Integration of artificial intelligence, growing popularity of digital solutions, increase in counterfeit products, increase in e-commerce sales
DUBLIN, October 28, 2022 /PRNewswire/ — The “Global Brand Authentication and Protection Market: Analysis by Application (Medical, Automotive, Food and Beverage, Consumer Electronics and Others) and by Technology (Digital and Non-Digital) by Region Size and Trends with Impact of COVID-19 and forecasts until 2027″ report has been added to from ResearchAndMarkets.com offer.
Global Brand Authentication and Protection Market in 2021 was valued at US$2.88 billion. The market should reach US$4.91 billion by 2027. The market is expected to flourish at a CAGR of 9.6% during the forecast period 2022-2027.
Brand Authentication and Protection is a business to protect and rescue the brand, maintain its originality and gain customer support. Due to increasing digitization, the main challenges faced by small or large brands are authentication and brand protection. These solutions are adopted so that counterfeiters are not able to infringe intellectual property or reproduce the goods, thus ensuring consumer confidence and maintaining brand reputation.
Authentication and brand protection solutions are used to fight counterfeits and build trust. Economic growth and the expansion of the manufacturing industry are expected to increase the adoption of authentication and brand protection solutions in many industries such as pharmaceuticals, automotive, food and beverage, electronics, etc
Moreover, rising number of counterfeit products due to growing e-commerce penetration is expected to drive the demand for brand protection solutions throughout the forecast period 2022-2027.
Market Segmentation Analysis:
The report presents the bifurcation of the authentication and branding market into five segments: medical, automotive, food and beverage, consumer electronics and others. In 2021, the food and beverage segment led the global brand authentication and protection market, accounting for approximately 35% market share. As incidents of food fraud proliferate, consumers, businesses and regulators are becoming more aware of the problem and taking action.
Due to global distribution and low cost production techniques, producers try to earn more money, which also leads to counterfeit food and beverages. The global pandemic has also made food fraud more prevalent as more people buy their groceries online and through third-party vendors. Thus, the market for food and beverage authentication and brand protection would witness a boom in the coming years.
On the basis of technology, the report divides the market into two segments: digital and non-digital. The digital segment is expected to grow at the highest CAGR of around 10%. As data collection technology improves and becomes more accessible to consumers via the ubiquitous smartphone, more brands may be able to truly integrate reciprocal interaction with consumers via smartphones.
Nowadays, more and more smartphones are capable of collecting high-resolution images and code with native and downloaded applications for digital interaction with products and manufacturers. Therefore, the booming digital brand protection services will expand in the coming years.
North America led the market in 2021 with nearly 34% global market share. Increased brand awareness through North America The region is one of the key drivers for the growth of the brand authentication and protection market. The United States is the largest authentication and brand protection market in the world. The market is growing due to increased government enforcement of strict anti-counterfeiting rules and regulations as well as increasing emphasis on product and brand integrity protection.
Asia Pacific is expected to grow at the highest CAGR of 11% during the forecast period. Asia Pacific The brand authentication and protection market is extremely fragmented, with major local and regional players offering a wide range of solutions to companies seeking to enter the market.
Authentication and Brand Protection Market Dynamics:
One of the most significant factors impacting the brand authentication and protection market is the growth of the food and beverage industry. Food and beverage manufacturers are seeking brand protection solutions following the introduction of new supply chain laws, and increased spending is leading to an increase in counterfeit products. The growing number of food scandals has alerted consumers, industry to tackle the problem of counterfeit products.
Therefore, as food is consumed by people, its authenticity must be maintained, leading to the rise of authentication and brand protection services in the food and beverage industry. Additionally, the market has witnessed growth in recent years, owing to factors such as growth in pharmaceutical industry, increase in industrial production, escalation in e-commerce sales, increase in counterfeit products, etc.
However, the market has faced some challenges in particular, lack of awareness, increase in counterfeit products, etc.
Companies on a smaller scale or in underdeveloped regions do not prefer authentication and brand protection solutions because consumers are not very aware of them. Thus, the lack of education regarding these techniques would be a major problem in the brand authentication and protection market.
The market is expected to grow at a rapid rate over the forecast period, owing to various latest trends such as increasing use of blockchain technology solutions, integration of artificial intelligence, advancement of solutions, popularity increasing number of digital solutions, etc.
Through the use of machine learning and artificial intelligence, programs can quickly and automatically update their search criteria without requiring a staff member to sort through lists of data to find patterns. Thanks to this procedure, the security services are constantly updated and improved in order to become more efficient and almost fully automated. Thus, the integration of AI expands the market for brand protection and authentication.
The global brand authentication and protection market is fragmented with numerous players holding an insignificant market share.
Companies provide authentication and brand protection solutions to protect the brand value of the product. Some of the strategies of the major players in the authentication and brand protection market are expansion, new launch, partnerships, mergers, acquisitions, and collaborations.
For example, in January 2020Authentic Vision has extended its partnership with HDMI Licensing Administrator, Inc. to extend the use of Authentic Vision’s authentication technology to consumers to identify certified HDMI cables with a quick and easy scan of the certification label using the HDMI authenticator app.
In January 2019, AlpVision has joined the International Anti-Counterfeiting Coalition (IACC). AlpVision is an active part of the IACC and is dedicated to helping brand owners combat the growing problem of counterfeiting by offering its advanced invisible digital authentication solutions.
Growth in the food and beverage industry
Growth in the pharmaceutical industry
Growth in the manufacturing industry
Increase in e-commerce sales
Rise in counterfeit products
Supportive government initiatives
Growing Use of Blockchain Technology Solutions in Brand Protection
Integration of artificial intelligence in trademark protection
Growing popularity of digital brand authentication and protection solutions
Key Players of the Global Brand Authentication and Protection Market are:
Applied DNA Sciences
From the street
Giesecke Devrient GmbH
Centro Grafico DG SPA
For more information on this report, visit https://www.researchandmarkets.com/r/ljkwb6
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SOURCE Research and Markets