The new report by Expert Market Research titled, ‘Latin America Cash in Transit Services Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Latin America cash in transit services market, assessing the market based on its segments like end use, and major countries. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 1.76 Billion
- Forecast CAGR (2022-2027): 9.1%
- Forecast Market Size (2026): USD 2.98 Billion
Growth in circulation of cash with the improving economic condition is one of the major factors driving the market in the forecast period. Post pandemic improvements in the economy is expected to give rise to a positive uptrend to the market due to the increasing cash transactions. Additionally, a significant number of unbanked customers due to socioeconomic constraints also invigorate the industry growth as they rely on only on physical currency. Along the same lines, the large informal sector of Latin America is also providing impetus to the market growth. The lack of competition among payment service providers and restrained adoption of such services is further fuelling the cash in transit services.
Industry Definition and Major Segments
Cash-In-transit refers to the physical transportation of cash, in bulk, from one location to another with the assurance of security. The locations of transportation usually include banks, cash centers, ATMs and other premises holding cash in bulk.
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On the basis of end use, the market is segmented into:
- Financial Institutes
- Government Agencies
- Hospitals and Hotels
The major regional markets include:
The market is expected to witness growth in emerging economies like Brazil due to increasing cash circulation and improving banking facilities. There is widespread acceptance of cash in the retail sector in the region which fuels market growth. The retail sector is expected to grow exponentially post pandemic which will lead to a significant increase in cash circulation in the market. Security of cash storage locations is a growing concern which is justified by the increasing crime rates in the region which boost market demand. The high prevalence of both legal and illegal gambling in the region increases the dependency on cash which helps propel the cash in transit services industry. Casinos being significant consumers of cash-in-transit services is expected to augment market growth in the region.
Key Market Players
The major players in the market are Grupo Protégé, Brink’s Incorporated, Loomis AB, The Prosegur Group, G4S Limited, among others.
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