Rockville , Oct. 23, 2023 (GLOBE NEWSWIRE) -- As per a new study done by expert analysts at Fact.MR, a provider of market research and competitive intelligence, the global Counterfeit Money Detection Market is predicted to expand at a CAGR of 5.2% and reach a valuation of US$ 5.4 billion by the end of 2033.
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 detect the best quality phony currency rapidly. Many industries use counterfeit money detectors, including retail, banking, and gaming.
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Key Segments of Counterfeit Money Detection Industry Research Report
| By Product Type | By Technology | By Application | By Industry Vertical |
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Bank notes that are soiled, torn, or scrunched up are flagged as fraudulent by counterfeit money detectors. These detection gadgets inform the cashier to check suspected banknotes when they come across some banknotes. One of the most severe crimes today is counterfeiting. Government restrictions and preventive legislation are the main factors driving growth in the market for counterfeit money detection. The occurrence of phony currency has increased across several industries, including banking and gaming.
The market for counterfeit money detection systems is expanding due to their increased use in financial institutions, malls, and airports. The expected growth in the market share of global counterfeit money detection systems is attributed to the implementation of software capable of identifying counterfeit currency notes. The ability of currency detection systems to detect currency is inadequate, which limits worldwide market expansion.
Key Takeaways from Market Study
- The global market for counterfeit money detection is valued at US$ 3.2 billion in 2023.
- Worldwide demand for counterfeit money detection systems is predicted to increase at a CAGR of 5.2% through 2033.
- By the end of 2033, the market is projected to reach a size of US$ 5.4 billion.
- In 2023, currency detectors secured a market share of 30%, primarily due to their widespread availability across various end-use industries.
- North America is forecasted to lead the global market in 2023 with a share of 34%.
- Asia Pacific is predicted to account for a market share of 29% in 2023.
- The market in China is forecasted to advance at a CAGR of 4.5% through 2033.
- Sales of currency detectors are predicted to rise at 6% CAGR from 2023 to 2033.
- The coin & currency counter segment is projected to expand at a CAGR of 3.3% through 2033.
“One of the key factors driving the growth of the counterfeit money detection market is government enforcement to stop the circulation of counterfeit money as well as the rise in fraudulent financial activities in retail stores, airports, and other public places. To prevent counterfeiting, these detectors contain several built-in functions, including UV detection and watermark detection that identify unique intaglio on banknotes. This tends to push the demand for counterfeit money detection systems in financial applications, which further fuels market expansion,” says a Fact.MR analyst.
Market Competition
The competitive landscape segment also encompasses an examination of the global key players' strategic developments, market share, and their rankings in the market.
- In February 2020, Crane Payment Innovations (CPI), a subsidiary of Crane Co. and a renowned global leader in the validation of banknotes and coins, cashless payment systems, and asset management software, completed the acquisition of Cummins Allison. Cummins Allison is a prominent provider of solutions for handling coins, banknotes, checks, and ATMs. This strategic acquisition was driven by the goal of augmenting proficiency in payment processing and currency detection.
| Report Attribute | Details | |
| Value Projection (2033) | USD 5.4 Billion | |
| Growth Rate (2023-2033) | 5.2% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 84 Tables | |
| No. of Figures | 112 Figures | |
Key Companies Profiled
- AccuBANKER USA
- Cassida Corporation
- Crane Payment Innovations
- Cummins Allison Corp.
- DRI Mark Products, Inc.
- Semacon Business Machines, Inc.
- Fraud Fighter
- Royal Sovereign International Inc.
- Japan Cash Machine Co.
- Innovative Technology Ltd
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global counterfeit money detection market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on product type (coin currency counters, currency sorters, currency detectors, pens), technology (ultraviolet, infrared, magnetic, watermark, microprint), application (kiosks, self-checkout machines, gaming machines, vehicle parking machines, automatic fare collection machines, vending machines), and industry vertical (retail & e-Commerce, transportation, BFSI, hospitality & tourism), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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