Latin America Cash in Transit Market to be Driven by High Cash Usage in the Region and Booming Casino Market During the Forecast Period 2021-2026
Expert Market Research’s new report titled “Latin America Cash-in-Transit Services Market Report and Forecast 2021-2026′, gives an in-depth analysis of the Latin America Remittance Services Market, assessing the market based on its segments such as end-use and major countries. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
- Historical market size (2020): $1.76 billion
- Forecast CAGR (2022-2027): 9.1%
- Forecast market size (2026): 2.98 billion USD
Growth in cash circulation with improving economic condition is one of the major market drivers over the forecast period. Post-pandemic improvements in the economy are expected to result in a positive uptrend in the market due to increased cash transactions. Moreover, a large number of unbanked customers due to socio-economic constraints are also boosting the growth of the sector as they rely only on physical currency. In the same vein, the large informal sector in Latin America is also providing impetus for the growth of the market. The lack of competition between payment service providers and the limited adoption of these services further fuel remittance services.
Industry definition and major segments
Cash in transit refers to the physical transport of cash, in bulk, from one place to another with the assurance of security. Transportation locations typically include banks, cash centers, ATMs, and other premises holding bulk cash.
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On the basis of end-use, the market is segmented into:
- Financial institutions
- Government agencies
- Hospitals and Hotels
Major regional markets include:
The market is expected to grow in emerging economies like Brazil due to increased circulation of cash and improved banking facilities. Cash is widely accepted in the retail industry in the region, which is fueling the growth of the market. The retail sector is expected to grow exponentially after the pandemic, which will lead to a significant increase in the circulation of cash in the market. The security of cash storage locations is a growing concern justified by the rising crime rate in the region which is driving the market demand. The high prevalence of legal and illegal gambling in the region is increasing the dependence on cash, which helps propel the cash transportation service industry. Casinos being major consumers of remittance services are expected to increase market growth in the region.
Latin America Cash-in-Transit Services Market Latest News: https://www.expertmarketresearch.com/pressrelease/latin-america-cash-in-transit-services-market
Main market players
The major market players are Grupo Protégé, Brink’s Incorporated, Loomis AB, The Prosegur Group, G4S Limited, among others.
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