- A 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 the authenticity of the currency. Counterfeit money detectors help in increasing profit by reducing loss caused by counterfeit currency. The market for counterfeit money detectors is expected to witness significant growth during the forecast period.
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Key Drivers and Opportunities of the Global Counterfeit Money Detectors Market
- Governments worldwide are trying to reduce the circulation of fake currency notes. Counterfeiting is considered a serious crime. Detectors are used by banks and other financial institutions as well as public places such as departmental stores and shopping malls where cash transactions take place to avoid the counterfeiting of currency. Increasing fraudulent activities concerning fake currency is driving the counterfeit money detectors market. Also, government rules and regulations to prevent the circulation of fake currency notes are expected to increase the demand for counterfeit money detectors during the forecast period.
- The transportation industry is largely affected due to counterfeiting as the number of kiosks and vending machines at railway stations and airports is growing considerably. However, increasing cost of detectors when including more security features could prove to be a restraining factor for the counterfeit money detectors market.
- Use of automated products such as point-of-sale terminals in the retail sector provides opportunities for the counterfeit money detectors market. These automated products are used for fast transactions without human intervention. Counterfeit money 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 counterfeit money detectors. This new trend in the market is helping 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. This is expected to drive the counterfeit money detectors market during the forecast period.
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North America to Hold Major Share of the Global Counterfeit Money Detectors Market
- In terms of region, the counterfeit money detectors market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to experience significant growth in the market during the forecast period among all regional segments in the coming years, due to the rapid growth of gaming and retail industry.
Key Players Operating in the Global Counterfeit Money Detectors Market Include
- Cassida Corporation
- Cummins Allison Corp.
- DRI Mark Products Inc.
- Glory Ltd.
- Hilton Trading Corp.
- Innovative Technology Ltd.
- Japan Cash Machine Co., Ltd.
- Royal Sovereign International Inc.
- Semacon Business Machines, Inc.
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