Global Banknote Market Growth Rate 2024, Forecast To 2033
11 Sep, 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 CAGR of 5.2%. The historic growth can be attributed to advancements in printing technology, economic instability, inflation, increasing demand for secure currency, international trade growth, changes in government policies, and global financial system expansion. The banknote market size is expected to see exponential growth, reaching $16.27 billion in 2028 at a CAGR of 5.5%. The forecasted growth is driven by advancements in digital payment technologies, evolving preferences for digital currencies, potential regulatory changes, financial inclusion initiatives, and demand for high-security features. Major trends include the adoption of polymer banknotes, innovative banknote design, advanced security features, demand for cash-handling automation, and the use of data analytics and AI.
Global Banknote Market Key Driver
The growing cash transactions are expected to propel the growth of the banknote market going forward. Cash transactions involve payments made with physical currency, such as coins or banknotes. The rise in cash transactions is influenced by factors like economic instability, use in the informal economy, security concerns, and the preference for small transactions. Banknotes serve as a universally accepted and convenient medium of exchange for cash transactions. For instance, in September 2023, UK Finance reported that the total number of cash transactions in the UK increased to 6.4 billion in 2022, up from 6.0 billion in 2021. Therefore, the growing volume of cash transactions is driving the growth of the banknote market.
Get A Free Sample Of The Banknote Market ReportGlobal Banknote Market Segments
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
By Geography:The regions covered in the banknote market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the banknote market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Banknote Industry Players
Banque de France, Barry-Wehmiller Companies, Giesecke+Devrient GmbH, Bank of Canada, THE ROYAL MINT LIMITED, SICPA HOLDING SA, Bundesdruckerei GmbH, De La Rue plc, Crane Currency, Landqart AG, Note Printing Australia Limited (NPA), Orell Füssli AG, Oberthur Fiduciaire, Hueck Folien GmbH, CCL Secure, Banknote World, Hungarian Banknote Printing Company, Polish Security Printing Works, Arjowiggins Security, Advast Suisse AG, South African Bank Note Company, Tumba Mill
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Banknote Market Overview
A banknote is a paper currency issued by a central bank or government that serves as a means of exchange. It acts as a physical representation of currency, allowing for the exchange of goods and services. The banknote standardizes and simplifies the monetary exchange process, resulting in a stable and widely accepted medium for economic activities and value storage.
Banknote Global Market Report 2023 provides data on the global banknote market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The banknote market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.