Market Overview

The global Smart Safe Cash Management System market size was valued at US$ 26,171.4 Million in 2022, and anticipated to grow at a CAGR of 14.4% over the forecast period. Smart safe cash provides clear visibility of cash flow at every step. Furthermore, it enables us to keep cash secure and safe from the risks of retail shrinkage including counterfeit bills, theft, and human errors. Additionally, it allows consumers to focus on core businesses like customer services which lead to an increase in business operations. Hence, this is expected to one of the major factor accelerating the demand for the Smart Safe Cash Management System across the region.

Report Scope

Enterprises are focusing on implementing smart safes at their premises in order to significantly reduce the chance of cash discrepancies while simultaneously reducing time and costs. Smart safes can also offer business intelligence, by providing a details of who deposited the money in the safe and the total cash balance of the company. Corporate customers are turning to technologies such as smart safes and cash management systems to streamline, simplify and automate streamline, simplify and automate cash deposit management and change ordering processes. Rise in adoption of smart safe across enterprises, specifically among convenience retailers and fast food chains are one of the major driving factor contributing to the growth of the smart safe cash management system market across the region. Smart safes also offer cash currency counting, bill validating, cash management, and cash recycling capabilities. Retailers who avoid losses and increase profit margins are implementing smart safes to simplify and optimize the details of cash transactions. This will also be attracting customers from different verticals and is anticipated to add value to the growth of this market across the region.

Furthermore, shortage of IT professional experts for installation, maintenance, upgrades and fixing safe cash management system is another major factor which is anticipated to hamper the growth of the safe cash management system market. Slow adoption in small and medium enterprises due to the high cost of installation of the safe cash management system is also limiting the growth of the safe cash management system across the region.

Key Companies

AMSEC,

Armor Safe Technologies,

FireKing Security Group,

Gunnebo Group,

Tidel Engineering,

Triton Systems,

GardaWorld,

Tellermate,

Fiserv,

intimus,

Glory Limited,

Keba AG,

Oki Electric Industry Co., Ltd.,

Socal Safe Company

Scolari Engineering and

COVID-19 Insights

End-users are facing many challenges during COVID-19 pandemic such as extra costs for PPE, supply chain delays, site management challenges, contractual disputes, unexpected quarantines for key staff and trades and many more. Additionally, delays in the installation of cash recyclers and smart safes due to travel restriction and closure of borders also had a marginal negative impact on the market during the first quarter of 2020.

The COVID-19 pandemic has had a significant impact on the use of smart safe cash management systems. With many businesses experiencing a decline in revenue and a decrease in foot traffic, cash management has become more critical than ever. Smart safes can help businesses manage their cash flow and reduce the risks associated with handling cash during a pandemic.

One of the primary advantages of smart safes is their ability to automate cash handling processes. With a smart safe, businesses can securely store cash and automatically reconcile cash deposits, reducing the need for manual counting and processing of cash. This can help minimize the risk of exposure to COVID-19 for employees who handle cash.

Another advantage of smart safes is their ability to provide real-time visibility into cash balances and transactions. This can help businesses make informed decisions about their cash management and reduce the risk of cash shortages or surpluses.

However, the COVID-19 pandemic has also presented some challenges for the use of smart safes. With many businesses operating with reduced staff, there may be a limited number of employees available to manage the smart safe. Additionally, some businesses may have experienced changes in their cash handling processes due to the pandemic, which may require adjustments to the smart safe system.

Overall, the impact of COVID-19 on the use of smart safe cash management systems has been mixed. While there are some challenges associated with their use, smart safes remain an effective tool for businesses looking to manage their cash flow and reduce the risks associated with handling cash during a pandemic.

Regional Insights

In terms of region, North America dominated the global market share in 2021. Rising demand for money management systems to maximize the automation of financial transactions for large enterprises is propelling market growth. There is a need for enterprise-level connectivity and liquidity management; therefore, large, small, and medium enterprises in the region are deploying tailor-made money management solutions to attain significant returns on investment. Hence, fuelling the demand for the Smart Safe Cash Management System market across different verticals in the region.

Smart Safe Cash Management System market in Asia Pacific is projected to register fastest revenue CAGR between 2022 and 2031 owing to rising adoption of Smart Safe Cash Management System and government funding for Smart Safe Cash Management System deployment. Among Asia Pacific countries, Australia is estimated to be among the fastest growing country in this cluster of regional markets followed by the South East Asia, South Korea and India. Government support together with huge investment in banking and financial services industry is anticipated to boost the adoption of Smart Safe Cash Management System market across the region.

Key Companies Insights

Some of the major companies studied under the market scope are as follows: AMSEC, Armor Safe Technologies, FireKing Security Group, Gunnebo Group, Tidel Engineering, Triton Systems, GardaWorld, Tellermate, Fiserv, intimus, Glory Limited, Keba AG, Oki Electric Industry Co., Ltd., Socal Safe Company and Scolari Engineering and Others. Major players operating in the ecosystem experiences intense competition owing to the presence of large number of players on the global scale. Further, players are adopting various strategies such as merger and acquisition, geographic expansion, product launch, research & development for expanding their product portfolio, and others.

For instance, In February 2020, AMSEC and ARCA, are entered into partnership agreement to add competitive, automated cash recycling to AMSEC’s CashWizard Smart Safe Technology.

In January 2020, Gunnebo entered into a partnership with Loomis U.S, to drive retail growth with new cash management solution. The integration of Gunnebo's smart cash deposit technology to Loomis’ core systems will enable retailers to expand and deliver superior customer service, while driving security, process improvements and cost efficiencies across retail operations.

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Segments

By Component

• Hardware

• Software

• Services

By Deployment

• On-premise

• Cloud

By Cassstte Capacity

• Up to 1500 Notes

• 1500 to 3000 Notes

• More than 3500 Notes

By End-user

• BFSI

• Healthcare

• Hospitality

• Retail

• Government

• Media & Entertainment

• Others

By Geography

• North America

o U.S.

o Canada

o Mexico

• Europe

o U.K.

o Germany

o France

o Italy

o Spain

o Russia

• Asia-Pacific

o Japan

o China

o India

o Australia

o South Korea

o ASEAN

• Latin America

o Brazil

o Argentina

o Colombia

• MEA

o South Africa

o Saudi Arabia

o UAE

o Egypt

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