Counterfeit Money Detection Market Segment Analysis By Product Type
By Product Type, the Counterfeit Money Detection Market Report is segmented into Coin & Currency Counters, Currency Sorters, Currency Detectors, Pens and Others. Currency detectors are analysed to hold highest share 30.12% in 2020 owing to its availability in a wide range of end-use industries. With the presence of different currency notes across different parts of the world, the growing investments in the banking industry is the primary factor driving the growth of the currency detector in Counterfeit Money detection market. Moreover, increasing focus of government of various countries to reduce the circulation of fake currency notes is also one of the major factors fuelling the demand of currency detectors. Different countries have their own currency with a significant syntax which helps in its recognition. However, this unique syntax can be a major threat to the end-users in counterfeiting of currencies as it can be used easily in other countries. This threat tends to bring significant growth in the demand of Counterfeit money detectors across various parts of the globe.
Counterfeit Money Detection Market Segment Analysis By End-Use Industry
By End-Use Industry, the Counterfeit Money Detection Market Report is segmented into Retail, BFSI, Hospitality, Gaming & Entertainment, Government Organizations, Transportation, and Others. Banking, Financial services and Insurance (BFSI) is analysed to hold the highest share during the forecast period 2021-2026. BFSI sector is huge end-use industry for Counterfeit money detectors as it uses this technology for a wide range of applications. From currency sorting to currency detection, all the major banking processes rely on counterfeit money detectors as it reduces the involvement of fake currencies in the banking system. This wide range of applications in BFSI sector tends to create huge market growth of counterfeit money detectors during the forecast period. With the set-up of more banking branches across various parts of the world, the demand of counterfeit money detectors is bound to increase. For instance, according to World Bank Report, number of commercial banks branched elevated from 11.5 in 2019 to 14.1 in 2020 across the globe. This increasing number of branched is expected to enhance the adoption of counterfeit money detector, further driving its market growth.
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Counterfeit Money Detection Market Segment Analysis By Geography
North America is analysed to be the major region with a share of 34% in 2020 for the Counterfeit Money Detection Market owing to the early acceptance of this technology across various end-use industries. Counterfeit Money detectors are mainly used for banking and financial applications in various parts of the world to reduce the involvement of fake currencies. However, in North America other than Banking and financial industries, counterfeit money detectors are used in various retail stores, gaming and entertainment applications and many others. This vast range of end-use applications of counterfeit money detectors is a major driving factor for Counterfeit Money Detection Market in this region. Moreover, North America holds the highest number of commercial bank branches per 100,000 people as compared to other regions. For instance, according to World Bank Reports, 25 commercial bank branches are available per 100,000 people in North America region in 2020. This high availability of bank branches tends to boost the demand of counterfeit money detectors for banking and financial applications, further driving its market growth in this region.
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Counterfeit Money Detection Market Drives
Increasing cases of money laundering and high-profile counterfeit scandals are driving the demand of counterfeit money detectors
The increasing cases of money laundering and high-profile counterfeit scandals across various parts of the world is analysed to significantly drive the Counterfeit Money Detection Market during the forecast period. In recent years, there has been a huge increase in the number of fraudulent activities and circulation of fake currency notes across various industries such as retail, gaming casinos, bank, and others. For instance, as stated by United Nations Office on Drugs and Crimes (UNODC) in 2021, an average of $281 billion per year worth money laundering and counterfeiting cases are being spotted across the world. This increasing fraudulent activities regarding the fake currency is driving the counterfeit detectors market. Moreover, the increasing acceptance of various currencies at any part of the world has enhanced the counterfeiting of banknotes which tend to drive the demand of counterfeit money detectors. For instance, as stated by Europol, a European Unions law enforcement agency, the global acceptance of the euro as a stable currency with low rates of inflation makes it an attractive currency for counterfeiters. According to their survey, the EUR 20 banknote remains the most popular denomination for counterfeiters, followed by the EUR 50. Together, they account for 83.3 % of the counterfeit notes detected in the recent years from 2017-2020. This huge increase in money fraud tend to significantly drive the demand of counterfeit money detectors, further driving its market growth during the forecast period.
Rising government regulations and increasing adoption in other industries is propelling the Counterfeit Money Detection Market growth
Rise in Government regulations for banking and financial sector worldwide tend to create huge impact in the market growth of counterfeit money detector. The government is trying to reduce the circulation of fake currency notes as in many countries counterfeiting is considered as a serious crime. To avoid the counterfeiting of currency, various government across the globe has made it mandatory for the adoption of money detectors by banks and other financial institutions where cash transactions are happening. For instance, in 2020, according to Reserve Bank of India (RBI) guidelines, it is mandatory for Department of Currency Management in various banks across the country to examine the authenticity of banknotes tendered over the counter through machines. Moreover, adoption of counterfeit money detectors across other industries such as transportation, retail which includes shopping malls and others tend to boost its demand during the forecast period. For instance, the 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. This factor is expected to bring significant growth in the demand of counterfeit money detectors, further driving its market growth.
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Counterfeit Money Detection Market Challenges
Increasing adoption of cashless transaction and change in currency notes is analysed to hamper the Counterfeit Money Detection Market growth
One of the most important factors restraining the market growth of Counterfeit money detectors is the huge adoption of cashless transactions across the globe. The cashless transaction has adversely disrupted traditional human intervention and usage of banknotes. This tend to reduce the application of money detectors as a large part of the bank transactions are done online or cashless. This further brings major challenges for the market growth of counterfeit money detectors during the forecast period. Moreover, many regions such as European countries and India changed their currency notes to disrupt the fake currency market. For instance, in the year 2017-18, according to an annual report published by Reserve Bank of India (RBI), fake currency notes detection has been dropped 31.4% due to high security feature of notes making counterfeiting difficult. This tend to restrain the market growth of counterfeit money detectors. For instance, countries such as India and other European countries changed their currency notes to reduce threat of counterfeiting. The European Central Bank (ECB) introduced the new series of banknotes and stated that they are confident that this new series will hamper the activities of counterfeiters. This tend to hamper the adoption of counterfeit money detectors during the forecast period.
Counterfeit Money Detection Market Landscape
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Counterfeit Money Detection Market. In 2020, the market of Counterfeit Money Detector industry outlook has been fragmented by several companies. Counterfeit Money Detector top 10 companies 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.
Acquisitions/Technology Launches/Partnerships
In February 2020, Crane Payment Innovations (CPI), a Crane Co. company and global leader in banknote and coin validation, cashless payment systems and asset management software acquired Cummins Allison, a leading provider of coin, currency and check handling solutions, as well as ATM machines. The acquisition aimed to enhance expertise in payment and currency processing and detection.
In October 2020, Crane Payment Innovations entered into a partnership with Christchurch Casino by selecting their currency detector named CPI SC AdvanceTM as a banknote validator and the Easitrax Connect Management System for the next five years. This tend to uplift its market growth during the forecast period.
Key Takeaways
Increasing cases of money laundering and high-profile counterfeit scandals across various parts of the world is analysed to significantly drive the Counterfeit Money Detection Market during the forecast period 2021-2026.
Currency detector is analysed to hold highest share in 2020 owing to its applications in a wide range of end-use industries. Currency detectors can help detect counterfeit currency notes from real currency notes and hence the adoption of these detectors across various industries is increasing. This tend to uplift its market growth across the globe during the forecast period.
BFSI segment is analysed to hold the highest market share in the forecast period owing to the different applications it offers in the banking and finance sector.
North America is analysed to hold the highest share in 2020 owing to early acceptance of counterfeit money detectors technology across various industries in this region.
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Fraud Detection And Prevention Market
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