Cash in Transit Services Market Report 2025 (Global Edition)

Global Cash in Transit Services Market Report 2025 Market Size Split by Type (Cash Collection, Cash Delivery, Cash Counting), by End Use (Academic Institutions, BFSI, Hospitals, Government Organizatio...

Cash in Transit Services Market Report Description

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Cash in Transit Services Market Insights Video

Competitive Landscape of Cash In Transit Services Market

Cash in Transit Services market has a very active and diverse competitive environment. It comprises various competitors, from significant multinational corporations to smaller specialized organizations. The following major competitors in the market for cash-in-transit services are thoroughly analyzed in the study, including information on their capacity, competitive environment, and more recent events including capacity increases, mergers, acquisitions, investments, and plant turnarounds.

Cash In Transit Services Industry News

• ^{April 2021: In order to broaden its presence in the US, the cash management solution provider Brink's Company announced the purchase of PAI, Inc., a privately held provider of ATM services with headquarters in the US, for USD 213 million.}

(Source: investors.brinks.com/news-releases/news-release-details/brinks-acquires-largest-privately-owned-provider-atm-services-us)

• ^{June 2023: A multinational security firm called G4S declared in June 2023 that it has increased its cash-in-transit offerings in Africa. New cash centers will be opened as part of the development, and new armored vehicles will be used.}

(Source: www.g4s.com/en-za/what-we-do/services/cash-in-transit)

Top Companies Market Share in Cash in Transit Services Industry: (In no particular order of Rank)

• Knightguard
• SecureCash
• Brink's Incorporated
• Loomis AB
• The Prosegur Group
• G4S Limited
• Gardaworld Corporation
• Linfox Armaguard Pty Ltd.
• Others
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Regional analysis of the Cash in Transit Services Market

North America accounted for market share of 23.88% in 2023 and is estimated to grow with a CAGR of 3.76% during the forecast period. A process of facilitating cash collection deposits and deposit tracking includes identifying by a retailer an amount of cash collected by that retailer, including respective amounts of currency by denomination of the collected cash, creating a deposit ticket containing at least a unique identification code associated therewith, depositing the created deposit ticket and the collected cash into a deposit bag, transporting the deposit bag to a cash processing facility, and counting at the cash processing facility the collected cash contained in the transported deposit bag to verify that the amount previously identified by the retailer corresponds to the counted amount. Particularly additional novel features include at least the following: the manner in which the retailer identifies the amount of collected cash; the manner in which the deposit bag may be scheduled for pickup; providing advance credit to the retailer for the cash deposits during various stages of cash handling/processing; and the particular manner of tracking the status of each of the deposit bags of a retailer's multiple stores.

The current report Scope analyzes Cash in Transit Services Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Cash in Transit Services Market

North America Cash in Transit Services market Analysis

North America Cash in Transit Services market size was $3,975.75 Million in 2024 and it is forecasted to reach $5,146.57 Million by 2031. North America Cash in Transit Services Industry's Compound Annual Growth Rate will be 3.76% from 2024 to 2031.

North America accounted for market share of 23.88% in 2023 and is estimated to grow with a CAGR of 3.76% during the forecast period. A process of facilitating cash collection deposits and deposit tracking includes identifying by a retailer an amount of cash collected by that retailer, including respective amounts of currency by denomination of the collected cash, creating a deposit ticket containing at least a unique identification code associated therewith, depositing the created deposit ticket and the collected cash into a deposit bag, transporting the deposit bag to a cash processing facility, and counting at the cash processing facility the collected cash contained in the transported deposit bag to verify that the amount previously identified by the retailer corresponds to the counted amount. Particularly additional novel features include at least the following: the manner in which the retailer identifies the amount of collected cash; the manner in which the deposit bag may be scheduled for pickup; providing advance credit to the retailer for the cash deposits during various stages of cash handling/processing; and the particular manner of tracking the status of each of the deposit bags of a retailer's multiple stores.

