As per The Business Research Company’s Cash Logistics Global Market report 2023, the global cash logistics market size will grow from $18.6 billion in 2022 to $20.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 10%. The cash logistics market size is then expected to grow to $26.8 billion in 2027 at a CAGR of more than 6%. Going forward, a rise in the cash-on-delivery (COD) method of payment, an increasing population, and an increase in funding will drive the market.
The global cash logistics market is concentrated, with a few large players operating in the market. The Brink’s Companywas the largest competitor with an 11.04% cash logistics market share, followed by Loomis AB, Prosegur Compania de Seguridad SA, Allied Universal, GardaWorld, CMS Info Systems, Security and Intelligence Services Ltd., General Secure Logistics Services (GSLS), AXIOM Armored, and Global Security Logistic Co.
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Cash logistics companies are focusing on offering advanced solutions using the latest technologies to gain a competitive edge and strengthen their position in the market, as per the cash logistics market analysis. For example, in February 2022, GardaWorld, a Canada-based security and cash management firm, announced the launch of Sesami Cash Management Technologies, an innovative cash ecosystem performance and technology company. Sesami integrates the full spectrum of cash management products and services. These include advisory, business intelligence and analytics, a comprehensive and customizable software suite for tracking, forecasting and data aggregation, managed product maintenance, cash-in-transit and processing services delivered by best-in-class third-party cash operators wherever the company’s clients operate, and a range of leading intelligent cash automation and security device options.
In addition, key players in the cash logistics market are focusing on adopting artificial intelligence (AI) to enable effective and efficient cash management and cash forecasting. AI technologies are revolutionizing the process of cash management and cash forecasting. For example, in September 2022, Kyriba, a California-based provider of cloud-based finance and IT solutions, announced the launch of Cash Management AI, a new solution based on artificial intelligence, which uses data science technologies to predict cash availability with increased speed, control, and reliability. It will therefore mobilize greater confidence and precision for the financing of investments, an important priority for treasurers given the current environment of rising interest rates and market volatility.
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The global cash logistics market is segmented –
1) By Service: Cash Management, Cash-In-Transit, ATM Services
2) By Mode of Transit: Roadways, Railways, Airways, Other Modes
3) By End User: Financial Institutions, Retailers, Government Agencies, Hospitality, Other End Users
According to The Business Research Company’s cash logistics market research, the top growth potential in the cash logistics market by service will arise in the cash-in-transit market, which will gain $3.5 billion of global annual sales by 2027. The cash logistics market size will gain the most in China at $2.1 billion.
To capitalize on this growth potential, The Business Research Company recommends players focus on strengthening their business operations through strategic acquisitions and launch of new solutions.
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