Smart Safe Cash Management Market

Market Overview

The global smart safe cash management market size was worth USD 40.2 billion in 2022. It is expected to reach USD 97.63 billion by 2031, growing at a CAGR of 11.73% during the forecast period (2024–2032). The increasing need for centralized cash management solutions, growing demand for automation and optimization of working capital, and surging demand to predict cash flow accurately are the factors propelling the market growth. However, high initial investment cost hinders market growth.

A smart safe cash management solution enables consumers to overcome cash handling issues. Smart safe cash management also allows monitoring businesses cash at every point of cash handling processes. 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 leads to an increase in business operations.

Regional Analysis

The U.S. to Spearhead North America’s Smart Safe Cash Management Market

Cash continues to be the largest means of product purchase among customers in the U.S.’s rapidly growing retail industry. As per the U.S. Federal Reserve, there was a staggering USD 1.48 trillion of cash transactions as of 2017. The NRF shows that the total retail market size in the U.S. is at least 1.5 million. It is estimated that approximately one-third of the U.S. retailers fall into the non-workable cash management retailer group. Semi-automated retailers are observed to be investing in affordable technology because of their lower level of revenue or profitability. Moreover, there are about 50,000–60,000 smart safes in North America today, with the workable market size as high as 400,000 in over 1 million stores. The region’s penetration of the market is about 12.5–13%.

Asia-Pacific to Emerge as the Fastest-Growing Market in Smart Safe Cash Management Systems

Asia-Pacific is anticipated to emerge as the fastest-growing market in smart safe cash management systems during the forecast period. 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. 

Segmental Analysis

Services Segment to Grow with the Highest CAGR of 10.25% during the Forecast Period

The services segment is projected to grow with the highest CAGR of 10.25% during the forecast period. Key vendors in the smart safe cash management systems market offer services and support to ensure businesses run smoothly. A team of highly experienced cash management technicians is committed to providing fast responses and delivering expert service and professional troubleshooting. Technical help desk expert helps users diagnose and fix any problems with cash handling equipment, either via a remote connection or through guided troubleshooting with staff. For instance, Gunnebo, a Sweden-based security company, gives its customers a service agreement, which offers a remote monitoring service covering an entire network of automated cash handling machines.

Software Segment to Dominate the Smart Cash Management Market

The software segment dominates the smart cash management market. Smart safe software solutions help officials streamline cash management and bridge the daily credit gap for their customers. Growing digitalization is augmenting the demand for a remote and entirely secure cloud-based platform for managing networks. Smart safe software solutions are the most advanced and widely-used platform among financial vendors as they offer turnkey daily credit solutions.

On-Premise Segment to Grow with the Fastest CAGR of 12.56%

The on-premise segment is projected to grow with the fastest CAGR of 12.56% during the forecast period. It is a convenient method of cash handling unit that is installed on business premises where one can insert and withdraw cash at any time. Small enterprises are expected to opt for the on-premise installations of the software as there is no need to buy a smart safe. For instance, GardaWorld’s smart safe technology allows on-premise cash to remain secure from internal and external theft. It is highly trusted by enterprises across the U.S. and Canada and is designed to optimize efficiency for financial institutions, retail stores, hotels, restaurants, government organizations, and the public sector.

Commercial Enterprises to Be the Fastest-Growing Sub-segment

Commercial enterprises are expected to be the fastest-growing sub-segment in the other segment of the smart safe cash management systems market as many commercial businesses are widely adopting money management tools to optimize their business cash flow. Rising demand to access a suite of online receivable, payable, and reporting solutions to meet business needs, along with easy access to e-statements and balances and transaction information through a consolidated dashboard, drives the segment growth.

Impact of covid-19

The impact of COVID-19 has devastating effects across all industry verticals globally. The impact of COVID-19 has shifted consumer habits in ways that are affecting how business owners operate. As various governments across the globe have imposed lockdown and social distancing norms to curb the pandemic COVID-19, a significant shortage of cash and dangling in a conventional cash management system is observed. This enables consumers to look for smart safe cash management to stock home essential items. For instance, according to a survey of industry experts, about 54% of the U.S. plan to keep their home stocked with more items than they immediately need.  

Recent Developments

• In March 2020, AMSEC launched the Tube Vend Dispenser Solution for improved cash management. The new solution will help restaurant and retail organizations to manage in-store change, reduce the risk of internal theft, streamline in-store management, and create greater efficiencies in retail operations
• In February 2016, Armor Safe Technologies partnered with Murphy USA to provide world-class support to its customers
• In January 2018, Tidel Engineering launched a new line-up of cash recycling systems to its product family, the theTidelTR Series. The new TR Series provides the market with the most comprehensive and adaptable portfolio of cash recycling systems in the industry