Europe Cash in Transit Services Market

Europe Cash in Transit Services market Analysis

Europe Cash in Transit Services market size was $4,689.62 Million in 2024 and it is forecasted to reach $6,235.82 Million by 2031. Europe Cash in Transit Services Industry's Compound Annual Growth Rate will be 4.15% from 2024 to 2031.

Europe region accounted for market share of 28.06% in 2023 and is estimated to grow at a CAGR of 4.15% for the cash in transit services market. The UK banking sector is one of the largest and most sophisticated in the world, with a diverse range of banks and financial institutions operating in the country. With the UK being a major hub for international trade and commerce, it presents a potentially attractive market for New Zealand exporters looking to expand their business overseas. The South East's large economy and population attract banks, making it the UK's second most important banking centre. The North West, with Manchester as a key economic hub, has high manufacturing activity that fuels the demand for lending services. Despite this, both of these regions have experienced a significant decline in bank branches over the past decade.

For instance, G4S Limited is a company offering cash in transit services which is located in United Kingdom. This service of cash in transit is available from small shops to large retailers, our cash-in-transit services are available to all kinds of businesses across the country. The EU average expenditure on ambulatory care was 25% of the total healthcare expenditure compared with 41% invested in hospitals; this situation is seen in most EU countries. From 2016 to 2019, expenditure on hospitals as part of the total healthcare expenditure increased by an average of 14% in the EU; the biggest increases took place in Latvia (31%), Czechia (24%) and Poland (22%). There were no decreases in any of the EU countries with available data showing an overall positive trend. Greece (4%), France (6%) and Switzerland (5%) had the smallest increases in the EU. Thus, growing healthcare industry and increasing number of hospitals in the region of Europe is expected to drive the growth of cash in transit services in Europe.

Asia Pacific Cash in Transit Services Market

Asia Pacific Cash in Transit Services market Analysis

Asia Pacific Cash in Transit Services market size was $5,570.44 Million in 2024 and it is forecasted to reach $8,287.20 Million by 2031. Asia Pacific Cash in Transit Services Industry's Compound Annual Growth Rate will be 5.84% from 2024 to 2031.

APAC accounted for the market share of 32.80% in 2023 and is estimated to grow with a CAGR of 5.84% during the forecast period. The cash in transit services plays a vital role in government organizations. Thus, cash in transit service in government organizations include handling, moving and sorting a large part of the country's circulating currency into usable and non-usable notes requires an extensive infrastructure. It involves state-of-the-art surveillance systems to ensure both physical and electronic security. These are the great times of higher education in Asia-Pacific and especially of its signature institution, which is the research university. Higher education seems to expand without limit, along with the middle classes that are always its mainstay. Its remarkable growth, scarcely touched by the global financial crisis that has battered universities in North America and UK/Europe, is financed by both governments and families.

The mix varies by country but the role of families is more important in the Asia-Pacific, especially in East Asia, than in most other parts of the world. First-generation families are moving into higher education everywhere in the region, certain that the sacrifices they are making for their children will pay off. Higher education is taking into itself an ever-growing accumulation of hopes and dreams, of each and every national people. Government and public expect much of higher education.  The educational universities range from the higher education system with the second largest level of investment in the world (Japan); and the largest in student numbers and the second largest in aggregate R&D (China); to Cambodia, Laos, Myanmar and Papua New Guinea, where participation and spending are near the global bottom and research activity scarcely exists; and Indonesia, where a great population is scarcely served by tertiary provision that is still rudimentary in large parts of the country. Only in Japan, China, South Korea, Taiwan China and Singapore has national infrastructure in higher education become decisively positioned at the centre of national life in the manner of Western Europe and North America. Thus, rising number of educational universities in the region of APAC are responsible for the growth of cash in transit services market in the region of APAC.

South America Cash in Transit Services Market

South America Cash in Transit Services market Analysis

South America Cash in Transit Services market size was $1,129.21 Million in 2024 and it is forecasted to reach $1,609.28 Million by 2031. Cash in Transit Services Industry's Compound Annual Growth Rate will be 4.84% from 2024 to 2031.

