The global anti-counterfeit market is expected to witness brisk growth over the forecast period owing to increasing awareness regarding counterfeit products. Increasing demand for genuine packaging and coupled with technological advances is presumed to positively impact the market over the next seven years. Feigned products cause serious problem to the world economy and result in massive monetary losses across all industries. Forged products related to health, textiles, food and consumer products as well as avenues have induced severe financial losses and problems related to authenticity across the globe in the recent past.
Demand for the anti-counterfeit technology is presumed to increase over the near future owing to stringent laws and regulations imposed by the governments. Governments and related agencies across the world are taking extra measures to counter counterfeiting operations as they negatively impact the economy. Increasing consumer awareness regarding bogus packaging is projected to positively impact the market in the near future.
Anti-counterfeit technologies are implemented by many manufacturing companies and regulatory bodies in recent years across almost every industry. Anti-counterfeit measures play a key role in preserving the brand value for any product. For such reasons, companies across almost all industries, big and small, have invested heavily in anti-counterfeiting measures. Such a trend is expected to gain more traction over the forecast period and positively impact the market. Thus, to safeguard the company against financial losses and brand devaluation, the companies are accommodating appropriate authentication technologies in their product manufacturing and packaging operations.
Increasing safety concerns among the consumers is a key factor expected to motivate companies to adopt adequate authentication and anti-counterfeit technology. Rising concerns over human health as spurious products have negatively affected the pharmaceuticals sector in the recent years has encouraged in-depth anti-counterfeit technology in this sector. Stringent anti-counterfeit regulatory policies, particularly related to pharmaceutical industry are projected to result in this sector witnessing the highest growth rate among all application industries.
Increase in easily available and cheap forgery technologies has prompted packaging companies to opt for authentication technology with an aim to safeguard against financial losses and brand valuation. Every company requires an efficient supply chain to increase its performance. Track &trace features are the most useful type for the companies to keep a check on their supply chains. Logistics and transportation companies are expected to benefit the most from such technologies as they help in effectively tracing the packages.
Existence of several counterfeiting technologies and non-availability of anti-counterfeit measures is expected to be a major restraint for the market over the forecast period. Huge initial setup cost is expected to hinder market growth over the forecast period. Innovations and technological advances due to growing demand across all industries is expected to offer ample opportunities for the industry participants. Demand for the remote authentication technology is expected to promise abundant opportunities in the near future.
The anti-counterfeitmarket can be segmented on the basis of technology, usage, end-use industry and regions. Technology wise the key product segments are coding & printing, RFID, holograms, security labels and packaging designs. Usage segmentation includes track & trace technology, tamper evidence, overt features, covert features and forensic indicators. The key end-use industries for this market include food & beverages, healthcare & pharmaceuticals, industrial & automotive, consumer products and clothing & accessories.
Track &trace technology is expected to gain maximum traction over the forecast period. This technology is used by the packaging industry as well as during product manufacturing. Technologies such as barcodes and RFIDs help by tracing the package by identifying the package along the supply chain. Coding & printing technology dominated the market in the recent past and is expected to show similar growth over the forecast period.
Several factors such as rapid industrialization and strict regulation to safeguard against the packaging imitation are expected to result in anti-counterfeit market growth, particularly in developing regions such as Asia Pacific and Central & South America. Developed markets such as North America and Europe have dominated the global market over the recent past. Developing markets such as Asia Pacific, Central & South America and Middle East & Africa are presumed to witness rapid development over the forecast period. Rapid urbanization and industrialization in the developing regions are presumed to play a key role in shaping the regional market in the near future.
Anti-counterfeit market is highly cost intensive and requires heavy initial investment. Industry participants are taking strong measures and investing heavily in R&D initiatives to develop superior and efficient anti-counterfeit technologies. Prominent industry participants include Autentix, Inc.CCL Industries Inc, Avery Dennison Corporation, 3M Company, Sicpa Holding SA, Alpvision S.A., E.I. Du Pont De Nemours and Company, Applied DNA Sciences Inc., Zebra Technologies Corporation and Savi Technology, Inc.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.