It’s being expected that by 2027, the Counterfeit Money Detection market cap will hit USD 4.99 Billion at a CAGR growth of about 6.8 %.
The market for detecting counterfeit money is expanding significantly and is projected to continue expanding over the next years. A counterfeit banknote can be found with a counterfeit money detector. To reduce monetary fraud, several security measures are printed on banknotes. It determines whether or not banknotes have important security features. They are made to rapidly detect the best-grade phony currency
Impact of Covid-19
The COVID-19 epidemic has had a major influence on the size of the global market for counterfeit money detection. The market is anticipated to develop slowly because of the ongoing global shutdown. Because just the supply chain and production were stopped, COVID-19's impacts on this market are relatively temporary. Production, supply networks, and demand will progressively rise as things get better.
Currency detectors and money sorters are expected to see a significant growth
A currency detector is predicted to increase more rapidly than money sorters over the projection period. Because counterfeit detectors can distinguish between real and fake cash notes, they are increasingly being used in a variety of businesses. The ability to separate notes into different denominations is one of the advantages that currency sorters have in the banking industry. These reasons will significantly boost the growth of the two individual segments throughout the predicted period.
Counterfeit currency can be found more frequently using ultraviolet technology
Technology-based divisions of the market include microprint, infrared, magnetic, ultraviolet, and watermark. UV technology is more commonly employed since it is more regularly used to identify fake currency notes. Despite their accuracy, magnetic technology-based counterfeit money detectors are expanding at the highest rate. The sensors used in magnetic technology identify authentic currency.
The transportation sector is growing at the highest rate
Out of all the industrial sub-segments, the transportation sector is developing at the greatest CAGR. The deployment of kiosks and vending machines in transportation hubs like bus stops, train stations, and airports is one of the reasons contributing to this rise. The need for counterfeit money detectors is rising as a consequence of the numerous transactions that take place in these locations, which is fueling the expansion of the worldwide counterfeit money detection market.
The greatest CAGR is anticipated for kiosks and vending machines over the projection period
Kiosks and vending machines are used in transit hubs like bus stops, train stations, and airports, which are contributors to their rise. The rising usage of end devices is driving the growth of the worldwide Counterfeit Money Detection market.
North America dominates the market share but Asia-Pacific is expected to grow
The market share is dominated by North America, while Asia-Pacific is anticipated to increase North America will have the greatest portion of the market. Early adoption of emerging technologies and the presence of important technology enterprises are the main reasons for its dominance. But during the course of the projection period, the Asia Pacific area is also anticipated to experience tremendous development. This development and use of counterfeit money detectors across several businesses might be credited for this increase. Additionally, disorganised shops are beginning to understand the benefits of counterfeit money detection technologies.
Government regulations and preventative legislation are the main drivers of growth in the worldwide market for counterfeit money detection. The occurrence of phony currency has increased across a number of industries, including banking and gambling.
There are several industries that employ counterfeit money detectors, including banking, retail, gambling, and hospitality. Bank notes that are soiled, torn, or scrunched up are flagged as fraudulent by counterfeit money detectors. These detecting gadgets inform the cashier to check suspicious bank notes when they come across some banknotes.
Counterfeit money detectors use a number of built-in features, such as UV detection and watermark detection, to establish whether the currency is real or not. By decreasing the loss brought on by counterfeit money, counterfeit money detectors help businesses increase their profits. Governments throughout the world are working to stop the spread of counterfeit cash notes. The act of counterfeiting is regarded as a serious offense. Banks and other financial organizations, as well as public locations like department shops and shopping centres where cash transactions are taking place, deploy detectors to prevent currency fraud.
The usage of counterfeit money detectors is widespread, including in the retail, banking, gambling, transportation, and hospitality sectors. End devices used in counterfeit detection include kiosks, gaming devices, self-checkout kiosks, automatic fare collectors, parking kiosks, and vending machines. The market for counterfeit money detection was valued at USD 3.06 billion in 2022 and is anticipated to rise to USD 4.99 billion by 2029, at a CAGR of 6.8%.
The leading market players in the industry include Innovative Technology Ltd., Crane Payment Innovations, Glory Ltd., Cummins Allison Corp., Royal Sovereign International, Cassida Corporation, Accubanker, DRI Mark Products, Japan Cash Machine, Fraud Fighter, and Semacon Business Machines. Key development strategies, market positioning analysis of the aforementioned competitors internationally, and market share analysis are also included in the competitive landscape section.
Latest innovations in the Global Counterfeit Money Market: a Snapshot
- Cassida Pro installed the first middle automation cash room solution in the market, The Cassida Pro Split Recycler was installed in 2,000 US retail locations. The efficient centralization of cash processing, time savings for staff handling cash, standardization of the cash room operations, and full cash cycle transparency have all been achieved with this cost-effective cash room automation system.
- Cummins Allison, a supplier of coin, money, and check handling systems as well as ATMs, has been bought by Crane Payment Innovations, a producer of asset management software, banknote validation, and cashless payments.
Counterfeit Money Detector Market Scope
|Revenue forecast in 2028
|USD 4.99 billion.
|CAGR of 6.8% during 2021-2028
|Product Type, Technology, By End-use, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|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
Key Segments of the Counterfeit Money Detector Market
Product Type Overview, 2022-2029 (USD Billion)
- Coin And Currency Counters
- Currency Sorters
- Currency Detectors
Technology Overview, 2022-2029 (USD Billion)
By End-use Industry, 2022-2029 (USD Billion)
Application Overview, 2022-2029 (USD Billion)
- Automatic Fare Collection Machines
- Vending Machines
- Self-Checkout Machines
- Gaming Machines
- Vehicle Parking Machines
Regional Overview, 2022-2029 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa