Focus of Governments on Implementation of Stringent Anti-Counterfeiting Regulations Boosts Authentication and Brand Protection Market Growth
According to our latest study on “Authentication and Brand Protection Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Component, Technology, Application, and Geography,” the market is projected to grow from US$ 3,340.44 million in 2022 to US$ 6,680.28 million by 2030; it is estimated to record a CAGR of 9.0% from 2022 to 2030.
Growth in manufacturing industry propelling the growth of authentication and brand protection market size. According to a report published by Invest India, the National Investment Promotion and Facilitation Agency, domestic electronics production in India increased from US$ 49 billion in 2016–2017 to US$ 87.1 billion in 2021–2022. With increasing manufacturing activities, the government has started focusing on reducing the threat of counterfeit products. For instance, the Trademarks Act (TMA), which provides civil and criminal remedies for trademark counterfeiting, is the principal legislation in India among all statutory laws regarding counterfeiting. According to the Authentication Solution Providers' Association (ASPA), the Central Government of India has made the stamping of the Quick Response (QR) code on the labels of all active pharmaceutical ingredients (APIs) mandatory on all imported and domestically manufactured goods from January 2003 onward. Thus, companies can track the goods at various stages, including packaging and delivery ones. According to estimates from Interpol, FBI, the International Chamber of Commerce, and the World Customs Organization, counterfeit products account for 7.0–8.0% of global commerce annually. Thus, various governments are taking initiatives to combat the market of counterfeit products. For instance, in 2019, the Dubai Department of Economic Development signed an MoU with a product authentication technology provider to curb the trade of counterfeit products in Dubai. Thus, the growing focus of governments on implementing stringent anti-counterfeiting regulations favors the authentication and brand protection market size.
Authentication and Brand Protection Market – by Region, 2022 and 2030
Authentication and Brand Protection Market Forecast to 2030 - Global Analysis by Component (Overt, Covert, Forensic, and Digital), Technology (Security Printing & Tamper Proof Labels, Security Inks & Coatings, OVDS and Holograms, Unique Codes, Bar Codes, RFID, Authentication ICs, and Others), Application (Consumer Electronics, Automotive, Medical, Chemical, Food & Beverage, Tobacco, and Others), and Geography
Authentication and Brand Protection Market Analysis Report & Forecast-2030
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The authentication and brand protection market is segmented on the basis of type, technology, and application. By component, the authentication and brand protection market is segmented into overt, covert, forensic, and digital. Based on technology, the authentication and brand protection market is segmented into security printing &, tamper-proof labels, security inks & coatings, OVDs and holograms, unique codes, bar codes, RFID, authentication ICS, and others. Based on application, the authentication and brand protection market is classified into medical, automotive, food & beverage, chemical, consumer electronics, tobacco, and others. In terms of region, the authentication and brand protection market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Authentication and Brand Protection Market Growth
The COVID-19 pandemic adversely affected various industries in North America, thereby directly hampering their overall spending capabilities. According to the Center for Strategic and International Studies, the US experienced a contraction in GDP in the second quarter of 2020. The COVID-19 pandemic led to the temporary shutdown of retail stores and manufacturing plants in North American countries, leading to an unprecedented disruption of commerce. Retailers and brands reported various short-term challenges regarding health and safety, supply chain, labor, cash flow, consumer demand, and marketing during the pandemic. This, in turn impacted the Authentication and brand protection market.
Avery Dennison Corporation, Authentic Vision, AlpVision SA, Applied DNA Sciences, and Giesecke+Devrient are a few of the key players operating in the authentication and brand protection market.
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