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According to the new research report titled “Authentication and Brand Protection Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 5,322.57 million by 2027, registering a CAGR of 7.9% from 2021 to 2028.
The use of authentication and brand protection technologies has increased among tobacco and precious metal manufacturers, among others, due to counterfeit issues. The counterfeit products arena is expanding at a rapid rate encompassing industries such as food & beverages, chemicals, consumer electronics, automotive components, medical devices and pharmaceuticals, and agriculture. The counterfeit products are difficult to identify due to their similarity with their original counterparts. The duplicate products might affect the reputation and brand of companies and put country populations in great danger. The increase in e-commerce business has led to a rise in counterfeit product trade. Several countries have imposed strict rules and regulations on the import and export of goods and commodities that are without authentication labels. In addition, governments are undertaking initiatives to create awareness regarding counterfeit products and rise in their market availability.
The authentication and brand protection market that is highly fragmented with the presence of numerous players across the ecosystem. Many of these players are offering fractional solutions. However, the market is witnessing greater demand for end-to-end holistic solutions, offering a combination of the systems that can effectively authenticate, track and trace, and serve end-to-end. The increasing use of mobile apps for tracking products by scanning the codes is also creating immense growth opportunities in the overall market. Further, companies are also providing the end-to-end online solutions for keeping a check on violations of intellectual properties, including patent and design violations, and trademark or brand infringements. The timely identification of such violations assists in taking crucial steps without any delay. The emerging countries with increasing unorganized sectors can highly benefit from the advancements in solutions facilitating the immediate detection of counterfeiting. HID Global has developed HID Trusted Tag Services that allow brands to endure discretely embedded and cryptographically secured NFC/RFID tags in final products.
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. Irrespective of this, rise in challenges faced in terms of counterfeit products, leading to the sabotaging of brand reputation, the companies, especially, the pharmaceutical and food & beverages players, are using brand protection technologies.
Key Findings of Study:
The global authentication and brand protection market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). Currently, North America leads the global market, followed by Europe and Asia Pacific. Being a technologically advanced country, manufacturers operating in the US can procure barcodes and software easily to protect their products. Overt authentication solutions have a maximum, and the same trend is expected to continue in the coming years, thereby catalyzing the growth of the authentication and brand protection market in North America.
The authentication and brand protection market in APAC is witnessing a tremendous growth pace and is foreseen to be growing steeply during the forecast period. The manufacturing sectors in APAC countries are constantly growing pertaining to an increase in demand for various commodities from customers. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. China, India, South Korea, Japan, and Australia are among the key countries in the authentication and brand protection market in APAC.