Coin Detectors Market: Expanding Application Areas to Drive the Global Market Gr

Posted by surendra choudhary on May 6th, 2019

Major players operating in the global coin detectors market include Glory Ltd., Wenzhou Xingyao Electronics, Cummins Allison, Shanghai Guao Electronic Technology, Innovative Technology, Guangdong Baijia Baiter, GRG Banking Equipment, Suzhou Ribao Technology, Giesecke and Devrient, Julong, Crane Payment Innovations (CPI), Semacon Business Machines, SuzoHapp (Scan Coin), Billcon Corporation, Cassida Corporation, Royal Sovereign International, Japan Cash Machine, Laurel Bank Machines, Accu Banker, Kisan Electronics, Dri Mark Products, BCASH Electronics, and Fraud Fighter.

Increasing competition in the market is prompting top companies to focus on manufacturing new structured innovative products with sustainable features and expand their production and research facilities in order to develop innovative products with more security features at less cost, and strengthen their presence in the global coin detectors market. This is likely to lead to the introduction of many advanced products in the market during the forecast period.

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Coin detector is a device that helps to identify and detect fake coin currency. Genuine coins are manufactured by governments and have some security features on it that helps to reduce counterfeiting. Coin detectors offer various inbuilt features such as UV detection. This process helps in identifying fake currency and increases profit in business caused due to counterfeit currency. In almost all regions, counterfeiting of coins and bank notes is a crime due to strict government rules and regulation. Coin detectors are used by various financial institutions, banks, hotels, and in places where cash transactions happen.

Moreover, numerous software are being developed in order to improve capability of coin detectors. There are mainly three types of counterfeit coins: cast counterfeits, altered and doctored coins, and struck counterfeits. Rise in hospitality industry, increase in spending nature of the population, and improved economic conditions in several regions are expected to boost the coin detectors market. In addition, the coin detectors market is expected to expand at a considerable pace in the near future due to growing fraud cases.

A major factor driving the global coin detectors market is the growing number of fraud cases and activities related to fake currencies worldwide. Moreover, governments have implemented strict rules and regulations against forged currency circulation. Therefore, rise in demand for counterfeit coin detectors due to strict rules and regulations are anticipated to drive the market during the forecast period. Coin detector machines are used in various industries such as hotels, retail shops, and hospitality and transportation.

Transportation and hospitality industry is largely affected by counterfeit money due to installation of many vending machines. Growing demand for coin detectors to prevent loss in these industries is projected to propel the market in the coming years. However, adding more safety and security features to coin detectors entails high cost. This is expected to create a challenging environment for growth of the coin detectors market. Nevertheless, implementation of automated products and mounting advanced technical security features is expected to create significant opportunities in the global coin detectors market during the forecasted period.

The global coin detectors market can be classified based on type, application or end-user industry, and region. Based on type, the marked can be segmented into large sized machines, medium sized machines, and compact machines. In terms of end-user industry or application, the market can be categorized into transportation, retail, gambling, hotels, banking, and others such as hospitality industry. Based on region, the global coin detectors market can be divided into North America (The U.S., Canada, and Mexico), Europe (Germany, U.K., France, Italy, and Russia), Asia Pacific (China, India, Japan, South Korea, Australia, Malaysia, Philippines, Vietnam, Indonesia, Thailand, and others), Middle East & Africa (GCC and South Africa), and South America.