South America held the largest market share of 6.69% during 2023 and are estimated to grow with a CAGR of 5.19% during the forecast period. Latin America's healthcare systems evolved nonlinearly, influenced by diverse models, historical events, and political regimes. Limited knowledge exists despite national-level efforts, indicating a need for long-term statistics to assess the effects of reforms and understand healthcare changes in the region. With close to 7,500 medical centers, Brazil was the Latin American country with the highest number of hospitals in 2023, among the countries depicted. Mexico ranked second, with 3,655 hospitals. In 2021, Hospital Israelita Albert Einstein was the leading hospital by quality in the South American country. With an estimated 11 percent of its gross domestic product (GDP) being spent on health, Cuba was the nation with the highest health expenditure share in Latin America and the Caribbean in 2020. Placing second on this ranking along with Argentina, Brazil’s government spent nearly 45 percent of its annual health expenditure on hospital and outpatient care. Meanwhile, in Chile, government spending on healthcare was, on average, about 1,572 U.S. dollars per person in 2020, which was more than the combined health expenditure from government and out-of-pocket spending in Mexico. Including products such as diagnostic imaging, implants, and vaccines, nanomedicine has by far been Latin America’s most valuable medical technology, generating an estimated 19.36 billion U.S. dollars in 2022. Furthermore, the revenue of nanomedicine in the region is expected to reach 37.45 billion U.S. dollars by 2027, representing an increase of more than 94 percent over a span of five years.

Middle East and Africa Cash in Transit Services Market

Middle East and Africa Cash in Transit Services market Analysis

Middle East and Africa Cash in Transit Services market size was $14,52.30 Million in 2024 and it is forecasted to reach $2,128.05  Million by 2031. Cash in Transit Services Industry's Compound Annual Growth Rate will be 8.57% from 2024 to 2031.

Middle East and Africa hold the largest market share of 8.57% during 2023 and are estimated to grow with a CAGR of 5.61% during the forecast period. The biggest retailers, banks, and other companies do not really keep goods in their premises after work hours, and neither do jewelry chains. Consequently, custodial service providers receive money and valuables. Therefore, these agents secure them and deliver them back to the company during work hours. The UAE’s private security firms with SIRA or PSBD licenses offer their clients cash transfer services. Cash in transit means moving real, tangible cash assets from one place to another. Professional security firms frequently handle these physical transfers of legal currency; such as delivering cash from a treasury facility to a bank or moving money from one branch of one bank to another branch located in a different part of the city. Private security firms that provide cash handling as one of their services make up a large portion of the cash-in-transit industry. By law, CIT businesses are considered logistics organizations in the private-security industry and must comply with transportation and security rules.

The CIT sector is subject to federal, state, local, and municipal laws, as well as social norms and current behaviors in the UAE. The Interior Ministry, Justice Ministry, and police are often the responsible authorities for the cash security sector. There may be limits and restrictions put by laws and regulations regarding the employment of weapons, vehicles, the bare minimum crew size, and the application of intelligent banknote neutralization systems.

Cash delivery mechanisms will ideally be designed to be operated on a large-scale if needed, and be flexible enough to vary payment levels and the frequency of payments to adjust to changing needs. Delivery mechanisms also need to be resilient enough to be able to continue providing cash in the face of the disruption caused by emergencies, including physical damage and disruption following natural disasters, and insecurity in conflicts. Experience from existing cash projects suggested that current delivery mechanisms could flexibly respond to changing circumstances. Scaling up cash-based responses is an area where greater coordination is needed. Thus, owing to all the above factors, the global cash in transit market is expected to show significant growth during the forecast period.

