US & Canada, Sept. 11, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global authentication and brand protection market is observing considerable growth owing to growing urbanization, the reach of several brands to the masses is also expanding, which enables users enhanced access to authentic brands.
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the authentication and brand protection market comprise a vast array of component related to segmented into overt, covert, forensics, and digital, which are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The authentication and brand protection market is expected to reach US$ 6.68 billion by 2030 from US$ 3.34 billion in 2022, at a CAGR of 9.0% during the forecast period. The emergence of new counterfeit and product-forging mechanisms over the years has fueled the demand for authentication and brand protection solutions.
2. Technological Innovations: Thus, there is an increasing need for solutions to achieve adequate levels of safety. In addition, the rise of omnichannel retailing systems benefits the authentication and brand protection market. These retailing systems feature efficient product allocation, better inventory management, and real-time inventory visibility. The counterfeit products arena is expanding at a rapid rate—encompassing offerings of industries such as food & beverages, chemicals, consumer electronics, automotive components, medical devices and pharmaceuticals, and agriculture. With growing forgery issues, many industries—ranging from tobacco to consumer electronics—are veering toward authentication and brand protection technologies.
3. Geographical Insights: North America dominated the authentication and brand protection market in 2022 and is anticipated to grow with significant growth in forecasted period. The demand for authentication and brand protection products from manufacturers is substantially higher in the region owing to the availability of a large number of counterfeit products. Additionally, various product manufacturers in the US spend substantial amounts on maintaining the confidentiality of sensitive information about their products and safeguarding the valuation of their brands.
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4. Geographical Insights: Asia Pacific is expected to grow at the fastest CAGR during the projected period. Consumer electronics, medical, and food & beverages industries are among the major adopters of authentication and brand protection solutions in the region. China has a massive industrial sector, and the demand for products made in China has increased in the last few decades. On the other hand, the country has been witnessing a rise in the production and sales of counterfeit products, which has propelled the demand for authentication and brand protection solutions among OEMs to claim the originality of the products and protect the brand image.
Market Segmentation:
- By component, the authentication and brand protection market is segmented into overt, covert, forensics, and digital. In 2022, the covert segment held a larger share of the global authentication and brand protection market. Covert authentication and brand protection is a safety marker that is invisible to the naked eye, often printed on primary and secondary packaging with security inks. Additional forensic safety layers are also embedded in the materials and can be confirmed by more extensive lab analysis. This extra security layer proves to be very difficult for the counterfeiter but is easily verified by field inspectors.
- Based on technology, the market is segmented into security printing & tamper proof labels, security inks & coatings, OVDs and holograms, unique codes, bar codes, RFID, authentication ICs, and others. The bar codes segment held the largest share in the Authentication and Brand Protection Market in 2022. In addition, the authentication ICs segment is expected to register the highest CAGR during 2022–2030. Authentication ICs are typically mounted on a printed circuit board. They don't have any contactless capabilities yet, but they are developing. Inclusion of contactless will add to the growth potential of this market as it will allow the use of authentication ICs in more (non-electronic) applications and products and form factors such as tags and stickers.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the authentication and brand protection market include Avery Dennison Corporation, Authentic Vision, AlpVision SA, Applied DNA Sciences, and Giesecke+Devrient. These firms are leveraging innovations in brand protection to enhance their service offerings and expand their market reach.
- In April 2023, Authentix, the authority in authentication and information services, announced that it has acquired Netherlands based Royal Joh. Enschedé, a leading specialty printing and security solutions provider from investment firm Nimbus.
- In January 2023, Nexans has adopted Authentic Vision Meta-Anchor technology to secure Nexans products and supply chains and combat illicit trade.
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Global Headlines on Authentication and Brand Protection Market:
- "Growing Concerns over Duplicate Consumer Electronics Products and Automotive Components"
- "Blockchain technology transforms the way firms combat counterfeiting, improve supply chain transparency, and manage digital rights"
- "Authentication measures provide consumers’ confidence by assuring the authenticity and quality of their items"
- " Authentication and trademark protection assist firms in meeting regulatory and intellectual property requirements"
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Conclusion:
The global authentication and brand protection market is largely driven by growing concerns over duplicate consumer electronics products and automotive components. The consumer electronics and automotive industries in developed and developing countries have witnessed unprecedented growth over the years; the demand for these products continues to grow annually. With this, the demand for components used in consumer electronics and automotive is also growing, prompting a rise in the supply of counterfeit products.
The report from The Insight Partners, therefore, provides several stakeholders—including brand protection service providers, technology developers, and investors—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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