Note Sorter Market Size & Outlook, 2025-2033

Market Overview

The note sorter market size was valued at USD 6.98 billion in 2024. It is projected to reach from USD 7.51 billion in 2025 to USD 13.49 billion by 2033, growing at a CAGR of 7.6% during the forecast period (2025-2033). 

A note sorter is a device that efficiently sorts and bundles banknotes in order to streamline the cash management process. It is practical and increases security, productivity, and efficiency. It has UV and magnetic sensors, which help banks identify fake currency and operate better. Note sorter machines are frequently employed when there is a lot of cash handling, such as in banks and fintech organizations. The need for note sorters is increased because it enables managers to control the cash counting process effectively and provides advanced accuracy and security for cash. Additionally, note sorters are being used by numerous banks and financial organizations worldwide to reduce the amount of time and resources the business needs to count money.

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Market Dynamics

Global Note Sorter Market Drivers

Growth Potential from Developing Economies

The demand for note sorters to be implemented for efficient and hassle-free processing of notes is anticipated to increase with the growth of commercial banks and the retail sector in developing countries. The need for note sorter machines is considerable in cash-intensive contexts like the retail sector. The market potential among developing economies is also anticipated to be increased by the expansion of automated cash-handling goods and the surge in demand for technologically improved self-service machines. As a result, it is anticipated that these developing nations with growing bank populations will offer a sizable market for the manufacturers of all the equipment that makes up the note machines' complete ecology.

Additionally, the demand for note sorter machines is rising in developing countries like China, India, and Japan due to their numerous advantages for the retail industry, including the provision of automated cash counting services, an increase in cash counting process speed, and an improvement in note computing accuracy.

Global Note Sorter Market Restraint

Penetration of Digital Transaction Solutions

The market growth is anticipated to be constrained by consumers' growing preference for digital and online transactions, such as mobile wallets, virtual currency, contactless payments, and prepaid cards. Additionally, the market's expansion is constrained by the growing prevalence of e-commerce and the cashless economy. The critical factor limiting the market's growth is the determination of various governments in developing economies to encourage the implementation of a cashless society.

Global Note Sorter Market Opportunities

High Growth Potential for Note Sorters in Commercial Banks and Retail Industry

Various sectors that use large amounts of cash, like the retail sector, strongly demand small-size note sorters. The retail sector in developing nations in Asia-Pacific and LAMEA has excellent potential for growth, which is anticipated to propel market expansion throughout the forecast period. The India Brand Equity Foundation projects that the country's retail market will reach USD 1.6 trillion by 2026. Large-size note sorters are also in high demand in commercial institutions due to their versatility and ability to identify fake currency. Additionally, it is anticipated that the rise in note sorter demand in commercial banks and bank demand for note computing equipment would offer profitable opportunities to expand the note sorter market over the forecast period.

Regional Analysis

The global note sorter market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant shareholder in the global note sorter market and is expected to grow at a CAGR of 6.4% during the forecast period. Due to the increased availability of retail outlets, which fueled the market's expansion in this region, North America is one of the world's largest markets for automated cash handling. Development in the R&D sector is anticipated to be fueled by technological advancements in improved sorting technologies over the forecast period. The market for note sorters would continue to be significantly influenced by growth in the retail sector. The significant cash flow drives the demand for note sorting machines to handle end-of-day deposits that retail establishments from the non-banking sector generate through cash payments.

Additionally, increased bank density and ATM penetration in North America offer the industry a variety of alternatives. Numerous local and regional vendors have entered this industry, providing specialized application items for numerous end users, which is advantageous for the market. To supply cutting-edge payment counting equipment to end-users, several cash payment solution providers in the U.S. and Canada are forming partnerships, accelerating the market's expansion.

Europe is expected to grow at a CAGR of 7.10%, generating USD 2,930.77 million during the forecast period. Due to European social unrest and political concerns, various countries' overall economic growth has slowed during the past few years. Additionally, the desire to cut down on customer wait times and human error in counting procedures drives note sorter machine use in banks, fintech companies, and other European financial institutions, helping the market develop. For instance, the ECB certification, a mandated requirement on all payment equipment used in Europe to verify the authenticity and dependability of cash in circulation, accelerated the deployment of note-sorting machines during the past few years. The ECB guidelines were created expressly to swiftly handle and sort Euro banknotes while assisting the European market in identifying and tracking fake currency. Furthermore, due to numerous significant changes like product launches, partnerships, and acquisitions, the note sorter market in this region is very fragmented.

Asia-Pacific is anticipated to hold the largest market share over the projection period due to the region's numerous market players, as well as the fact that the retail and hotel industries are becoming more aware of note sorter machines. Due to the necessity for automated cash handling and the expansion of highly cash-intensive firms, the end-use industries operating in this region have a high potential and help drive high market demand. Businesses are making significant investments to release cutting-edge items on the market. A significant opportunity for the Asia-Pacific note sorter market is the rise of smart cities in the region and the technological integration of smart devices. Additionally, it is anticipated that the retail sector's expansion will accelerate market expansion. Banks and other financial institutions with an Asia-Pacific presence have started using note sorter technology to provide hassle-free money-counting services and avoid enormous numbers of cash from being computed incorrectly. In addition, most individuals in Thailand, Singapore, and India use bank accounts to save money.

