Increased instances of forgery and counterfeiting practices are expected to drive the security printing market over the forecast period. Counterfeiting practices are particularly rampant in postage stamps, bank notes, passports, identity cards, stock certificates, and product authentication. Security printing helps in prevention of tampering and forgery of the aforementioned instruments. The key end market verticals in security printing include Banking, Financial services and Insurance (BFSI), personal ID industry, passport industry, driving license industry, birth certificates issuing, and ticketing industry.
Several methods used in security printing include intanglio printing, holograms, magnetic inks, microprinting, geometric lathe work, anti-copying marks, guilloches or fine line printing prismatic coloration, color shifting ink, rainbow printing, and Ultra Violet (UV) printing. Security printing can help prevent counterfeiters and reduce fraudulent instances. For example, in case of bank checks and currencies, microprinting plays a significant role to avoid counterfeiting practices. Furthermore, serial numbers enable identification of legitimate documents easier for tracking and auditing. The serial numbers are also engaged in detecting forgeries with the help of check digit. Magnetic ink character recognition technology significantly aids in the reduction of the errors in automated or computerized reading.
The growing requirement of brand protection is also expected to enhance the market growth. This can be attributed to the companies indulging in huge losses and reputation dilution due to the copying of the brand names by the product pirates. Increased emphasis on brand protection is expected to be conducive for market growth. Rising digitization is expected to inhibit the security printing market growth over the forecast period. Development of new products with high-security features provides opportunities for future market growth. Counterfeiting is anticipated to increase at a staggering rate, which includes petty criminals producing illegal copy of tax stamps, fake documents, and bank notes and invading supply chains with altered packaging and goods.
In terms of revenue, North America is expected to witness considerable growth over the forecast period on account of the growing awareness pertaining to document security and high instances of forgery and counterfeiting. Several techniques such as barcode, photo integration, biometric identifier, embossing stamp, reversed out text, fluorescent serial number, iFADO (intranet False and Authentic Documents Online), ink stamp, and gravure printing are expected to play a pivotal role in addressing forgery. Asia Pacific is also anticipated to witness a steady growth owing to the increase in the changing consumer behavior and forgeries.
The security printing market can be segmented on the basis of applications, which include tickets, personal ID, and financials. Coatings, inks, and substrates are expected to emerge as key segments in the security printing market over the forecast period.
The key players in the security printing market include Madras Security Printers Private Ltd., Giesecke & Devrient, and 3M.
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