A cash management system is mainly used to manage liquidity, payments, account balances, and cash flows (outflows, inflows, or within the firm). Cash management refers to a broad area of finance involved in the collection, handling, and utilization of money. It is a marketing term for certain services related to cash flow, offered primarily to bigger business clients. Cash management systems offer advantages such as zero balance accounting, cash concentration, and management of multiple bank associations from a central point.
They have cash positioning and cash forecasting capabilities, which help in efficient decision making regarding cash management. Furthermore, cash management systems based on cash demand forecasting help banks in enhancing the returns on their cash resources and reduce operational costs. In addition, cash management systems have the capability to improve cash sweeping and cash pooling.
The global cash management system market is mainly driven an increase in demand for cash management systems from organizations in order to make the cash management process more agile and reliable. Furthermore, organizations are looking for centralized cash management modules that are combined with enterprise level connectivity and banking applications for the implementation of cash management systems with the click of a button. SaaS modules and cloud storage solutions are gaining popularity among end-users Hence, small firms are also open to pay premium prices for cash management systems, as they provide a high degree of automation in their operations. Moreover, cash management systems improve cash flow, increase forecasting accuracy, enhance productivity, and provide better control and security for both data and cash.
In the current economy and global environment, organizations are adopting cash management systems in order to get a combined view of real-time cash reporting data from a centralized system. These factors are projected to propel the cash management system market in the coming years. However, a rise in government initiatives to promote a cashless economy is expected to restrict the growth of the market around the globe. Nevertheless, increase in demand for cash management systems in the retail industry is a major factor that is anticipated to create new opportunities for the market. This is because cash is a popular payment method in the retail industry. Companies in the industry require cash management systems to manage their cash flow.
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The global cash management system market can be segmented based on component, enterprise size, deployment, end-use industry, and region. Based on component, the cash management system market can be classified into software and services. In terms of deployment, the global cash management system market can be categorized into on- premise, cloud, and hybrid. Based on enterprise size, the cash management system market can be categorized into small- and medium-sized enterprises (SMEs) and large enterprises. In terms of end-use industry, the cash management system market can be divided into transportation & logistics; banking, financial services, and insurance (BFSI); IT & telecom; pharmaceutical & health care; government; retail; manufacturing; travel & hospitality; automotive; manufacturing & construction; packaging; and others.
Based on region, the global cash management system market can be segmented into Europe, North America, Middle East & Africa, South America, and Asia Pacific. The cash management system market in North America is projected to expand at a substantial growth rate during the forecast period. This is primarily due to a rise in demand for cash management systems in order to maximize the automation of high volume financial transactions for large enterprises around the globe.
The cash management system market in Asia Pacific is expanding at a substantial pace. Rise in demand for liquidity management and increase in the requirement for enterprise-level connectivity are major factors boosting the cash management system market in the region. Furthermore, enterprises in Asia Pacific are deploying tailor-made cash management solutions to achieve significant returns on investment.
Major players operating in the global cash management system market include Sopra Banking Software SA, Oracle Corporation, Giesecke and Devrient GmbH, National Cash Management Systems (NCMS), aurionPro Solutions Limited, NTT Data Corporation, Glory Global Solutions Inc., Alvara Cash Management Group AG, Sage Intacct, Inc., and Ardent Leisure Management Limited.