The Authentication and Brand Protection Market Growth impelled by rising adoption of bar codes for protecting brand reputation, escalating demand for genuine products, growing concerns about duplicate consumer electronics and automotive components.
Pune, India., July 22, 2021 (GLOBE NEWSWIRE) -- Authentication and Brand Protection Market: Key Insights
According to our new research study on “Authentication and Brand Protection Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Technology, Application, and Geography,” the Authentication and Brand Protection Market Size is expected to reach US$ 5,322.57 million by 2028 from US$ 3,129.00 million in 2021; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.”
Authentication and Brand Protection Market: Competitive Landscape and Key Developments
A few of the key players operating in the authentication and brand protection market, which are profiled in this market study, are AlpVision SA; Authentic Vision; Applied DNA Sciences, Inc.; Eastman Kodak Company; De La Rue PLC; Authentix, Inc.; Avery Dennison Corporation; Centro Grafico dg S.p.A.; Giesecke + Devrient GmbH; 3M; and Arjo Solutions. In addition, there are several other important players operating in the ecosystem, which have been analyzed during the course of this study.
In 2021, SUKU, Avery Dennison Corporation, collaborated with Boisset Collection, a leading family-owned fine wine companies. The SUKU's NFC-enabled tagging solution are used in the wine label itself and wine connoisseurs. The solution needs simply a tap on label through smartphone to detect about wine such as exclusive content, videos, stories, tasting notes, origin, and personalized message from creator Jean-Charles Boisset.
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In 2020, AlpVision introduced "AlpVision COVID-19 Initiative" to support pharmaceutical companies in protecting COVID-19 medicines against counterfeiting. The initiative also assists pharmaceutical companies by offering necessary tools to protect COVID-19 vaccines and medicines against counterfeiting.
Increasing demand for authentication and brand protection from the tobacco industry to reduce cigarette counterfeit drives market growth. According to De La Rue International Limited, ~600 billion illicit cigarettes are smoked every year, accounting for ~10% of the global consumption. As per Authentix, Inc, if this illegal cigarette trade is eliminated, then the government UK would experience a gain of at least US$ 31 billion in taxation revenue. The rising initiatives by governments to control illicit tobacco trade create a huge opportunities for the growth of the authentication and brand protection market players.
North America held the largest share of the authentication and brand protection market in 2019. The visibility of the US manufactured products across various countries is significant, and pertaining to this, demand to protect the brand through the authentication of products is rising continuously. The manufacturers of products across various industries in the US spend substantial amounts on ensuring the authenticity of their respective products.
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The COVID-19 pandemic has spread at a swift pace worldwide. In 2020, China, the US, India, Italy, Spain, Germany, Iran, France, and the UK were among the worst-affected countries in terms of active cases and deaths. The pandemic has been affecting economies and industries, and it is further estimated to create massive bottlenecks in businesses due to lockdowns, travel bans, and supply chain discrepancies. However, the risk of illegal sales of counterfeit products has increased amid this global crisis due to manpower shortages, low raw material availability, supply chain disruptions, and transport restrictions. Thus, the CPVID-19 pandemic is presenting strong growth opportunities for the authentication and brand protection market players.
The grey market of consumer electronics and other electronic equipment is booming in highly taxed countries, wherein dealers import straight from low-taxed countries and sell the products at lower prices, which leads to fierce competition between local and international OEMs. Smartphones, tablets, and laptops are the most common consumer electronics used by end users. The rise in the adoption of these items has led to the proliferation of the grey market of the electronic components. However, awareness related to the disadvantages of duplicate products has created severe concerns among end users, which is bolstering the demand for authentic products. This has led the OEMs to mark their products with authentication labels. This factor is boosting the growth of the authentication and brand protection market.
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Authentication and Brand Protection Market: Type Overview
Protecting a brand, documents, products, and packaging in its entirety requires a proactive approach supported by layered and mixable safety features and indicators. The authentication and brand protection market players aim to help their customers to implement dynamic security solutions, thus enabling them to stay ahead of counterfeiters. Based on type, the authentication and brand protection market is segmented into overt, covert, forensic, and digital. The overt segment led the market in 2020. Overt authentication and brand protection products are visible to the naked eye, and allows consumers, inspectors, and government agencies to quickly identify the authenticity of packages. State-of-the-art complex security printing software as well as micro-optic lens films, holograms, and embossed optical films are a few of the open technologies that can be used to design brand safety labels.
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