Kenneth Research, in its repository of market research reports, has recently added a report on Counterfeit Money Detection Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Counterfeit Money Detection Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Counterfeit Money Detection Market products.
The Counterfeit Money Detection Market is majorly affected by the recently hit global pandemic, COVID-19, which has devastated several businesses worldwide. Although, the ICT industry has observed a significant rise in the utilization of cloud applications, yet several manufacturing organizations in the ICT industry are facing significant issues, especially in places where the ICT infrastructure is not that satisfactory.
Global Counterfeit Money Detection Market Analysis
According to Verified Market Research, the global Counterfeit Money Detection Market was valued at USD 2.52 Billion in 2017 and is projected to reach USD 4.25 Billion by 2025, growing at a CAGR of 6.8% from 2018 to 2025.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Counterfeit Money Detector is defined as a device that helps in identifying a counterfeit banknote. Banknotes are printed with some security features in order to reduce counterfeiting. These Detectors helps in finding out whether the required security features are present on the banknote or not. Counterfeit Money Detection have various built-in features such as UV detection and watermark detection that is useful in checking whether the currency is authentic or not. It helps in increasing profit by reducing loss caused by counterfeit currency.
Global Counterfeit Money Detection Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.Government enforcements in order to prevent the circulation of counterfeit money and rise in number of monetary fraudulent activities in retail outlets, casinos, and airports have been driving the global counterfeit money detection market. On the other hand, Machines inefficiency in Detecting Counterfeit Currency Notes and need of Continuous Power Supply might hamper the overall growth at a global level.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Counterfeit Money Detection Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market. This can be of a great use in gaining knowledge about the cutting-edge technologies in the market.
Global Counterfeit Money Detection Market Competitive Landscape
The “Global Counterfeit Money Detection Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as 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. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
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Global Counterfeit Money Detection Market Segmentation, by Product
• Coin & Currency Counters
• Currency Sorters
• Currency Detectors
Global Counterfeit Money Detection Market Segmentation, by Technology
Global Counterfeit Money Detection Market Segmentation, by Industry
Global Counterfeit Money Detection Market Segmentation, by End device
• Automatic Fare Collection Machines
• Vending Machines
• Self-Checkout Machines
• Gaming Machines
• Vehicle Parking Machines
Global Counterfeit Money Detection Market Geographic Scope
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• Latin America
• Rest of the World
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