with advancements in ATM services, cash in transit is also witnessing a huge transformation with introduction of cutting-edge technologies. Along with Brink's 24SEVEN platform with online accessibility through mobile devices for tracking cash in real time other market players are also introducing similar cash logistics solutions. For instance, ManageCash’s remote management platform also enables online tracking of cash logistics and eliminates traditional cash handling procedures. Also, software solution developers are developing products for cash logistics providers to efficiently track cash in transit. For instance companies including NamSys Inc., Safelogy and others have developed software solutions and platforms to enable cash logistics provider to efficiently track and manage their fleet transporting cash cargo. Thus, the advanced solutions to streamline the cash in transit services are poised to reduce time and increase efficiency of these services and hence fuel the growth of North America cash logistics market over the forecast period. The study analyses the market in terms of revenue across all the major countries in North America region.
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The detailed research study provides qualitative and quantitative analysis of cash logistics market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across all the major countries. The supply side analysis covers the major market players and their regional presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America including U.S, Canada, Mexico, and Rest of North America.
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Key Findings of the Report:
- The North America cash logistics market was valued at US$ 3,829 Mn in 2018 and is anticipated to witness a compound annual growth rate of 5.1% over the forecast period owing to high rate of cash transactions.
- ATM services segment is anticipated to grow at faster rate in North America cash logistics market over the forecast period owing to the rise in number of ATMs and ATM withdrawals.
- U.S dominated the North America cash logistics market in 2018 due to high presence of banking sector within the country
- Some of the players operating in the cash logistics market are Brink's Inc., GardaWorld, Glory Global Solutions (International) Limited, Jardine Lloyd Thompson Group Plc, Loomis Armoured US, LLC, NamSys Inc., Prosegur and Wilmington Savings Fund Society, FSB amongst others.
North America Cash Logistics Market:
- By Services
- ATM services
- Cash in transit
- Vault services
- By Vertical
- Banking, Financial Services and Insurance
- By Countries
- Rest of North America
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