Introduction to Ultraviolet Currency Detector
The currency detector is primarily used for the detection and identification of the fake money in the circulation. These devices use the UV radiation for the detection of the currency. It helps the various organizations to detect the currency in order to enhance the authenticity. The ultraviolet currency detector method is most widely used technology for the detection of the fake currency. It has fluorescent tube that helps in the detection of the faults in the demand drafts and currency.
The ultraviolet currency detector devices are used by the various banking and financial institutions in order to detect the currency. These devices are used for the proper identification of the currency. The various countries across the globe is focusing on the reducing the penetration of the fake currency.
Market Size and Forecast
The increasing threat of the circulation of the fake currency across the different countries is anticipated to be the major factor driving the growth of the overall market during the forecast period. The growing number of the bank accounts across the globe coupled with the increasing investment in the banking and financial sector is also driving the growth of the overall ultraviolet currency detector market. Additionally, the increasing technological development for the detection of the counterfeit money is expected to foster the market growth of the overall ultraviolet currency detector devices market during the forecast period.
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Ultraviolet currency detector market is anticipated to record a CAGR of 3.8% over the forecast period. The ultraviolet currency detector market is expected to showcase a vibrant growth by the end of the forecast period. The market can be segmented on the basis of end-use industry and devices. On the basis of end-use industry, it is sub-segmented into retail stores,
BFSI, fuel stations and others. Retail stores is anticipated to be the leading sub-segment during the forecast period. The high cash involvement in the retail sector is expected to increase the installation of the currency detector. On the basis of devices, it is sub-segmented into kiosks, self-checkout machines, vehicle parking machines, automatic fare collection machines and vending machines
Growth Drivers
Increasing pieces of the counterfeit notes
The growing number counterfeit currency in the developing countries is anticipated to increase the installation of the currency detectors. Additionally, the growing investment in the various banking institutions is also major factor driving the ultraviolet currency detector market. The government across the globe is increasing focus on reducing the circulation of the fake currency in the economy.
Increasing installation of the ultraviolet currency detector market
The growing cases of the money frauds across the globe is anticipated to drive the growth of the overall ultraviolet currency detector market during the forecast period. The growing focus of the various financial institutions to reduce the growth of the fake currency is also major factor driving the market of the ultraviolet currency detector. Additionally, the various banking and financial institutions are increasing the installations of the currency detectors across the different sectors .This is expected to further support the market growth of the ultraviolet currency detector.
Restraints
High Maintenance Cost
The high maintenance cost associated with the devices is expected to restrain the market growth of the ultraviolet currency detector during the forecast period.
Market Segmentation
Our-in depth analysis of the global ultraviolet currency detector market includes the following segments:
By End-Use Industry:
- Retail stores
- BFSI
- Fuel stations
- Others
By Devices:
- Kiosks
- Self-checkout machines
- Vehicle parking machines
- Automatic fare collection machines
- Vending machines
By Region
On the basis of regional analysis, global ultraviolet currency detector market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to be the largest region for the ultraviolet currency detector market. The highly developed banking sector in the region is anticipated to be the major factor driving the market growth of the ultraviolet currency detector market. Asia-Pacific region is anticipated to be the fastest developing region for the global ultraviolet currency detector market. The enhanced government initiative in order to reduce the circulation of the fake currency is anticipated to foster the growth of the ultraviolet currency detector market in the region. Additionally, government is continuously focusing on increasing the installations associated with the currency .This in turn fuels the market growth of the ultraviolet currency detector.
Global ultraviolet currency detector market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Top Featured Companies Dominating The Market
- Japan Cash Machine Co., Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Inovative Technology Ltd.
- Glory Ltd.
- Cummins Allison Corp.
- Accubanker
- Crane Payment Innovations
- Cassida Corporation
- Royal Sovereign International Inc.
- Semacon Business Machines, Inc.
- DRI Mark Products Inc.
- Fraud Fighter
