Counterfeit Money Detectors Market Demand and Growth Analysis with Forecast 2023

Counterfeit money detector is a device which identifies a counterfeit banknote. Banknotes are printed with some security features to reduce counterfeiting. Counterfeit money detectors find out whether the required security features are present on the banknote or not. These detectors have various built-in features such as UV detection and watermark detection to check whether the currency is authentic or not. Counterfeit money detectors help in increasing profit by reducing loss caused by counterfeit currency.

Governments worldwide are trying to reduce the circulation of fake currency notes. Counterfeiting is considered as a serious crime. 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 are happening. Increasing fraudulent activities regarding the fake currency is driving the counterfeit detectors market. Also, government rules and regulations to prevent the circulation of fake currency notes are increasing the demand for counterfeit money detectors. Moreover, transportation industry is affected largely due to counterfeiting as the number of kiosks and vending machines at railway stations and airports are increasing at a higher rate. However, increasing cost of detectors to include more security features could prove to be a restraining factor for counterfeit money detectors market.

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Use of automated products such as point-of-sale terminals in the retail sector provides opportunities for the counterfeit detectors market. These automated products are used for fast transactions without human intervention. Counterfeit detectors are an important part of the terminals to check whether the currency notes inserted are authentic. Also, various software are being launched to increase the capabilities of a counterfeit money detectors. This new trend in the market is helping the users to avoid counterfeiting effectively by simply installing a software which would automatically perform the required procedure to identify whether the currency is authentic or not.

Counterfeit money detectors market is segmented on the basis of product, technology, end device and industry. On the basis of product, the market is segmented into coin and currency counters, currency sorters, currency detectors, pens and others. Based on technology, the counterfeit money detectors market is segmented into ultraviolet, infrared, magnetic, watermark, microprint and other technologies. Counterfeit money detectors are used in various industries such as retail, banking, gaming, transportation, hospitality and other industries. End devices used in the counterfeit detectors include kiosks, gaming machines, self-checkout machines, vehicle parking machines, automatic fare collection machines and vending machines. Moreover, on the basis of geography, the global counterfeit money detectors market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America is predicted to experience significant growth among all regional segments in the coming years, due to the rapid growth of gaming and retail industry.

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The global counterfeit money detectors market is highly competitive in nature and is marked with the presence of several international and domestic key players. Major players in the counterfeit money detectors market include 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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