The global cash in transit bags market size is prophesied to showcase substantial growth in the forthcoming years back to by growing popularity of ATM points. This information is published by Fortune Business Insights in its report, titled “Cash in Transit Bags Market, 2023-2030“. The product is utilized to physically transfer valuable items such as coins, credit cards, banknotes, and others to various locations. The increasing number of stringent banking regulations and growing risk of various kinds of fraud is propelling the growth of the product. Moreover, the number of anti-theft security such as GPS integrated in the bag is also expanding the control of online fraud activities.
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What Does the Report Contain?
The insights in the report are based on primary and secondary research to come to authentic conclusions. The analysis is based on industry-wide data and market projections are estimated by our in-house experts. The data is classified on various bases and each segment meticulously studied to give strategies based on market dynamics. The indispensable guidance provided by our experts is beneficial for the new entrants to the market. The guidance includes business priorities, pricing, prominent business models, challenges, potential business expansion opportunities, and much more. This report is not only beneficial for the new entrants or business holders of the market but also for the investors in this product.
Driving Factor
Increasing Need for Secure Packaging to Drive Market Growth
The rising demand for secure packaging to transfer valuable items such as cash, coins, credit cards, and others is boosting the cash in transit bags market growth. These bags are tamper evident security seals which substantially prevent the stealing of precious items in the bag. These are also useful in business with high cash transactions such as casinos. For example, in 2018, the American commercial casino industry generated USD 41.6 billion in revenues only.
Furthermore, the rising utilization of ATM machines across various nations is profiling the product sales.
Market Segmentation
On the basis of product type, the market for cash in transit bags is fragmented into deposit bags, shipping bags, coin bags, and others. Based on material used, the market is grouped plastic, paper, fabric. By application, the market is divided into retail, financial institutions, casinos, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Growing Economies in Asia Pacific to Generate Substantial Product Sales Revenue
Asia Pacific expected to hold a prominent cash in transit bags market share in the upcoming years. This is due to the rising growth of economy in the region which is increasing the purchasing power of consumers of the region. For example, in 2020, Indian Brand Equity Foundation declared the Indian FMCG sector to have generated USD 52.75 billion in revenues in 2018 financial year.
North America is expected to hold significant market share in the forthcoming years. This is due to the large number of its financial institution using stringent regulations and preventive measures for or transport of cash.
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Competitive Landscape
Key Players to Focus on Innovation to Enhance Product Efficiency
The market for cash in transit bags is fragmented by the presence of several major companies. Moreover, stringent regulatory scenarios in most of the leading economies intensify the company stability with constant updates and quality checks required to maintain standards. The growing investment in this market is expected to exponentially boost this industry and give lucrative returns. Prominent players are focused on technological innovation by investing in research and development.
Industry Development:
- June 2020: Controltekusa, cash in transit bags manufacturer introduced virtual site server services to investigate loss prevention solutions. This is expected to support retailers better while maintaining the health and safety of employees and customers.
List of Key Players Profiled in the Market:
- Controltek
- ITW Envopak Limited
- ProAmpac Holdings, LLC
- Harcor Security Seals Pty Ltd
- Dynaflex Pvt. Ltd
- Adsure Packaging Ltd
- Shields Bags & Printing C
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