Authentication and Brand Protection Market is surging with Accentuating Demand for Genuine Products by 2028
NEW YORK, UNITED STATES, November 16, 2021 /EINPresswire.com/ — According to The Insight Partners’ latest market study on “Authentication and Brand Protection Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (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)” the market was valued at US$ 2,971.50 million in 2020 and is projected to reach US$ 5,322.57 million by 2028; it is expected to grow at a CAGR of 7.9% from 2021 to 2028.
Market Size Value in – US$ 2,971.50 Million in 2020
Market Size Value by – US$ 5,322.57 Million by 2028
Growth rate – CAGR of 7.9% from 2020-2028
Forecast Period – 2020-2028
Base Year – 2020
No. of Pages – 221
No. Tables – 91
No. of Charts & Figures – 88
Historical data available – Yes
Segments covered – Type, Technology, and Application; and Geography
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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The authenticity of printed packages, products, or materials can be determined by incorporating a proprietary HD barcode into the said entities during their production. HD barcode differs from other costly authentication methods in their ability to embed vast amounts of data, with volumes 58,000-times greater than UPC codes or 175-times more than QR barcodes, all contained within small, configurable 2D barcodes. By linking HD barcodes to proprietary smartphone app, followed by reading the codes digitally, full-color product images can be accessed on smartphones. These barcodes are different from public 2D barcodes as a unique identification number is assigned to each manufacturer, which can only be used by them and authorized personnel. The manufacturers are also provided with "code generation" software, which is kept separate from readers to print the HD barcodes. The manufacturers generate an "unrevealed password" that is active only when creating the codes. The structure of the system does not follow a set pattern, which allows an individual to decode an HD Barcode.
Impact of COVID–19 Pandemic on Authentication and Brand Protection Market
The pandemic COVID-19 has resulted in the disruption of commerce in North American countries, dur to shutdown of stores or operational limitations on the same. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing at the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of the virus. Furthermore, COVID-19 pandemic is rapidly accelerating the tradition of digital commerce. As people are being told to follow social distancing, e-commerce orders for medicines and essential food & beverage have become a survival tool for the people in America. Further, the negative effect of the pandemic and measures take to manage it on various industries is limiting the authentication brand protection industry growth in the region.
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Escalating Demand for Genuine Products Drives Authentication and Brand Protection Market Growth
The counterfeit product market is expanding rapidly, encompassing industries such as food & beverages, chemicals, consumer electronics, automotive components, medical devices and pharmaceuticals, and agriculture. In the past, consumers have faced significant losses due to the use of the duplicate medical products. On the other hand, awareness regarding benefits of using authenticated products is on rise among end users. Medical device manufacturers are increasingly capitalizing on obtaining product authentication solutions to address customers’ demands for authenticated products, which allows them to retain customer loyalty for long. The supply of authenticating medicines is of utmost importance for pharmaceutical industries. To address the challenges posed by the continuous distribution of fake medicines is challenging pharmaceutical manufacturers. Therefore, different manufacturing players are procuring product authentication solutions, including authentication and brand protection products, to overcome the counterfeiting issues.
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• In 2021, Authentix, AJCL Private Limited, and MITAS Corporation finalized a license agreement with Federal Board of Revenue of Pakistan to execute a track & trace system for cement, tobacco, fertilizer, and sugar. The scope of an agreement is to help both domestic manufacturers and importers with a capability to use secure and digitized tax stamps for each product distributed in Pakistan.
• In 2020, Authentic Vision extended partnership with HDMI Licensing Administrator, Inc. (HDMI LA) new cable certification program covering the new Ultra-High-Speed HDMI Cables. Under this partnership, HDMI LA is expected to expand the usage of Authentic Vision’s authentication technology for consumers to identify certified HDMI cables by quickly and simply scanning the certification label using an HDMI authentication app.
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Source: EIN Presswire