A recent report published by
Infinium Global Research on the cash in transit bags market provides an in-depth
analysis of segments and sub-segments in the global as well as regional cash in
transit bags market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional cash in transit
bags market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of the global cash
in transit bags market. According to the report, the global cash in transit
bags market is projected to grow at a CAGR of 2.5% over the forecast period of
Cash in transit bags is used to
physically transfer valuable items such as coins, banknotes, credit cards, and
other such items from one location to another. These security bags are designed
to fit in any cash machine for collecting the cash deposited. These transit
bags are specially utilized for moving a large amount of cash from one location
to another. The certain positive attributes of the usage of the cash in transit
bags include the transfer of cash is more secure. These bag assists to protect
the cash from bad weather conditions, and others.
The factors such as increasing
cash transactions from bank to bank, cash supply for ATM points from the banks,
and the rapidly growing casino industry drive the global cash in transit bags
market. Furthermore, growing concerns about secure and safe cash movement boost
the global cash in transit bags market. Physical transportation of cash as a
means of money laundering continues to be a problem in many countries
worldwide. Money laundering is an issue that concerns both cash-based economies
as well as countries with developed and sophisticated financial systems. Due to
this, these industry-standard bags are necessary to physically transfer money
all across the world. However, increasing digital cash transactions hamper
market growth. Online money transfer with increasing technology has become the
easiest way of transferring money from one bank to another without any
difficulty. Moreover, Innovations in Cash in transit bags are expected to
provide growth opportunities to the market players. The effects of COVID-19
have been quick and substantial and resulted in being a major disrupter, shifting
the global dynamics. The recent COVID-19 outbreak and the containment measures
introduced by governments across the world have affected the manufacturing and
service sectors to a large extent. COVID-19 has led to social distancing, drive
for economic reconstruction, and increasing regulatory and government
interventions. As banks are working towards digitization owing to the pandemic
period and customer expectations of banking have risen noticeably which has
been accelerated by the pandemic.
Among the geographies, North
America holds the maximum market share of the cash in transit bags market
followed by Europe. It is anticipated to dominate the market during the
forecast period. High adaption of advanced IT strategies across several
industries such as BFSI, energy, and others is the key factor that drives the
demand for Cash in transit bags across the North America region. A large number
of financial institutions such as insurance company, and investment banking are
contributing to the growth of the North American cash in transit bags market.
Furthermore, Asia Pacific is the fastest-growing region in the cash in transit
bags market owing to the growing rate of adoption of Cash in transit bags over traditional security.
The report on the global cash in
transit bags market covers segments such as product, material, and application.
On the basis of product, the sub-markets include deposit, shipping, coin, and
others. On the basis of material, the sub-markets include plastic, fabric, and paper.
On the basis of application, the sub-markets include financial institutions,
hospitals, casinos, and retail chains.
The report provides profiles of
the companies in the market such as ADSURE Packaging Limited, Amerplast Ltd.,
A. Rifkin Co., Coveris, DynaCorp, Harcor Security Seals, Packaging Horizons
Corporation, Versapak International Limited, Mega Fortris Group, and ProAmpac.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of cash in transit bags market. Moreover, the study highlights current
market trends and provides forecast from 2021-2027. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.