Market Introduction
The US, Canada, and Mexico are among the prime contributors to the secure logistics market in North America. The US and Mexico are the highest-ranked countries for domestic logistics in the region. Moreover, the US, Canada, and Mexico are top countries known for international logistics. Stable economies and technological advancements aid the growth of diverse markets in the region. Cash transactions are the most common sort of financial transaction in North America, and they are a fundamental instrument. Cash payments are popular due to the ease with which they may be made and the fact that they are free of charge and confidential. According to the US Federal Reserve Bank of Atlanta’s “Diary of Consumer Payment Choice survey report,” cash payment instrument contributed a significant share with more than one-quarter of payments, approximately 26.0% of all total payment transactions. Cash management and secure logistical planning are essential for ensuring that citizens have access to cash when they need it. For instance, Honduras, Mexico, Jamaica, Nicaragua, and other developing countries in the region are attempting to increase the number of ATMs and bank branches in their country. The average number of bank branches per 100,000 people in North America is 27.82. Cash in circulation is still prevalent due to the widespread use of cash in US households. According to the Federal Reserve Bank of San Francisco, around 89% of American consumers carry cash up to some extent. Thus, a rise in the number of ATMs and an increase in cash withdrawals from ATMs are anticipated to drive the North America secure logistics market during the forecast period.During the COVID-19 pandemic, people were encouraged to avoid physical contact as much as possible to prevent the spread of the COVID-19 virus. As a result, it was envisaged that small and local businesses and large corporations, and supermarkets would use digital currency for money transactions. Hence, in 2020, the secure logistics market faced significant challenges.
The North America market suffered considerable economic losses in the first two quarters of 2020, owing to the high number of COVID-19 cases, especially in the US. The slowdown of economic growth directly impacted the logistics supply chain across the region. Governments imposed lockdowns to limit human movement, which hampered the manufacturing sectors due to lowered production volumes, and severely impacted supply chain and logistics service providers. However, the logistics and supply-chain industry players emphasize digital technologies to cope with losses and continue the business operations. Several logistics companies are focusing on seizing recruitment processes and investing in digital technologies. This is expected to drive the digitization of the logistics supply chain market in North America amid the COVID-19 pandemic.
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Market Overview and Dynamics
The North America secure logistics market is expected to grow from US$ 13.49 billion in 2021 to US$ 20.42 billion by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028. In this age of globalization, many financial institutions must build strategic relationships to remain competitive and offer a varied range of services to consumers. Several countries across the region has a diverse financial sector that is rapidly expanding, both in terms of established financial services firms’ robust growth and new entrants into the market. Commercial banks, insurance firms, non-banking financial companies, co-operatives, pension funds, mutual funds, and other smaller financial institutions make up the sector. New businesses, such as payment banks, have lately been allowed to be established by the banking regulator, expanding the types of entities that operate in the industry. However, financial sector is primarily a banking sector, with commercial banks accounting for more than 64% of the financial system’s total assets. The several governments across the region has implemented several reforms to liberalize, regulate, and improve this business. The governments across the region have taken several steps to make it easier for micro, small, and medium enterprises (MSMEs) to obtain financing. The expansion and development in banking and financial institutions is anticipated to continue over the years, which is expected to boost the demand for secure logistics in the coming years across the North America region.
Key Market Segments
In terms of type, the mobile segment accounted for the largest share of the North America secure logistics market in 2020. In terms of application, the cash management segment held a larger market share of the North America secure logistics market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America secure logistics market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Allied Universal, BRINK’S INCORPORATED, G4S Limited, GardaWorld, LOOMIS AB, Prosegur, SECURE LOGISTICS LLC, Securitas AB, and SERCO GROUP PLC among others.
Reasons to buy report
- To understand the North America secure logistics market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America secure logistics market
- Efficiently plan M&A and partnership deals in North America secure logistics market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America secure logistics market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
North America Secure Logistics Strategic Insights
Strategic insights for the North America Secure Logistics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
key company profiles
ď‚· Allied Universal
ď‚· BRINK’S INCORPORATED
ď‚· G4S Limited
ď‚· GardaWorld
ď‚· LOOMIS AB
ď‚· Prosegur
ď‚· SECURE LOGISTICS LLC
ď‚· Securitas AB
ď‚· SERCO GROUP PLC
North America Secure Logistics Regional Insights
The geographic scope of the North America Secure Logistics refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
