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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.
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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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