Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global Counterfeit Money Detection Market size was valued at USD 4.06 Billion and is projected to reach USD 6.101 Billion by 2029, growing at a CAGR of 7.9% over the forecast period.
One of the key drivers propelling the growth of the global counterfeit money detection market is government enforcement to stop the circulation of counterfeit money as well as the rising number of illegal financial activities in retail stores, airlines, and casinos. The market for counterfeit money detection is also predicted to rise as a result of the development of new retail automated products.
The proliferation of fraudulent operations around the world and the usage of counterfeit money in industries like banking, gaming, and retail are the main drivers of this market's expansion. This market is finding new growth opportunities thanks to the rise of new retail automated devices such as portable point-of-sale terminals. Governments around the world are making an effort to minimize the use of fake cash. A serious criminal act, counterfeiting is.
The global counterfeit money detection market's growth, however, may be constrained by the incapacity of currency detection systems to identify fake currency. Nevertheless, the growing use of automation technology in the retail industry for the identification of counterfeit money has the potential to significantly increase revenue for participants in the target market. Retail automation combines intelligent equipment and technologies to give customers high-quality services while also enhancing business operations.
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Global counterfeit money detection market Scope:
| Metrics | Details |
| Study Period | 2019-2029 |
| Market Size in 2029 | USD 6.101 Billion |
| Segment Covered | By Type, Technology , Industry Vertical, By Region, |
| By Type Covered | Currency Detectors, Coin & Currency Counters, Pens, and Currency Sorters |
| Technology Covered | Ultraviolet, Infrared, Magnetic, and Others |
| Industry Vertical Covered | Banking, Retail, Gaming, Hotel, and Others |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | Innovative Technology Ltd., Crane Payment Innovations, Glory Ltd., Cummins Allison Corp., Royal Sovereign International, Cassida Corporation, Accubanker, DRI Mark Products, Japan Cash Machine |
The term "counterfeit money detector" refers to a tool that aids in spotting a fake banknote. In order to prevent counterfeiting, banknotes are printed with several security characteristics. These Detectors assist in determining whether or not the necessary security measures are present on the banknote.
Several built-in functions of Counterfeit Money Detection, including UV detection and watermark detection, are helpful in determining whether the currency is genuine or not. Decreasing the loss brought on by fake cash helps to increase earnings.
Currency sorters segment is expected to increase more rapidly than currency detectors during the forecast period. As a result of counterfeit detectors' ability to distinguish between real and fake cash notes, more and more industries are implementing them. The benefit of classifying notes according to different denominations is the main reason why currency sorters are used in banks.
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The majority share of the counterfeit money detection market will be governed by North America. Large technology corporations' presence and early adoption of emerging technologies are the main causes of its dominance. However, it is also projected that the Asia Pacific region will increase significantly during the projection period. This expansion can be attributable to the continued advancements and widespread use of counterfeit money detectors in a variety of businesses. Additionally, unorganized retailers are becoming more and more aware of the benefits of technology for detecting fake currency.
For instance, iTestCash is a top provider of money handling and counterfeit detection systems. Its clients include retailers, grocery stores, banquet halls, eateries, banks, and any other place where money is exchanged. The group supports training in coin identification and counterfeit money awareness.
Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. By Product Type, 2022-2029 (USD Billion)
5. By Technology, 2022-2029 (USD Billion)
6. By End-use Industry, 2022-2029 (USD Billion)
7. By Application, 2022-2029 (USD Billion)
8. Global Counterfeit Money Detectors Market, by Region, 2022-2029 (USD Billion)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• South America
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
9. Company Profiles
10. Appendix
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