Counterfeit Money Detection Market Worth 3.11 Billion USD by 2020

PUNE, India, February 12, 2016 /PRNewswire/ --

According to a new market research report "Counterfeit Money Moneytion Market by Product (Currency Detector, Currency Sorter, & Others), Technology (Ultraviolet, Infrared, & Others), Industry (Retail, Gaming, & Others), End-Device (Kiosk & Others), and Geography - Global Forecast to 2020", published by MarketsandMarkets, the total market is expected to reach USD 3.11 Billion by 2020, at a CAGR of 6.9% during the forecast period.

Browse 71 market data Tables and 68 Figures spread through 154 Pages and in-depth TOC on "Counterfeit Money Detection Market"

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Retail industry expected to lead the counterfeit money detection market 

Counterfeit is a serious threat for the retail industries because retail stores process a lot of hard currency transactions and do not always have the strong security measures. Therefore, this sector is considered as a prime target for counterfeiting. Many skilled criminals can imitate the authentic bank notes, and this is virtually impossible for the cashiers to note the differences only through sight and touch. To avoid these monetary losses in the business, counterfeit money detectors can be installed. The detector is expected to alert immediately so that the cashier can refuse the bills.

Currency detectors expected to dominate the counterfeit money detection market segmented on the basis of product types 

Currency detectors are the widely used products for counterfeit money detection. These are especially designed for detecting counterfeit banknotes. Counterfeit detectors are built-in with ultraviolet, infrared, watermark, microprint, magnetic, and other technologies which are able to detect counterfeit banknotes.

APAC expected to grow at the highest CAGR during the forecast period 

The market in APAC is expected to grow at a CAGR of 8.4% between 2015 and 2020. Governments of Asian countries such as China, Japan, and Australia give prime importance to the security aspect; there are numerous initiatives as well as various counterfeiting laws and penalties have been implemented in these countries to check on the circulation of counterfeit currency.