NEW YORK, Feb. 29, 2016 /PRNewswire/ -- The counterfeit money detection market is expected to reach USD 3.11 billion by 2020, growing at a CAGR of 6.9% between 2015 and 2020. Various government enforcements to prevent the circulation of fake currency notes are driving the growth of the counterfeit money detection market.
The counterfeit money detection market for the transportation industry is expected to grow at the highest rate during the forecast period 2015–2020
Counterfeiting is considered as a risk in the transportation industries because the increasing deployment of kiosks and vending machines at various transportation facilities such as airports and railway stations may create chances of circulation of fake notes. This is the major driving factor for the demand of counterfeit money detectors in the transportation industry.
North America is expected to hold the largest market share during the forecast period
North America held the largest share of the overall counterfeit money detection market in 2014. Industries such as retail and gaming are driving the growth of the said market in this region. The market in APAC is expected to grow at the highest CAGR during the forecast period, followed by RoW and Europe. There are numerous initiatives as well as various counterfeiting laws and penalties have been implemented in these regions to check on the circulation of counterfeit currency. Japan and China are the leading countries in the counterfeit money detection market in the Asian region. Moreover, the rising income, high adoption of smart appliances, and rising per capita income in these countries are likely to drive the market in APAC. Some of the major players in this region are Japan Cash Machine Co., Ltd. (Japan) and Glory Ltd. (Japan).
In the process of determining and verifying the market size for several segments and subsegments of the counterfeit money detection market, extensive secondary research and primary interviews with key people have been conducted. Break-up of the profiles of primary participants is shown below:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-Level – 20%, Director Level – 60%, and Others – 20%
- By Region: North America – 50%, Europe – 33%, and APAC – 17%
The geographical segmentation in the report covers four major regions of the world: North America, Europe, APAC, and RoW. The report also profiles major players in the counterfeit money detection market. Some of the major players in this market are Crane Payment Innovations (U.S.), Glory Global Solutions (Japan), Japan Cash Machine Co., Ltd. (Japan), Cummins Allison Corp. (U.S.), Fraud Fighter (U.S.), Cassida Corporation (U.S.), and Royal Sovereign (U.S.) among others.
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