What is Cash Logistics?
Cash logistics service refers to the handling of cash from one location to another. It mainly manages, transports, and protects the funds by eliminating risks & public exposure. Cash logistics mainly contains cash-in-transit, cash management, and ATM replenishment services. The locations include cash centers & bank branches, ATM points, large retailers, and other premises. The firms specializing in the transportation & processing of cash from one location to another are included in cash-in-transit services.
Global Cash Logistics Market Overview
The Global Cash Logistics market showcased growth at a CAGR of 5.44% during 2018-2022. The market was valued at USD 21053.89 Million in 2022 which is expected to reach USD 30612.77 Million in 2028. The increasing demand for smart ATMs and increasing urbanization across the globe are contributing to the overall growth of the Cash logistics market.
The Global Cash Logistics Market is expected to grow in the forecast period and register a market value of USD 30612.77 Million in 2028 at a CAGR of 6.52% during the forecast period. The growing prevalence of cash in transit vehicles, rising demand for Cash logistics services, and increasing urbanization are major driving factors that are accelerating the overall market growth of the Global Cash Logistics Market.
Retailers, Financial institutions, and other systems are getting more aware of the services that are used for the management of cash; such as smart ATMs, Vaults, and Cash in transit vehicles Locks, and Panels are more in demand. COVID-19 has created a huge increase in the adoption of Cash Logistics services. Most, people were lacking cash as retailers were accepting only cash payments.
Growing Demand for Digital Vaults
A digital vault is an online security vault that is used to keep digital assets safe and secure critical information. Assets such as digital files including photos, videos, online login information, and banking information can be deposited in a digital vault. The digital vault plays a major role in real estate planning such as maintaining will and trust and giving easy access to other people when necessary.
As a result, the adoption of digital vaults for the management of cash and other crucial information is projected to continue to serve as a primary driving force behind the expansion of the worldwide Cash Logistics market in the years to come.
Customers Shift towards Digital Wallets
Digital wallets are intended to be profoundly secure, shielding clients' monetary data from burglary or digital misrepresentation. These applications, for example, Paytm, Google Pay, and so on use encryption and tokenization advances to safeguard clients' information. Tokenization replaces delicate card data, for example, card number, CVV, and Expiry date with one-of-a-kind computerized token, making it futile to programmers whenever captured. Digital Wallets are quicker and more productive than customary strategies, lessening checkout times and expanding deals for traders. Furthermore, payments with digital wallets are safer than credit/debit cards or cash, diminishing the gamble of extortion or Repayment.
Therefore, an increase in the adoption of digital wallets might hinder the growth of the Cash Logistics market in the forecasting period.
The ATM service segment accounts for USD 11411.87 Million in 2022.
ATM deals and engages with several services including cash management, surveillance, maintenance & caretaker services, ATM replenishment & network monitoring, ATM procurement & deployment, and others.
Furthermore, ATMs are used and managed by banks, financial institutions, and other entities with an opportunity to maximize their operational efficiency, improve performance, and profitability, focus on more productive tasks, and enhance better cardholder satisfaction in terms of ATM services in the market.
According to Azoth Analytics Estimates, the Americas accounts for the largest revenue share in 2022. The increasing demand for automated devices such as smart ATMs that are used by banks, financial institutions, and other entities are among the key drivers of the market along with the increasing demand for digital vaults, which are expected to drive the global Cash Logistics market over the forecast period.
Also, improvements in the cash management systems in developing countries, such as China and India, owing to increasing disposable income and rising tourism is also the major factors supplementing the growth of the Americas Cash Logistics market.
Global Cash Logistics Market is fragmented with the top 5 companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
XPO Logistics, CH Robinson Worldwide Inc., G4S, DHL, SIS Prosegur, and Loomis AB are the leading companies in the Global Cash Logistics Market.
Leading companies in the Global Cash Logistics Market include:
CH Robinson Worldwide Inc.
UPS Supply Chain Solutions
Recent Developments in the Global Cash Logistics Market
â€¢ January 23, 2023: Garda World Security Corporation has announced the commencement of a private offering of USD 350 million aggregate principal amount of senior secured notes due 2028. The Company intends to use the proceeds from the Notes offering to repay outstanding amounts on the senior secured revolving credit facility.
â€¢ December 13, 2022: Prosegur Security which provides physical and electronic security solutions, has inaugurated its new iSOC (Intelligent Security Operations Centre) in Madrid. This centre integrates a range of technologies including Artificial Intelligence, the Internet of Things (IoT), and Big Data.
Segmentations in the Report
By Mode of Transport
By End users
Frequently Asked Questions
What is the expected market value of the Global Cash Logistics Market in 2028?
Global Cash Logistics Market is expected to be valued at USD 30612.77 Million in 2028.
At what growth rate is Global Cash Logistics Market expected to grow in the forecast period?
During 2023-2028, Global Cash Logistics Market is expected to grow at a CAGR of 6.52%.
Which Region dominates the Global Cash Logistics Market?
Americas contributes the largest revenue share in the Global Cash Logistics Market and is expected to continue in the forecast period as well.
Which are the leading companies in the Global Cash Logistics Market?
The leading companies in Global Cash Logistics Market are XPO Logistics, Garda World, CH Robinson Worldwide Inc., G4S, DHL, FedEx, SIS Prosegur, Loomis AB, Securitas AB, and UPS Supply Chain Solutions.
At what rate will Chinaâ€™s Global Cash Logistics Market Grow?
During 2023-2028, Chinaâ€™s Global Cash Logistics Market is expected to grow at a CAGR of 8.60%
No matter the hour, weâ€™re here to help.Contact us now!