Cash in Transit Services Market Analysis

Cash in Transit Services Market Analysis By Type

• Cash Collection

In 2019, the Cash Collection Cash in Transit Services revenue (USD Million) was USD 6,611.50 Million and it expected to reach at USD 8,393.37 Million in 2031
Based on the type, cash collection held a significant share of 37.89% in the year 2023. Cash collection involves trained personnel and a fleet of armored money transport trucks to pick up cash at the location where cash is to be collected. From the moment cash is collected and transported it's the company’s responsibility to maintain efficient flow. CIT companies also offer convenient cash pickup times to small and large businesses. Cash-in-transit services have many advantages for various businesses and help to save time and free up staff by eliminating taking cash to the bank. It helps to increase security and keep its employees safe by avoiding theft

• Cash Delivery

Cash delivery type accounted for the largest share of 45.67% in the year 2023. Cash delivery involves the secure transportation of cash from one location to another. CIT companies follow 
strict procedures for secure cash delivery. It involves pre-scheduled pickups and deliveries, specially designed vehicles with advanced security features are used to transport cash, trained guards, and secure cash handling procedures are followed throughout the process, minimizing the risk of theft or loss. Cash deliveries can originate from various places, including banks, cash centers, and wholesale businesses, and are delivered to various destinations such as retail stores, ATMs, and government offices. Cash-in-transit services companies deliver cash to ATMs, bank branches, or even safety deposit boxes upon request. Further, the Armored vehicles can transport cash from wholesalers to retail stores. 

CIT services pick up daily sales from stores and transport them to banks for deposit. Cash is delivered to ATMs to replenish them and ensure they are stocked for customer withdrawals. In some cases, CIT companies might deliver cash to government agencies for specific purposes.

• Cash Counting

Based on the type, cash counting accounted for a significant share of 16.44% in the year 2023. Cash counting is a fundamental part of cash-in-transit (CIT) services. It involves accurately verifying the amount of physical currency being collected, deposited, or transported. Cash-in-transit guards or personnel typically perform an initial cash count on-site at the location where cash is collected. This involves a bank branch, retail store, and other businesses that require CIT services. This initial count provides a preliminary record and helps reconcile the final amount at the processing center. 

Once collected, cash is securely transported to a central processing facility operated by the CIT company. Here, more sophisticated cash-counting machines are used. These machines can handle large volumes of currency quickly and accurately, often sorting bills by denomination and detecting counterfeits. After counting, the CIT company reconciles the initial counts from collection points with the final machine counts at the processing center. Any discrepancies are investigated to ensure accuracy and minimize errors. Detailed records of all cash transactions are maintained for audit purposes. Modern CIT companies utilize advanced cash counting machines that offer features like High-speed counting, Denomination sorting, Counterfeit detection, Batching capabilities, and Integration with CIT software for record-keeping Precise cash counting is crucial in CIT services to ensure security, client satisfaction, and efficiency.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Cash in Transit Services Industry. Request a Free Sample PDF!

Cash in Transit Services Market Analysis By End-Use

• Academic Institutions

Based on the end-use, academic institutions held a significant share of 16.27% in the year 2023. The requirement for the safe movement of cash and valuables is driving the growth of cash-in-transit services in academic institutions. Further, the expansion of the banks and ATMs across the campus areas globally is supporting the market’s growth. CIT services are becoming increasingly required for moving money and valuables across many campus areas. 

Furthermore, many institutions have huge campuses with buildings scattered across a large area. Cash must be collected from numerous locations and consolidated before being deposited in a bank. Therefore, to handle transportation efficiently CIT services are widely used by academic institutions.

• BFSI

Based on the end-use, BFSI (Banking, Financial Services, and Insurance) end-use held a significant share of 19.78% in the year 2023. Banks and Financial Institutions (BFSI) heavily rely on cash-in-transit services to transport cash securely. Cash in Transit (CIT) services play a crucial role in the financial sector, ensuring the secure movement of physical currency, valuable assets, and other financial instruments from one location to another. These services facilitate the seamless flow of cash and valuables between banks, businesses, and customers. Cash handling is an integral part of banking operations. Banks need to transport cash securely between branches, ATMs, and central vaults. CIT services provide armed security personnel, specialized vehicles, and secure protocols to minimize the risk of theft, robbery, or loss during transit.

