Note Sorter Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Sorter Type (Small Size Note Sorter, Medium Size Note Sorter, Large Size Note Sorter), By Enterprise Type (Large Enterprises, Small and Medium Enterprises), By End User (Bank, BFSI, Retail, Others), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 7.93 Billion
CAGR (2026-2031)	8.36%
Fastest Growing Segment	Retail
Largest Market	North America
Market Size (2031)	USD 12.84 Billion

Market Overview

The Global Note Sorter Market will grow from USD 7.93 Billion in 2025 to USD 12.84 Billion by 2031 at a 8.36% CAGR. The Global Note Sorter Market consists of advanced currency processing devices engineered to authenticate, count, and organize banknotes based on denomination and physical condition. The primary drivers supporting growth include the imperative for operational efficiency within financial institutions and the rigorous enforcement of financial crime compliance which necessitates precise audit trails. Additionally, the persistent risk of forgery drives the demand for robust verification technologies to ensure monetary security. According to the European Central Bank, in 2024, approximately 554,000 counterfeit euro banknotes were withdrawn from circulation, reinforcing the critical requirement for automated detection systems that maintain the integrity of the cash supply.

A significant challenge impeding market expansion is the global acceleration of cashless payment adoption. The increasing preference for digital wallets and contactless transactions reduces the physical volume of currency flowing through commercial channels, thereby diminishing the operational necessity for high capacity sorting infrastructure. This structural shift forces manufacturers to adapt, as declining cash usage in mature economies presents a substantial obstacle to the widespread deployment of hardware solutions.

Key Market Drivers

The rising volume of currency in circulation across emerging economies acts as a primary catalyst for the Global Note Sorter Market, directly challenging the narrative of a purely cashless future. As rapid economic development fuels transaction activities, central banks and financial institutions are compelled to upgrade their processing infrastructure to manage the increasing physical liquidity. This surge in banknote density necessitates high-throughput sorting solutions to maintain velocity in the cash cycle. For instance, according to the Reserve Bank of India, May 2025, in the 'Annual Report 2024-25', the volume of banknotes in circulation grew by 5.6 percent during the fiscal year, highlighting the expanding pressure on cash management networks. This phenomenon is not isolated; according to the Federal Reserve Board, March 2025, in the 'Currency in Circulation: Value' data update, the total value of U.S. currency circulating globally stood at $2,322.9 billion, reinforcing the sustained global reliance on physical tender.

Concurrently, the increasing demand for operational efficiency and workforce automation in banking is accelerating the deployment of advanced sorting systems. Financial institutions are aggressively pivoting toward technology that minimizes manual handling, thereby reducing operational costs and mitigating human error in counting and authentication. Manufacturers of currency technology are witnessing substantial growth as a result of this structural transition toward automated back-office workflows. Evidence of this robust demand is visible in industry financial performance; according to Giesecke+Devrient, April 2025, in the 'Annual Report 2024', the company generated total revenue of 3.132 billion euros, a performance driven by the continued strength of its currency technology and financial platform portfolios. This investment trajectory confirms that automation remains a critical strategic priority for cash handlers worldwide.

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Key Market Challenges

The global acceleration of cashless payment adoption stands as a critical challenge obstructing the growth of the Global Note Sorter Market. As consumers and businesses increasingly transition to digital wallets and contactless transactions, the physical volume of currency circulating within the economy contracts significantly. This reduction in cash velocity diminishes the operational necessity for high-capacity sorting infrastructure, as financial institutions and commercial cash centers face lower throughput requirements. Consequently, the demand for hardware capable of processing large volumes of banknotes declines, as the return on investment for such equipment becomes difficult to justify in a low-cash environment.

This structural shift effectively erodes the core customer base for note sorters in mature markets. According to UK Finance, in 2024, cash accounted for less than 10 per cent of all payments, signaling a historic low in physical currency usage. This sharp decrease in cash dependence directly correlates with a reduced need for authentication and organization devices, hampering manufacturer revenue and forcing the market to contend with shrinking procurement orders from traditional banking clients.

Key Market Trends

The Integration of Artificial Intelligence for Adaptive Counterfeit Detection is fundamentally transforming the Global Note Sorter Market by enabling devices to combat the sophistication of modern forgeries. Manufacturers are rapidly moving beyond traditional magnetic and UV sensors to implement AI-driven algorithms that analyze banknote images in real-time, learning from new counterfeit patterns to identify anomalies that standard hardware might miss. This technological evolution is essential for maintaining trust in currency systems where high-quality fakes remain a persistent threat despite the digital shift. According to the Bank of England, June 2025, in the 'Banknote statistics' report, approximately 91,000 counterfeit banknotes were removed from circulation in the UK during 2024, underscoring the continued necessity for intelligent sorting mechanisms capable of precise authentication.

