According to a new market research report "Counterfeit Money Detection Market, by Product (Coin & Currency Counter, Currency Sorter, Currency Detector, & Pen), Technology (Ultraviolet, Infrared, Magnetic, Watermark, & Microprint), Industry, End Device, and Geography - Global Forecast to 2020", the total market is expected to reach USD 3.11 Billion by 2020, at a CAGR of 6.9% during the forecast period.
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Retail industry expected to lead the counterfeit money detection market
Counterfeit is a serious threat for the retail industries because retail stores process a lot of hard currency transactions and do not always have the strong security measures. Therefore, this sector is considered as a prime target for counterfeiting. Many skilled criminals can imitate the authentic bank notes, and this is virtually impossible for the cashiers to note the differences only through sight and touch. To avoid these monetary losses in the business, counterfeit money detectors can be installed. The detector is expected to alert immediately so that the cashier can refuse the bills.
Currency detectors expected to dominate the counterfeit money detection market segmented on the basis of product types
Currency detectors are the widely used products for counterfeit money detection. These are especially designed for detecting counterfeit banknotes. Counterfeit detectors are built-in with ultraviolet, infrared, watermark, microprint, magnetic, and other technologies which are able to detect counterfeit banknotes.
APAC expected to grow at the highest CAGR during the forecast period
The market in APAC is expected to grow at a CAGR of 8.4% between 2015 and 2020. Governments of Asian countries such as China, Japan, and Australia give prime importance to the security aspect; there are numerous initiatives as well as various counterfeiting laws and penalties have been implemented in these countries to check on the circulation of counterfeit currency.
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The report analyzes the market trends for each of the market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analysis such as Porter’s five forces analysis, value chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges of the counterfeit money detection market. The report also provides a qualitative and quantitative description of the segmentations considered for the market. It also gives a detailed view of the market across four geographical regions: North America, Europe, APAC, and RoW. North America is the major contributing region in terms of market value for the counterfeit money detection market, whereas APAC has been identified as the fastest-growing region globally.
The report also profiles the most promising players in the counterfeit money detection market. The key players in the market are 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.
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