Moreover, the banks and financial institutions deal with large volumes of cash daily. CIT services ensure a smooth flow of cash by transporting it where needed. This efficiency helps maintain liquidity, meet customer demands, and keep ATMs stocked. The growth of ATMs is increasing globally which further drives the market growth. According to industry estimates, banks in India will see a significant ATM refresh-cum-addition cycle over the next 12-18 months, comprising the replacement of around 40,000 old ATMs and the growth of the network by approximately 10,000. Further, BFSI firms must comply with regulations regarding cash handling. Cash-in-transit companies specialize in secure cash handling and ensure adherence to these regulations.

• Hospitals

Based on the end-use, hospitals held a substantial share of 13.24% in the year 2023. Hospitals are widely using cash-in-transit (CIT) services for several reasons such as cash revenue collection, depositing donations, nighttime or weekend deposits, and others. Hospitals are dealing with substantial amounts of cash and hospitals require secure transport outside of regular banking hours.

Moreover, hospitals handle a significant amount of cash payments for services rendered. This could include co-pays, deductibles, or payments from uninsured patients. CIT services offer secure collection and transportation of these funds to the bank. Furthermore, hospitals receive significant charitable donations in cash. Thus, the cash-in-transit services can ensure the safe transport of these donations to the bank for deposit. In addition to this, some hospitals may not have staff available for nightly or weekend bank deposits. CIT companies can pick up these deposits outside of regular banking hours.

• Government Organizations

Based on the end-use, government organizations accounted for a substantial share of 11.20% in the year 2023. Government organizations rely on these services for safe cash handling. While governments are increasingly moving towards digital transactions, cash remains important for various purposes. This can include tax payments in rural areas, social security disbursements, or even specific fees collected by government agencies. Further, government organizations often deal with significant amounts of cash that need secure transportation. However, managing large-scale cash logistics in-house can be a burden for government agencies. Therefore, these organizations rely on cash-in-transit services that allow them to focus on core functionalities while ensuring the safe movement of cash. 

Government cash needs might involve unique situations. CIT companies can offer customized solutions for specific requirements, such as secure transportation of tax collections or cash delivery to remote government offices. CSMS Group, Brink's Incorporated, SecureCash, and The Prosegur Group are some of the major players in the cash-in-transit services that offer their services to government organizations. These companies provide armored vehicles, trained guards, and secure protocols to deter theft.

• Retail

Based on the end-use, retail accounted for a largest share of 23.45%in the year 2023. Cash in Transit (CIT) services are essential for the retail sector due to physical currency movement, security and risk mitigation, deposit and change orders risk management, and compliance. Retailers such as chain stores as well as individual retailers utilize cash-in-transit services. Large amounts of cash accumulate in retail stores throughout the day. CIT offers a secure way to transport these earnings to the bank, minimizing the risk of theft from employees or robberies during transit. Armored vehicles and trained guards deter criminals and provide peace of mind. Retail staff do not have to handle large sums of cash, reducing the risk of them being targeted for robberies or internal theft. This can create a safer work environment.

Moreover, managing cash flow in-house can be time-consuming for retailers. Counting, sorting, and transporting cash takes away from core business activities like customer service or stocking shelves. CIT companies streamline this process, freeing up staff time.

• Others

Based on the end-use, others held a significant share of 16.06% in the year 2023 of the cash in transit services. The other segment includes toll collection centers, public utility companies, clubs, homes, casinos, and hotels, among others. These end-use businesses deal with large amounts of cash that requires safe cash handling. Toll collection center facilities handle cash payments from motorists on highways and bridges. Further, public utility companies collect cash payments for services like electricity, water, or gas from customers who prefer not to use electronic payment methods. The private members' clubs, social clubs, or even country clubs may generate cash revenue from membership fees, event admissions, or on-site purchases. 

In addition to this, across the home end use, high-net-worth individuals or businesses that store significant amounts of cash at home might require CIT services for secure transportation or deposit. Cash is still king in many casinos, and large sums of money need to be moved securely for daily operations or jackpot payouts. The increased prevalence of legal gambling, such as sports betting, is increasing the demand for efficient cash management due to the widespread use of cash. Moreover, hotels often deal with a significant amount of cash, especially in tourist destinations. Cash in transit services ensures the safe and efficient movement of cash across these various industries.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

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Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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