Simultaneously, a Shift Toward Compact and Modular Sorter Designs for Retail Applications is reshaping the industry, effectively decentralizing cash processing from bank depots to commercial back-offices. Retailers are increasingly deploying automated smart safes and recycling units to validate and secure cash at the point of sale, thereby reducing shrinkage and minimizing the frequency of Cash-in-Transit (CIT) pickups. This structural transition allows vendors to capture significant revenue from the commercial sector as traditional banking procurement stabilizes. Evidence of this accelerating adoption is clear; according to The Brink's Company, February 2025, in the 'Fourth-Quarter and Full-Year 2024 Results' press release, the firm reported 23 percent organic growth in its ATM Managed Services and Digital Retail Solutions segments, highlighting the robust demand for such automated cash management technologies.

Segmental Insights

Based on current industry analysis, the Retail segment represents the fastest-growing category within the Global Note Sorter Market, driven by the sector's intensifying need for operational efficiency and automated cash management. As retail establishments manage substantial volumes of daily cash transactions, there is a critical operational shift toward reducing manual counting errors and mitigating financial shrinkage. Note sorters facilitate this transition by streamlining back-office reconciliation processes and ensuring rapid, accurate authentication of currency to prevent the acceptance of counterfeit notes. Consequently, retailers are increasingly adopting this technology to optimize labor utilization, allowing staff to prioritize customer service over manual cash processing.

Regional Insights

North America commands a leading share of the global note sorter market, driven by the widespread integration of automated cash handling solutions within the banking and retail sectors. Financial institutions in the United States and Canada prioritize advanced machinery to optimize operational workflows and manage substantial cash volumes effectively. Additionally, the region’s strict adherence to currency fitness and anti-counterfeit mandates, reinforced by the Federal Reserve, necessitates the deployment of high-precision sorting equipment. This sustained focus on security, accuracy, and efficiency underpins North America's continued dominance in the industry.

Recent Developments

• In December 2025, Glory Global Solutions announced a major commercial agreement with Waitrose, a prominent supermarket chain, to transform its back-office cash management processes. The partnership involved the installation of 285 units of the CI-100X cash recycling system across the retailer's store network in the United Kingdom. This high-capacity solution was selected to streamline cash handling, improve staff efficiency, and reduce operating costs by automating the sorting and recycling of banknotes. The deployment underscored the continued relevance of advanced note sorting automation in the retail sector and demonstrated the company's leadership in delivering operational efficiency.
• In September 2025, GRG Banking successfully hosted the Global Customer Exchange in Guangzhou, where it unveiled a suite of next-generation financial solutions. During the event, the company introduced AI-powered teller systems and advanced cash recycling ATMs designed to accelerate digital transformation in the banking sector. These new products integrated big data capabilities with intelligent terminals to provide smarter and safer financial services. The showcase highlighted the company's focus on combining artificial intelligence with physical cash processing hardware, marking a significant step forward in the development of intelligent banknote sorting and handling technologies for global financial institutions.
• In December 2024, Giesecke+Devrient launched the BPS C evo, a new generation of banknote processing systems designed to meet the evolving demands of commercial cash management. This system, engineered for bank branches, cash centers, and cash-in-transit companies, featured enhanced efficiency and security protocols. The BPS C evo introduced a new Linux-based software platform and improved high-resolution displays to minimize operational errors. With a processing speed of up to 63,000 banknotes per hour, the launch represented a major upgrade in the company's product portfolio, focusing on optimizing workflow and reducing costs for currency processing operations.
• In August 2024, Crane Payment Innovations announced a strategic partnership with Verifone to integrate automated cash handling technology into the convenience store sector. This collaboration involved the seamless integration of the Paypod cash automation solution, which includes advanced note recycling capabilities, with the Verifone Commander point-of-sale system. The initiative aimed to enhance transaction throughput and customer experience by enabling automated cash acceptance at self-checkout stations. This development addressed labor shortages and streamlined operations for retailers, demonstrating a significant advancement in the deployment of note sorting and recycling technology within the retail environment.

Key Market Players

• BCASH Electronics Co. Limited
• Cummins Allison Corp.
• De La Rue plc
• Giesecke+Devrient GmbH
• Glory Ltd.
• GRG Banking
• Julong Co., Ltd.
• Kisan Electronics
• Laurel Bank Machines Co. Ltd.
• Toshiba Corporation

By Sorter Type	By Enterprise Type	By End User	By Region
Small Size Note Sorter Medium Size Note Sorter Large Size Note Sorter	Large Enterprises Small and Medium Enterprises	Bank BFSI Retail Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Note Sorter Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Note Sorter Market , By Sorter Type:

• Small Size Note Sorter
• Medium Size Note Sorter
• Large Size Note Sorter

• Note Sorter Market , By Enterprise Type:

• Large Enterprises
• Small and Medium Enterprises

• Note Sorter Market , By End User:

• Bank
• BFSI
• Retail
• Others

• Note Sorter Market , By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE