DUBLIN, Oct. 3, 2023 /PRNewswire/ — The “Global Authentication and Brand Protection Market (by Application, Technology & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global authentication and brand protection market is poised to experience substantial growth in the coming years, with a projected market size of US$3.36 billion by 2023.
This growth is expected to be driven by various factors, including the need to safeguard brands, maintain authenticity, and combat the rise of counterfeit products. The market is forecasted to progress at a Compound Annual Growth Rate (CAGR) of 9.95% during the forecasted period.
Authentication and Brand Protection: Safeguarding Brand Integrity
Authentication and brand protection is a critical business segment that focuses on preserving the authenticity and reputation of brands while ensuring customer trust. In an increasingly digital world, businesses, both large and small, face significant challenges related to brand protection and authentication. These challenges arise from the proliferation of counterfeit products and the need to safeguard intellectual property rights.
To counteract counterfeiting and build consumer confidence, businesses deploy various authentication and trademark protection technologies. These technologies play a vital role in industries such as pharmaceuticals, automotive, food and beverages, and consumer electronics, among others. The growth of e-commerce has further exacerbated the issue of counterfeit products, driving the demand for brand protection solutions.
Market Segmentation
The global authentication and brand protection market is segmented based on application and technology:
By Application:
- Medical
- Automotive
- Food and Beverage
- Consumer Electronics
- Others
Among these segments, the food and beverage sector leads the market, driven by the need to combat food fraud incidents and the rise of online grocery shopping. The pharmaceutical industry, driven by stringent regulations and the need for product integrity, also contributes to market growth.
By Technology:
- Digital
- Non-Digital
Digital technology is expected to witness significant growth, with consumers increasingly using smartphones for product authentication and interaction with brands.
Geographic Coverage
The global authentication and brand protection market is divided into five regions:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
North America currently dominates the market, with the United States being the largest contributor. The region benefits from strict anti-counterfeiting regulations and a focus on protecting product and brand integrity. However, Asia Pacific is expected to exhibit the highest growth rate, driven by fragmented markets and local players offering various brand protection solutions.
Key Factors Driving Market Growth
- Growth in the Food and Beverage Industry: The introduction of supply chain laws and the rising cost of counterfeit goods have driven food and beverage manufacturers to seek brand protection solutions.
- Escalating E-commerce Sales: The growth of online shopping has increased the incidence of counterfeit products, necessitating brand protection measures.
- Rise in Counterfeit Products: The proliferation of counterfeit goods across various industries, including pharmaceuticals, has fueled the demand for authentication and brand protection.
- Growth in the Pharmaceutical Industry: Stringent regulations and the need to protect product integrity in the pharmaceutical sector contribute to market growth.
Challenges and Trends
Challenges:
- Lack of Awareness: Many consumers, especially in underdeveloped regions, are not aware of authentication and brand protection solutions, leading to limited adoption.
Trends:
- Blockchain Technology: The integration of blockchain technology in brand protection is gaining popularity, providing secure and transparent solutions.
- Artificial Intelligence: AI is being increasingly used to enhance brand protection efforts and detect counterfeit products.
- Digital Solutions: Digital platforms are becoming more prevalent for brand protection, offering comprehensive data monitoring and interaction with consumers.
Impact of COVID-19
The COVID-19 pandemic initially had a negative impact on the authentication and brand protection market, but demand for brand protection solutions increased in response to rising counterfeit and damaged products. Protecting brand integrity and consumer safety has become a top priority for organizations in a post-pandemic world.
Key Players
The global authentication and brand protection market is fragmented, with numerous players holding varying market shares. Key players in the market include Authentic Vision, 3M Company, Authentix, Applied DNA Sciences, AlpVision SA, Eastman Kodak, Giesecke Devrient GmbH, Arjo Solutions, De La Rue, Centro Grafico, Avery Dennison, Centro Grafico DG S.P.A, and Wisekey.
For more information about this report visit https://www.researchandmarkets.com/r/67n4wa
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