Counterfeit Money Detection Market Outlook - 2027
The global counterfeit money detection market is experiencing significant growth and is expected to grow considerably in the next few years. Counterfeit money detector is a device that detects a counterfeit banknote. Banknotes are printed with some security features to decrease counterfeiting of currency. It detects whether essential security features are present on banknotes or not. They are designed to spot highest quality fake bills instantly. Counterfeit money detectors are used in various industries such as banking, retail, gaming, and hotel. Counterfeit money detectors detect dirty, damaged, and rumpled bank notes as counterfeit. When these detection devices come across some suspected bank notes, they alert cashier to inspect bank notes.
The global counterfeit money detection market is segmented on the basis of Type, Technology, Industry Vertical. Based on Type, the counterfeit money detection market is divided into Currency Detectors, Coin & Currency Counters, Pens, and Currency Sorters and others. On the basis of Technology, the market is categorized into Ultraviolet, Infrared, Magnetic, and Others, and others. On the basis of Industry Vertical into Banking, Retail, Gaming, Hotel, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global counterfeit money detection market include Crane Payment Innovations, Glory Ltd., Semacon Business Machines, Inc., DRI Mark Products Inc., Cassida Corporation, Japan Cash Machine Co., Ltd., Cummins Allison Corp., Fraud Fighter, Cassida Corporation., and Royal Sovereign. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
COVID-19 scenario Analysis:
- The global counterfeit money detection market size has been significantly impacted by the COVID-19 outbreak. Due to the ongoing worldwide lockdown, the market is estimated to observe a sluggish growth.
- The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand are gradually going to increase.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Counterfeiting is one of the serious crimes in present time. The major factor that drives growth of the global counterfeit money detection market is government regulations and prevention laws. Increase in incidences of fake currency at various industries such as banking and gaming has led to increase the market growth. Rise in use of counterfeit money detectors at airports, shopping malls, and financial institutions contribute toward growth of the counterfeit money detection market growth. In addition, installed software that detects fake currency notes is expected to spur growth of the gloabal counterfeit money detection market share. Inadequacy of currency detection devices to detect currency restricts growth of the global market . However, rise in use of various technologies for counterfeit money detection in the retail sector can create high revenue opportunities for players in the market.
New technologies to flourish the market
Counterfeit money detection devices are incorporated with various technologies such as ultraviolet, infrared, and magnetic. Ultraviolet technology is widely used technology by counterfeit money detection devices, owing to its high rate of of accuracy for finding a counterfeit note. Magnetic technology is expected to grow with the highest CAGR, owing to various advantages offered by the technology. This technology is used by most of developed and developing economies such as U.S., Germany, China, Japan, and India. Magnetic technology is used in most hand held devices in detection of magnetic properties of currencies. Other technologies such as infrared is estimated to grow with a decent growth rate during the forecast period.
- This study presents the analytical depiction of the global counterfeit money detection industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed global counterfeit money detection market analysis.
- The counterfeit money detection market trends are quantitatively analyzed from 2020 to 2027 to highlight the global market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global counterfeit money detection market analysis based on competitive intensity and how the competition will take shape in the coming years.
- This report provides the market share analysis by company for the base year.
Market scope and structure analysis:
Market size available for years
Base year considered
Type, Technology, Industry Vertical, and Region
North America (US, Canada, and Mexico ), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia and the Rest of Asia Pacific), and LAMEA (Latin America, Middle East and Africa)
Major players analyzed include Crane Payment Innovations, Glory Ltd., Semacon Business Machines, Inc., DRI Mark Products Inc., Cassida Corporation, Japan Cash Machine Co., Ltd., Cummins Allison Corp., Fraud Fighter, Cassida Corporation., and Royal Sovereign.
Questions answered in the Counterfeit Money Detection Market research report:
- Who are the leading market players active in the counterfeit money detection market forecast?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Counterfeit Money Detection Market Report Highlights
By Product Type
By Industry Vertical
Key Market Players
Japan Cash Machine Co., Ltd., Glory Ltd., Fraud Fighter, Crane Payment Innovations, Cassida Corporation, Cummins Allison Corp., Royal Sovereign., DRI Mark Products Inc., Semacon Business Machines, Cassida Corporation.