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Report Overview
The global cash in transit services market was valued to reach a market size of USD 7515.78 Million in 2024. The industry is expected to grow at a CAGR of 5.20% during the forecast period of 2025-2034. The market is driven by a rising need for secure cash-handling solutions, increasing security concerns, and expanding retail and banking sectors. These sectors are the key drivers of the market, thus aiding the market to attain a valuation of USD 12477.61 Million by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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Cash-in-transit (CIT) service facilitate the outsourcing of non-core banking services by offering secure and efficient cash handling. These services generally include ICT services and cloud services. In 2024, around 70% companies in Europe regularly deposited cash in their payment accounts, aiding the demand for cash in transit services.
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In 2024, cash remained a vital payment tool globally, accounting for 16% of the global transactions and USD 6 trillion in value. As a result, there is a demand for cash in transit service for efficient cash processing.
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Cash remains a popular payment method in Europe due to its easy accessibility. Cash was the most accepted means of payment across euro area companies, with 88% accepting cash payments, closely followed by payment cards (85%) in 2024.
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In 2024, in the USA retail sector, 85% of retail market is organised and 67% of the organised retailers use some form of cash management solutions which in turn supports the demand for cash in transit service.
Cash in Transit Services 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.
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
In 2024, the cash in transit services market reached an approximate value of USD 7515.78 Million.
The market is projected to grow at a CAGR of 5.20% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 12477.61 Million by 2034.
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 Central Banks, Commercial Banks, and Non Banking Financial Institutions, among others.
The leading players in the market are The Brink's Company, Allied Universal, Loomis AB, GardaWorld Corporation, Prosegur Group, Linfox Armaguard Pty Ltd., and Radiant Cash Management Services Limited, among others.
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