The counterfeit money detection market
is expected to reach USD 3.11 Billion by 2020, growing at a CAGR of 6.9%
between 2015 and 2020. The growth of this market is driven by initiatives taken
by various governments to implement the counterfeit money detectors to prevent
the circulation of fake currency. On a global level, the growing number of
fraudulent activities and circulation of fake currency across sectors such as
retail, gaming, and banking are also the prime causes for the growth of this
said market. The growth in new retail automated products, such as mobile
point-of-sale terminals, is creating opportunities for this market.
The
retail industry is expected to dominate the market for counterfeit money
detection. However, the transportation industry is expected to witness the
highest growth rate during the forecast period. The increasing deployment of
kiosks and vending machines at various transportation facilities such as
airports and railway stations is the major driver for the increasing demand for
counterfeit money detectors in the transportation industry.
Various
technologies such as ultraviolet, infrared, magnetic, watermark, microprint,
and so on are integrated with the currency detecting devices. Among these,
ultraviolet technology is the most popular technology because of its high rate
of accuracy for finding a counterfeit note. The magnetic technology is expected
to have the highest growth rate. The magnetic properties are monitored with
more advanced sensors to detect the genuineness of the banknote. Among the wide
range of products offered by various market players, currency sorter is
expected to register a high growth rate during the forecast period.
North America is expected to hold the largest
share of the counterfeit money detection market during the forecast period, and
the market in APAC is expected to grow at the highest CAGR during the forecast
period. This growth of the market in APAC can be attributed to the nations such
as Japan, China, and Australia. The market in APAC is at the growth stage, and
the ongoing developments in this region make it a lucrative and high-potential
market.
Sometimes, the detecting machines fail to
find the counterfeit currency notes due to tricky methods adapted by the
skilled counterfeiters, causing a low accuracy level or failure shown by
detectors, so the growth of the market could be hindered. The major players in
this market include Crane Payment Innovations (U.S.), Glory Global Solutions
(Japan), Japan Cash Machine Co., Ltd. (Japan), Cummins Allison Corp. (U.S.),
Fraud Fighter (U.S.), Cassida Corporation (U.S.), and Royal Sovereign (U.S.)
among others. These players adopted various strategies such as new product
developments, mergers, partnerships, collaborations, and business expansions to
enhance their presence in the counterfeit money detection market. Since the
last three years, new product development strategy has been found to be the key
strategies adopted by the market players to enhance their leadership in this
ecosystem.
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