Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) — The world counterfeit detection market The size was valued at USD 4.06 billion and is expected to reach USD 6.101 billion by 2029, growing at a CAGR of 7.9% over the forecast period.
One of the major drivers for the growth of the global counterfeit money detection market is the government’s enforcement of stopping the circulation of counterfeit money along with the growing number of illegal financial activities in stores retail, airlines and casinos. The counterfeit money detection market is also expected to increase owing to the development of new automated retail products.
The proliferation of fraudulent transactions around the world and the use of counterfeit money in industries such as banking, gaming and retail are major drivers for the expansion of this market. This market is finding new growth opportunities through the rise of new automated retail devices such as portable POS terminals. Governments around the world are working to minimize the use of counterfeit notes. A serious criminal act, counterfeiting is.
However, the growth of the global counterfeit detection market may be limited by the inability of currency detection systems to identify counterfeit currencies. Nevertheless, the increasing use of automation technology in the retail industry for the identification of counterfeit money has the potential to significantly increase revenues for target market participants. Retail automation combines smart equipment and technology to provide customers with high-quality services while improving business operations.
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Global counterfeit detection market
|Market size in 2029||$6.101 billion|
|Segment covered||By type, technology, vertical sector, by region,|
|By type covered||Currency detectors, coin and currency counters, pens and currency sorters|
|Technology Covered||Ultraviolet, infrared, magnetic and others|
|Vertical industry covered||Bank, retail, gaming, hotel and others|
|Regions covered||North America, Europe, Asia-Pacific, Middle East, Africa and South America|
|Profiled Key Players||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 detector” refers to a tool that helps locate a counterfeit note. To prevent counterfeiting, banknotes are printed with several security features. These detectors help to determine whether or not the necessary security measures are present on the banknote.
Several built-in counterfeit detection features, including UV detection and watermark detection, are helpful in determining whether currency is genuine or not. Reducing losses caused by counterfeit cash helps increase revenue.
The currency sorters segment is expected to grow faster than the currency detectors segment over the forecast period. Due to the ability of counterfeit detectors to distinguish between genuine and counterfeit banknotes, more and more industries are implementing them. The advantage of classifying banknotes 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 detection market will be governed by North America. The presence of large technology companies and the early adoption of emerging technologies are the main causes of its dominance. However, the Asia-Pacific region is also expected to grow significantly over the projection period. This expansion can be attributed to the continuous advancements and widespread use of counterfeit detectors in various businesses. Additionally, unorganized retailers are increasingly aware of the benefits of technology in detecting counterfeit currency.
For example, iTestCash is a leading provider of money management and counterfeit detection systems. Its customers include retailers, grocery stores, banquet halls, restaurants, banks and any other place where money is exchanged. The group supports training in coin identification and counterfeit money awareness.
Main points of the table of contents:
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 United States
o United Kingdom
o Rest of Europe
• Asia Pacific
o Rest of Asia-Pacific
• South America
o Rest of South America
• Middle East and Africa
9. Company Profiles
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