Ultraviolet Currency Detector Market Estimated to Record Highest CAGR by 2028

Money is an integral part of any nation’s economy and therefore, its genuineness is important. Circulation of fake money can disturb the economic growth process of a country and can cause much inconvenience to people. Many people are still not aware of how they can detect fake notes and the various measures which are to be taken into consideration. As various economies are moving towards development, production and usage of forged bank notes is downsizing economies. An ultraviolet currency detector provides user friendly and portable applications to identify the fraudulent currency notes. Banknotes are printed with some security features to reduce counterfeiting. Ultraviolet currency detectors identify the required security features present on a banknote. Therefore, due to this factor, the demand for ultraviolet currency detectors is increasing rapidly.

An Ultraviolet currency detector is a device which is used to check counterfeit currency, duplicate cheques and fake drafts. This device has a U.V. florescent tube which helps in detecting all color and chemical faults in counterfeit currency, cheques and demand drafts. Furthermore, rising number of bank accounts, increasing investments to expand banking networks and rising number of foreign investments in banking sector are some of the major factors expected to increase demand in the ultraviolet currency detector market. Moreover, rising threats and circulation of fake currency notes is compelling ultraviolet currency detector providers to focus on developing and expanding the number of ultraviolet currency detector in the market.

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Global Ultraviolet Currency Detector Market: Drivers and Challenges

Drivers

The growing investments in the banking industry is the primary factor driving the growth of the ultraviolet currency detector market. Increasing focus of governments of various countries to reduce the circulation of fake currency notes is also one of the major factors fueling the growth of the market. To avoid the counterfeiting of currency, detectors are used by banks and other financial institutions as well as public places, such as departmental stores and shopping malls, where cash transactions generally take place.

Also, increasing fraudulent activities with reference to fake currency and government rules and regulations to prevent the circulation of fake currency notes is driving the growth of the ultraviolet currency detector market. Moreover, increasing focus of financial organizations with the objective to increase the reach of ultraviolet currency detectors in rural and remote corners of the countries is creating potential growth opportunities in the ultraviolet currency detector market. Apart from this, economic development in regions, such as Middle East & Africa and Asia Pacific, and growth and investments in the banking sector of various countries are some of the factors driving the growth of the ultraviolet currency detector market.

Challenges

The high cost of maintenance of ultraviolet currency detectors is the primary factor which may hinder the growth of the ultraviolet currency detector market in near future. Also, growing customer preference for non-cash payments, such as mobile payments, e-commerce payments and online bill payments and expanding digital banking solutions will reduce the need for cash in various regions around the globe. Moreover, the rising trend of UPI payments and money transfer applications are the other factors which may slow down the growth of the ultraviolet currency detector market in near future.

Global Ultraviolet Currency Detector Market: Segmentation

Segmentation of Ultraviolet Currency Detector market on the basis of end-user

BFSI
Retail stores
Fuel stations
Others

Global Ultraviolet Currency Detector Market: Competition Landscape

Key Players

Some of the prominent players in the Ultraviolet Currency Detector market are: Glory Ltd., Cummins Allison Corp., Innovative Technology Ltd., Crane Payment Innovations, Cassida Corporation, Japan Cash Machine Co., Ltd., Accubanker, DRI Mark Products Inc., Fraud Fighter, Royal Sovereign International Inc. and Semacon Business Machines, Inc.

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Global Ultraviolet Currency Detector Market: Regional Overview

On the basis of geography, North America is anticipated to capture largest market share owing to the well developed and established banking and financial organizations and the presence of various ultraviolet currency detector manufacturers in the region. Europe and APAC are also expected to gain substantial market share due to the rapid infrastructural development and increase in number of banking and financial organizations in the region. Also, APAC is expected to be the fastest growing ultraviolet currency detector market owing to the government initiatives being taken for the improvement of banking sector by emerging economies, such as India, China and Japan.

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This release was published on openPR.