In a newly published report by Technavio, a global market research firm, the global cash logistics market is expected to grow by $16.79 billion by 2024.
The report snapshot states, “The market’s growth momentum will accelerate during the forecast period because of the market drivers.” The report is a detailed analysis of the “market by service (cash-in-transit, cash management, and ATM service) and geography (APAC, Europe, MEA, North America, and South America).”
The report also states, “The cash logistics market is fragmented. The vendors are adopting organic and inorganic methods to expand their market foothold. This cash logistics market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.”
“Market drivers such as the growing global banknote market will create immense growth opportunities for market vendors. However, challenges such as the rising use of plastic money and online transactions will impede the growth of the market participants.”
Additionally, the report analysis finds that the fastest growing regions for cash logistics are Europe, the Middle East, and Africa.
APAC and Cash Logistics
That being said, in 2019 the Asia Pacific (APAC) region was the largest cash logistics market. With the expansion of banks in remote locations and the rise of cash flow and demand will continue to strongly influence market growth in this region. While a slower market growth than other areas, over 35% of the market’s growth will originate from APAC from 2020 – 2024.
Cash is still in High Demand
While there has been an increase in digital payments on a global scale, cash payments still enjoy the major share of the market, which increases demand for cash supply.