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Latin America Cash in Transit Services Market to Grow at a CAGR of 9.1% During 2021-2026, Aided by the Robust Growth of the Banking Industry

According to a new report by EMR titled, ‘Latin America Cash in Transit Services Market Report and Forecast 2021-2026’, the Latin America market for cash in transit services attained a value of about USD 1,764 million in 2020. The industry is further expected to grow at a CAGR of 9.1% in the forecast period of 2021-2026 to reach a value of approximately USD 2,975 million by 2026.

The rising demand for secure cash transfers in the region owing to the high risk of theft is propelling the market growth of cash in transit services. Moreover, the market growth is being propelled by the robust growth of the banking industry in the region. The rapid penetration of retail banks, along with the healthy development of consumer finance, is increasing the prevalence of cash deposits in the region, hence surging the demand for effective cash in transit services for efficient cash management and transfer.

In addition, the expansion of banking services and the increasing penetration of ATM services are further boosting the requirement for secure cash management and transfer, which is significantly contributing to the market growth. As banks are increasingly attempting to become more organised, they are deployed outsourced services to streamline the process of cash transfer. This is increasing the demand for cash in transit services, which is significantly contributing to the market growth.

Loomis AB (STO: LOOMIS), one of the leading companies in the market, acquired 100% shares in the Compañía Chilena de Valores S.A. (“CCV”) in Chile in June 2018. The company completed the acquisition through its fully owned subsidiary. The acquisition is a measure initiated by the company to expand its footprint in Latin America. It would also increase the presence by 30% in the Chilean market. Such expansions by the leading companies in the Latin America market are increasing the demand for cash in transit services in the region, which is providing impetus to the growth of the cash in transit service industry.

Market Analysis by End Use and Region:

  • The market, on the basis of end use, can be divided into retail, financial institutes, casino, government agencies, and hospitals and hotels, among others.
  • The regional markets for cash in transit services in Latin America include Brazil, Argentina, and Mexico, among others.

Key Findings of the Report:

  • The market for cash in transit services in Latin America is being aided by the extensive prevalence of cash payments in the region.
  • The increasing use of cash and the low acceptance of digital payment methods are augmenting the market growth of cash in transit services.
  • The extensive use of cash in casinos is increasing the demand for cash in transit services, hence augmenting the market growth.
  • The regulation in gambling in the region is accelerating the trend of gambling tourism, which is providing impetus to the growth of the cash in transit services industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the Latin America market for cash in transit services for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the end uses and major regions of cash in transit services in Latin America.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Latin America cash in transit services market are Grupo Protégé, Brink's Incorporated., Loomis AB, The Prosegur Group, and G4S Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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