LONDON--(BUSINESS WIRE)--The global banknote market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing fraudulent activities such as printing of fake currencies, money laundering, bribery, and corruption by anti-social elements have led many governments to enforce demonetization policies. Secure printing of banknotes, along with stringent implementation of laws helps in the prevention of tampering and forgery of such instruments. Such strategies result in the printing of new currency notes thereby creating immense growth opportunities for players in the global banknote market during the forecast period.
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As per Technavio, the use of durable solutions for printing currencies, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Banknote Market: Use of Durable Solutions for Printing Currencies
Central banks are transitioning toward the use of solutions with higher durability for printing currencies. These solutions include pure polymer substrates, hybrid substrates, paper/polymer composites, and superior varnishes and coatings instead of paper notes. Such novel solutions not only prolong the lifespan of the currency but are tear-resistant, waterproof, and more impervious to contamination due to folding, soiling, and microorganisms. The use of such solutions makes banknotes suitable for recirculation and improve the processing speed and sorting accuracy of ATMs. Also, currency printed on polymer substrates cannot be forged easily as they have high security features such as see-through window, quill, and serialized numbers. They also have a lower environmental impact than traditional paper currency. Thus, with such advantages, the transition toward improved substrates will boost banknote printing, which in turn, will boost market growth during the forecast period.
“Apart from the use of durable solutions for printing currency, the rise in financial inclusion and the increased focus on outsourcing the printing of currency are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Banknote Market: Segmentation Analysis
This market research report segments the global banknote market by printers (state-owned and commercial) and geographical regions (APAC, North America, Europe, MEA and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA and South America respectively. During the forecast period, the MEA region is expected to register the highest incremental growth due to the increase in infrastructure and tourism-related developments in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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