The Banknote Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Banknote Global Market Report 2024, The banknote market size has grown strongly in recent years. It will grow from $12.50 billion in 2023 to $13.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to advancements in printing technology, economic instability, inflation rates, increasing demand for secure currency, the growth of international trade, shifts in government policies, and the expansion of global financial systems.
The banknote market size is expected to see exponential growth in the next few years. It will grow to $16.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to advancements in digital payment technologies, evolving consumer preferences for digital currencies, potential regulatory changes, the rise of financial inclusion initiatives, increasing demand for high-security features, and ongoing developments in anti-counterfeiting measures. Major trends in the forecast period include the increasing adoption of polymer banknotes, the growing emphasis on the innovative design of banknotes, the integration of advanced security features, the rising demand for cash-handling automation technologies, and the use of data analytics and AI.
The growing cash transactions are expected to propel the growth of the banknote market going forward. A cash transaction is a financial exchange where payment is performed with physical currency, usually coins or banknotes. The increase in cash transactions is due to economic instability, use in the informal economy, security concerns, and small transactions. Banknotes facilitate cash transactions by providing a universally accepted and convenient medium of exchange. For instance, in September 2023, according to UK Finance, a UK-based financial services company, the total number of cash transactions in the UK rose to 6.4 billion in 2022, up from 6.0 billion in 2021. Therefore, the growing cash transactions are driving the growth of the banknote market.
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The banknote market covered in this report is segmented –
1) By Type: State-Owned, Commercial
2) By Material: Paper, Polymer
3) By Application: Intaglio Printing, Offset Printing, Letterpress Printing
Major companies operating in the banknote market are focused on developing advanced products, such as commemorative polymer banknotes, to enhance security features and extend the lifespan of currency. Commemorative polymer banknotes are a type of currency printed on polymer, increasing durability and wear and tear adaptability. These banknotes frequently have unique designs and themes that commemorate historical events, cultural heritage, or influential people, making them usable currency and collector items. For instance, in February 2023, CCL Secure, an Australia-based company that designs and manufactures polymer banknotes, collaborated with Polish Security Printing Works (PWPW), a Poland-based producer of banknotes, to launch Guardian 20 złoty banknote. This innovative 20-złoty banknote incorporates advanced polymer technology, enhancing durability and resistance to wear compared to traditional paper-based currency. A vibrant, intricate design that celebrates Polish heritage and achievements, with high-resolution printing ensuring visual appeal and security. The note also integrates state-of-the-art security elements such as micro printing, color-shifting inks, and embedded holograms, which provide robust protection against counterfeiting.
The banknote market report table of contents includes:
1. Executive Summary
2. Banknote Market Characteristics
3. Banknote Market Trends And Strategies
4. Banknote Market – Macro Economic Scenario
5. Global Banknote Market Size and Growth
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32. Global Banknote Market Competitive Benchmarking
33. Global Banknote Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Banknote Market
35. Banknote Market Future Outlook and Potential Analysis
36. Appendix
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