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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Cash in Transit Services Market Outlook
The global cash in transit services market reached a value of almost USD 24.69 billion in 2023. The cash in transit services industry is further expected to grow at a CAGR of 8% between 2024 and 2032 to reach a value of almost USD 49.36 billion by 2032.
| Global Cash in Transit Services Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 24.69 |
| Market Size 2032 | USD Billion | 49.36 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 8.0% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 9.8% |
| CAGR 2024-2032 - Market by Country | India | 9.8% |
| CAGR 2024-2032 - Market by Country | China | 9.1% |
| CAGR 2024-2032 - Market by End Use | BFSI | 9.1% |
| Market Share by Country 2023 | UK | 5.1% |
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The growth in the global market is driven by the increasing ATM installations, strict banking regulations, and increasing crime rates. The primary buyers of cash in transit services constitute banks, financial institutions, large retailers, and governments. The cash in transit services industry growth in developing market is expected to overshadow the growth in the global market, as they are estimated to triple the growth rate, more than the rate in Europe and North America. The market is led by the Asia Pacific region. The cash in transit services industry has the fastest growth in China and India due to the increasing growth of the ATM market in the forecast period. In the developed markets of the Asia Pacific such as South Korea, Australia, and Japan, the cash in transit services are well established.
| CAGR 2024-2032 - Market by | Region |
| Asia Pacific | 9.8% |
| Latin America | 7.6% |
| North America | XX% |
| Europe | XX% |
| Middle East and Africa | XX% |
The Asia Pacific market is followed by Europe as the second largest market in the industry. The cash in transit services industry in Europe has a high maturity level due to the heavy presence of global players in the region, delivering a broad range of product services, selling CIT services with cash management and ATM maintenance services as a package. In North America, the global service providers offer an extensive service portfolio, whereas the individual domestic players deliver quality services due to local expertise and more accessible sites. The buyers' maturity is high in this region as the cash in transit penetration is huge, along with the engagement of buyers with suppliers on KPIs/SLA-based contracts and emphasis on cost-saving opportunities.
| CAGR 2024-2032 - Market by | Country |
| India | 9.8% |
| China | 9.1% |
| Brazil | 8.7% |
| Mexico | 7.4% |
| USA | 6.5% |
| Canada | XX% |
| UK | XX% |
| Germany | 6.5% |
| Japan | XX% |
| Australia | XX% |
| Saudi Arabia | XX% |
| France | 5.9% |
| Italy | 5.6% |
Properties and Applications
Cash in Transit (CIT), also known as cash/valuables in transit (CVIT), refers to the physical transfer of money, including banknotes, coins, credit cards, and items of value from one place to another. By end-use, the market can be divided into:
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| CAGR 2024-2032 - Market by | End Use |
| BFSI | 9.1% |
| Retail | 8.6% |
| Government Organizations | 8.2% |
| Academic Institution | XX% |
| Hospitals | XX% |
| Others | XX% |
- Academic Institutions
- BFSI
- Hospitals
- Government Organizations
- Retail
- Others
The report covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The global cash in transit services market is driven by the accelerating crime rates, which has resulted in the increased demand for specialist service providers all over the world. These specialists provide cash handling services and securely perform transaction services with precision. Outsourcing cash services to a specialist service provider is mainly done for continuous technology implementation. For example, CIT Tracker, a device hidden covertly during the cash transit process, alerts the security personnel when theft occurs. This device also supports the process of asset recovery and criminal apprehension.
The cash in transit services market is aided by the robust growth of ATM installation in the developing regions. For example, in the Asia Pacific region the growth rate for ATM installation is expected to increase in the forecast period, providing impetus to the market of cash in transit services. Due to several laws and regulations being made in the context of cash in transit services, the outsourcing of these services is being driven to the specialist service providers, enhancing the market for cash in transit services. Bank authorities have hardened the regulations for cash movement from one location to another, thus, further propelling the market growth.
In Latin America, the suppliers' maturity is at a medium level. The global suppliers solely can provide integrated cash services, whereas domestic suppliers deliver just cash transportation. The cash in transit services industry in the Middle East and Africa (MEA), have slightly varying maturity levels. Africa, due to the lack of regulations and infrastructure for the execution of professional cash management services. In the Asia Pacific, the presence of global service providers and regional service providers is uneven, whereas the presence of local service providers is high. The modern retail and large corporate houses are adopting the outsourcing of these services as they realise the cost-saving opportunities and compliance with regulations.
| 2023 Market Share by | Country |
| UK | 5.1% |
| USA | XX% |
| Canada | XX% |
Competitive Landscape
The report gives a detailed analysis of the following key players in the global cash in transit services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Brink's, Incorporated
- G4S Limited
- Gardaworld Corporation
- Loomis Armored US, LLC
- Linfox Armaguard Pty, Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Cash in Transit Services Market Report Snapshots
Cash in Transit Services Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of USD 24.69 billion in 2023.
The market is projected to grow at a CAGR of nearly 8% in the forecast period of 2024-2032.
The market is estimated to reach a value of about USD 49.36 billion by 2032.
The major drivers of the market include rising disposable incomes, increasing population, and the rapid expansion of ATMs in various regions.
The strict regulations for cash movement from one location to another by banks and rising crime rates are expected to be key trends guiding the growth of the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market.
The leading end uses for the market are academic institutions, BFSI, hospitals, government organisations, and retail, among others.
The leading players in the market are Brink’s Incorporated, G4S Limited, Gardaworld Corporation, Loomis Armored US, LLC, and Linfox Armaguard Pty, Ltd., among others.
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