Uncovering the Future of Currency: Global Banknote Market Poised to Reach USD 15 Billion by 2028

WASHINGTON - Jan. 21, 2023 - PRLog -- The number of banknotes in circulation rose by 7.7% between 2019 and 2020. The biggest demand was seen in the so-called "minimal" countries of Europe, Oceania (primarily Australia), North America, and Latin America, where each of the aforementioned economies experienced double-digit volume growth. African and Asian economies that rely more heavily on cash only experienced a 7.9% and a 5.9% increase in cash volumes during the pandemic, accordingly.

The global banknote market is expected to be driven by factors including a rising population and a global increase in ATMs. The rapid expansion of electronic payments and banknote counterfeiting, however, will pose a threat to the industry's expansion. Adoption of polymer banknotes, security features, automation of cash sorting, usage of long-lasting solutions for currency printing, and implementation of demonetization legislation are a few prominent themes.

Chinese Yuan Granted Higher Weight
The IMF has granted the Chinese yuan a higher weight in the Special Drawing Rights basket, reflecting global recognition of the currency and China's economic standing.

Impact of Digitization over Banknote
The world is undergoing a digital revolution, and no sector has undergone as much change as payment and settlement systems. As a result, the average person now has access to a wide range of digital solutions. Consumers can now pick from a variety of options when deciding on a payment method to finish a transaction. Consumers base their payment method decision on the perceived value in a given situation.

Makreo research has published a study titled "Global Banknote Market Analysis and Forecast 2028: Segmentation by Region, Technology, and End-Use Industry". This is a detailed evaluation of the banknote market performance worldwide that discusses past, present and future outlook of the industry. In recent past industry has experienced many fluctuations due to the external environment thus this study offers analysis of the industry during Pre-COVID-19 period and post COVID-19 scenario.

The report examines the Global Banknote market on below parameters:

Period of Study-

2018-2022 : Past and Present Scenario

2023-2028 : Future Outlook of the industry

Regions Assessed- North America, Europe, Asia-Pacific, UAE

Company's Mentioned-

Crane Co., De La Rue Plc, FNMT-RCM, Giesecke + Devrient GmbH, Joint Stock Company Goznak, Oberthur Fiduciaire SAS, Orell Fussli Holding AG, Security Papers Ltd.

For more information on the research report, refer to below link:
Global Banknote Market Analysis and Forecast 2028 (https://www.makreo.com/report/global-banknote-market-anal...)

Related Reports by Makreo Research:
Global Money Remittance Market Analysis and Forecast to 2027 (https://www.makreo.com/report/global-money-remittance-mar...)

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