Market Research Report
Cash and Coin Deposit Bags
|Published by||Global Industry Analysts, Inc.||Product code||959092|
|Published||Content info||427 Pages
Delivery time: 1-2 business days
|Cash and Coin Deposit Bags|
|Published: September 1, 2020||Content info: 427 Pages||
Contrary to Expectations, the Pandemic Has Made Cash the King Once Again. Cash & Coin Deposit Bags Market Remains Afloat at 3.4% Growth
The global market for Cash & Coin Deposit Bags is expected to buck the virus led downturn and remain stable at 3.4% growth in the year 2020. By the year 2027, the market is expected to reach US$506.8million trailing a post COVID-19 CAGR of 4.5% over the analysis period 2020 through 2027. Cash larceny is one of the most popular cash stealing approach that involves stealing of cash that has been recorded in account books during a particular period. Mainly occurring at cash registers, deposit in transit or cash collection points, larceny is relatively easy to detect for companies maintaining proper cash records. However, majority of businesses tend to overlook cash larceny due to involvement of relatively small amounts. Cash larceny erodes profit margins of companies and affects cash flows, which results in severe disruptions in certain cases. Cash larceny can be associated with cash registers or till, cash counts, cash transactions and personal checks. Theft involving cash registers is the most popular form of cash larceny adopted by employees as receipts and cash are mainly stored in these registers. Employees may steal the cash when it is in the processing or during a period of inactivity. The pandemic is providing the perfect platform for cash fraud. Trillions of dollars have been released worldwide by governments for COVID-19 relief and management. Disbursement of the funds mostly being in liquid cash is resulting in increased risk of cash fraud and funds misappropriation. The pandemic is estimated to cost governments worldwide trillions of dollars in preventive measures, healthcare strengthening, drug and vaccine research and development. By the end of 2020, governments the world over will have spent approximately US$10.8 to $17.1 in fighting the pandemic. The U.S government has already budgeted expenses averaging to US$8.3 billion for COVID-19 drugs, treatment and vaccine development; US$192 billion for paid leave extension for its citizens and over US$2.15 trillion for the Cares Act to ensure prompt, rapid and direct economic assistance for salaried workers, families, and small businesses. CARES Act relief offers financial support for verticals such as corporate loans, small business loans, household payments, unemployment insurance, tax deferrals, healthcare, airlines & cargo loans & grants, and public transit, among others. Over 19 other countries have also declared bailout packages.
The scenario is resulting in increased movement of cash across government agencies, and departments as part of disbursements made to the cause of support. The standstill economy and stringent restrictions damaged businesses and has resulted in a notable spike in unemployment rate across various countries. While majority of the spending is yet to reach the needed ones, there are serious concerns regarding cash frauds and mismanagement of funds. Scammers are siphoning off the cash intended to support people who have been affected by job cuts, with amount exceeding millions of dollars. There is a new wave of phishing schemes targeting taxpayers. The COVID-19 crisis has presented a lucrative opportunity for fraudsters. The culmination of health and financial threats is making individuals more vulnerable while providing new opportunities for cash and online frauds. Criminal gangs in several countries are targeted deserted commercial offices for stealing cash and goods. The scenario is driving various companies to resort to malpractices, while others are targeting cash thefts, larceny, warehouse thefts and illegal payment of various invoices. The increase in unemployment rate is coercing various employees to commit fraud for sustaining lives. With a considerable amount of money that is at the point of quick disbursal, there is a notable potential for cash frauds and scams.
Typically during periods of recession cash in circulation in the economy tends to shrink. On the other hand, increase in money supply is typically a leading indicator of growth in consumption and business investments. However, this time it indicates neither. The current pandemic induced recession is seemingly resulting in an increase in cash in circulation. In the United States, the worst affected by the pandemic both economically and from a public healthcare stand point witnessed cash circulation rise by approximately 2.1% in the month of March alone. In absolute terms the money in circulation during that period amounted to over US$ 1.9 trillion, the highest rise since the year 1999 when date migration to the new millennium caused fears of computer systems malfunctions. This pandemic has been an unprecedented event in the entire century. Large sections of the economy were shuttered to fight the spread of the infections sending stock markets crashing as stunned and panic stricken investors pulled out money from everything from junk bonds to blue chip stocks. Households and VC investors sold equities and riskier assets and adopted cash equivalents. Consumers are hoarding cash and not surprisingly since periods of uncertainty such as the present increase the economic pressure and changes the role of cash and its importance to people and businesses. ATM cash withdrawals are also increasing significantly in the country and one of the reasons attributed to this trend is the secure feeling offered by cash-in-hand. Increased physical movement of cash in the global economy bodes well for cash handling safety products like cash and coin deposit bags.
Competitors identified in this market include, among others,