PUBLISHER: The Business Research Company | PRODUCT CODE: 1455323
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455323
Retail cash management involves the systematic handling, tracking, and secure storage of cash transactions within a retail business, aiming to optimize efficiency, enhance security, and ensure accurate financial record-keeping. This practice is crucial for maintaining smooth cash transactions, minimizing errors in cash handling, ensuring financial accuracy, enhancing security measures, and streamlining the overall cash management process.
The main components of retail cash management include solutions and services. A solution involves the integration of people, processes, information, and technology into a specific system designed to support business or technological capabilities addressing one or more concerns within the retail cash management process. These solutions can be deployed through various modes, including on-premise and cloud, and cater to different enterprise sizes such as large enterprises and small to medium-sized enterprises. Applications of retail cash management include balance and transaction reporting, cash flow forecasting, corporate liquidity management, payables and receivables, and others.
The retail cash management market research report is one of a series of new reports from The Business Research Company that provides retail cash management market statistics, including the retail cash management industry global market size, regional shares, competitors with retail cash management market share, detailed retail cash management market segments, market trends and opportunities, and any further data you may need to thrive in the retail cash management industry. This retail cash management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The retail cash management market size has grown rapidly in recent years. It will grow from $4.32 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth observed in the historic period can be attributed to factors such as improving cash handling efficiency, efforts to reduce cash handling costs, heightened security concerns, adherence to regulatory compliance, and the integration of cash management systems with point-of-sale (POS) systems.
The retail cash management market size is expected to see rapid growth in the next few years. It will grow to $9.13 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The anticipated growth in the forecast period can be attributed to factors such as a focus on enhancing customer experience, the integration of contactless payments, leveraging blockchain for security, the implementation of advanced robotics in cash handling, and a growing emphasis on environmental sustainability. Major trends expected in the forecast period include the adoption of cash recycler technology, the utilization of cloud-based solutions, leveraging data analytics for decision-making, the implementation of cloud-based cash management systems, the use of mobile point-of-sale (mPOS) systems, and increased integration with e-commerce platforms.
The increasing adoption of digital payment solutions is expected to propel the growth of the retail cash management market going forward. Digital payment solutions are online tools and services that facilitate electronic transactions and financial exchanges over the Internet. They streamline payments and reduce reliance on physical currency. The adoption of digital payments is transforming retail cash management by improving efficiency, enhancing security, optimizing data utilization, and promoting a more sustainable and customer-centric approach to cash handling. For example, in September 2022, the Central Bank of Ireland reported a 20.6% increase in card payments volume in 2021. Additionally, e-money payments in 2021 surged by 289%, reaching approximately $29.77 billion (€28 billion) in transaction value, with a 70% increase in transaction volume compared to 2020. Therefore, the increasing adoption of digital payment solutions is driving the growth of the retail cash management market.
The rapid growth of the retail industry is expected to further propel the retail cash management market. The retail industry, which involves businesses selling goods and services directly to consumers, relies on effective cash management for smooth daily operations and enhanced customer satisfaction. According to the National Retail Federation in March 2023, retail sales for 2023 are projected to range between $5.13 trillion and $5.23 trillion, reflecting increases of 4% to 6% over 2022. This rapid growth in the retail sector is a key driver for the retail cash management market.
The limited availability of skilled professionals is expected to hinder the growth of the retail cash management market. A scarcity of skilled personnel in the retail cash management industry poses challenges to efficient cash handling, secure transportation, and effective management, impacting the market's overall ability to meet the needs of businesses in this sector. For example, in April 2023, according to Advantis Global, a US-based information technology specializing company, there could be a global human talent shortage of more than 85 million people by 2030, leading to approximately $8.5 trillion in unrealized annual revenues. Therefore, the restricted pool of skilled professionals is restraining the growth of the retail cash management market.
Major companies operating in the retail cash management market are actively developing automation technology solutions to enhance efficiency. Automation technology solutions encompass a range of technological systems, tools, and processes designed to automate and streamline various tasks, operations, or processes within businesses and industries. For example, in September 2022, Glory Ltd., a Japan-based cash management company, introduced the next generation of its market-leading CASHINFINITY range of retail cash automation solutions. These new solutions are designed to optimize cash processes, reduce costs, and improve operational efficiency for retailers of all sizes.
In October 2023, Loomis AB, a Sweden-based security company, acquired CIMA S.p.A. from Milano Investment Partners SGR S.p.A. for $145 million. This acquisition is aimed at expanding Loomis's sales network and fortifying its technological capabilities to position the business for future innovation and growth. CIMA S.p.A. is an Italy-based provider of retail cash management solutions.
Major companies operating in the retail cash management market report are Oracle Corporation, NTT Data Corporation, HCL Technologies Limited, Toshiba Tec Corporation, Diebold Nixdorf Inc., Tietoevry Corporation, Giesecke+Devrient GmbH, Sage Group PLC, Finastra Group Holding Limited, Loomis AB, Crane Payment Innovations Inc., JCM American Corporation, Nucleus Software Exports Limited, Intimus International GmbH, Tellermate Inc., Glory Ltd., Kisan Electronics Co. Ltd., Cashmaster International, Puloon Technology Inc., Bankers Equipment Service Inc., ALVARA Digital Solutions GmbH, GRG Banking Equipment Co. Limited., Fujitsu Frontech North America Inc., Royal Sovereign International LLC, SUZOHAPP Germany GmbH
North America was the largest region in the retail cash management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail cash management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the retail cash management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail cash management market includes revenues earned by entities by providing services such as cash-in-transit (CIT) services, cash management software, and cash forecasting solutions used during the process. The market value includes the value of related goods sold by the service provider or included within the service offering. The retail cash management market also includes sales of coin counters and sorters, bill counters, cash handling safes, currency discriminators, and cash handling accessories used in providing services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Retail Cash Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on retail cash management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for retail cash management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retail cash management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.