The note sorter market is examined in Latin America, the Middle East, and Africa (LAMEA). This market is anticipated to be driven by increased economic growth and significant market penetration potential. In order to optimize the operational growth of the money counting process, which fuels the market's growth, most banks and financial institutions in Mexico have also been moving toward the use of note sorter equipment. Most bank equipment suppliers provide cutting-edge banking machine services to African banks and financial institutions, which fuels the market's expansion. For instance, Cash Systems, one of the top note sorter equipment suppliers in Africa, provided businesses like hotels, banks, money exchange companies, stock exchanges, and retail shops with a wide selection of currency-counting machines. The market in this region is growing faster due to such major industry players.

Segmental Analysis

The global note sorter market is segmented by sorter type, enterprise type, and end-user.

On the Basis of Sorter Type

Based on the sorter type, the global market is bifurcated into small-sized note sorters, medium-sized note sorters, and large-sized note sorters.

The small-sized note sorter segment is the highest contributor to the market and is expected to grow at a CAGR of 6.3% during the forecast period. Many small businesses that deal with tiny volumes of notes in transportation utilize small note sorters. These devices, which can process up to 200 notes at once, are anticipated to increase significantly over the projection period. Banks and other organizations can profit from small-size note sorter machines in various ways, including detecting damaged notes using image processing, identifying coin serial numbers, getting continuous money processing services, and providing multi-currency sorting services. Due to the rapidly changing infrastructure requirements for handling money, their expanded application areas, the rise in the number of facilities with cash-intensive environments, and the increased acceptance of end-of-the-day deposit management solutions that enable a reduction in time for counting money, cash touch points, administrative costs, the adoption of small-size note sorters have gained traction among end-users.

A medium-sized banknote sorter can process medium volumes of notes smoothly, effectively, and continuously. A large capacity hopper on these devices may hold up to 500 bills for continuous feeding. These devices are used in convenience stores, clothes stores, restaurants, delivery services, and other businesses that deal with cash. The medium-sized note sorter machine offers bank and shops currency sorting and counting options. It features comprehensive and expert banknote identification technology that aids banks in spotting fake currency. Additionally, it has been designed with double-contact image scanning and optical character recognition technology, enabling shops to recognize damaged notes.

On the Basis of Enterprise Type

Based on enterprise type, the global market is bifurcated into large enterprises and small and medium enterprises (SMEs).

The large enterprise segment owns the highest market share and is expected to grow at a CAGR of 8.00% during the forecast period. Companies with more than 1,000 employees are considered large enterprises. The high volume of cash transactions in these businesses raises the demand for note sorter machines among big businesses. The critical concern for various banking and fintech facilities is a human mistake in counting and sorting currency, which has increased note sorter machines used in these businesses.

Small and medium-sized businesses employ less than 1,000 people. Small business expansion is a significant factor in developing emerging nations' economies. In the subsequent years, it is anticipated that SMEs will more widely use note sorters to identify, manage, and control various currencies. Numerous SMEs in the banking and financial sectors use note sorter machines to automate time-consuming processes like big grouping bundles of notes to save needless manual counting. Additionally, it avoids mistakes like incorrect note counting or section sorting. Thus, using a note sorter to organize financial activities is quick and effective. In addition, several SMEs are employing tiny note sorter machines to speed up processing and give customers a better experience, creating profitable opportunities for market expansion.

On the Basis of End-User

Based on end-user, the global market is bifurcated into BFSI, retail, and others.

The BFSI segment is the highest contributor to the market and is expected to grow at a CAGR of 7.6% during the forecast period. Due to the rise of fraudulent notes in the banking and insurance sectors and the consequent necessity to speed up the money-counting process in banks, these sectors are among the top consumers of note-sorting machines. Note-sorting machines have also significantly expanded in banks and other financial organizations due to their many advantages, including less time spent counting money, reduced danger of counterfeit fraud due to bill authentication, decreased incidence of cross-human error, and others. The industry is growing since note sorting machines are used in banks to detect, validate, and assess currency notes quickly and with nearly little margin for error.

Selling finished consumer items or services to end users through various distribution channels is known as retail. The note sorter machine aids the retail sector in precisely counting numerous bundles at the product-selling locations, which benefits market expansion. By cutting down on time needed to process currency manually, note-sorting machines improve efficiency and eliminate the dangers of human error. The demand for note sorters for easy and hassle-free handling of currency is anticipated to increase as the retail industry in developing countries grows. Additionally, major companies in this market are releasing technologically cutting-edge items, which open up many doors for market expansion.

List of key players in Note Sorter Market

1. Bcash Electronics Co
2. Cummins-Allison Corp.
3. De La Rue Plc
4. Giesecke+Devrient GmbH
5. Glory Global Solutions (International) Limited
6. Grgbanking
7. Julong Europe GmbH
8. Kisan Electronics
9. Laurel Bank Machines Co.LTD
10. Toshiba Infrastructure Systems & Solutions Corporation

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Recent Developments

• June 2022- Giesecke+Devrient (G+D), a global security technology group, announced the acquisition of the payment and identity solutions business of Valid USA. With this step, G+D aims to accelerate growth in the U.S., one of the world's largest payment and identity markets. G+D customers will benefit from the enlarged business size in the face of persistent industry-wide supply chain challenges.
• August 2022- GLORY launched next-generation Teller Cash Recyclers.