Global Authentication and Brand Protection Markets, 2022-2027: Integration of Artificial Intelligence, Rising Popularity of Digital Solutions, Rise in Counterfeit Products, Escalating E-commerce Sales
DUBLIN, Oct. 28, 2022 /PRNewswire/ -- The "Global Authentication and Brand 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 Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global authentication and brand protection market in 2021 was valued at US$2.88 billion. The market is expected to reach US$4.91 billion by 2027. Market is expected to flourish at a CAGR of 9.6% during the forecast period of 2022-2027.
Authentication and Brand Protection is a business to protect and save the brand, maintain its originality and gain customer support. Due to increasing digitalization, major struggle faced by the small or big brands are authentication and brand protection. These solutions are adopted so that counterfeiters are not able to infringe IP or replicate the goods, guaranteeing consumer trust and brand reputation is maintained.
Authentication and brand protection solutions are used to combat counterfeits and to build trust. Economic growth and expansion of manufacturing industry is forecasted to increase the adoption of authentication and brand protection solutions in many industries such as pharmaceuticals, automotive, food and beverages, electronics, etc.
Moreover, the growing number of counterfeit products due to the rising e-commerce penetration is expected to drive up demand for brand protection solutions throughout the forecast period of 2022-2027.
Market Segmentation Analysis:
The report provides the bifurcation of authentication and brand market into five segments : Medical, Automotive, Food and Beverage, Consumer Electronics and others. In 2021, the food and beverage segment lead the global authentication and brand protection market, accounted for around 35% share of the market. As food fraud incidents proliferate, consumers, business, and regulators alike are becoming more aware of the issue and taking action.
Due to global distribution and low-cost production techniques, producers are trying to earn more money, which also lead to counterfeiting of food and beverage items. The global pandemic has also made food fraud more prevalent because more individuals are purchasing their groceries online and through third-party vendors. Thus, the market for food and beverage authentication and brand protection would upsurge in the years to come.
On the basis of technology, the report bifurcates the market into two segments : Digital and Non Digital. Digital segment is expected to grow at the highest CAGR of around 10%. As data collection technology improves and is more available to consumers via the ever-present smartphone, more brands may be able to actually integrate the reciprocal interaction with consumers via smartphones.
These days, more smartphones are capabe of image and code collection at high resolution with native and downloaded applications for digital interaction with products and manufacturers. Therefore, the rising digital brand protection services would grow in the years to come.
North America dominated the market in 2021 with almost 34% share of the global market. Rising brand awareness across the North America region is one of the key factors driving the growth of the authentication and brand protection market. The US is the largest market for authentication and brand protection in the world. The market is expanding as a result of increased government enforcement of strict anti-counterfeiting rules and regulations as well as a growing emphasis on protecting product and brand integrity.
Asia Pacific is anticipated to grow at the highest CAGR of 11% during the forecasted period. Asia Pacific authentication and brand protection market is extremely fragmented, with significant local and regional players offering a wide range of solutions for businesses looking to enter the market.
Authentication And Brand Protection Market Dynamics:
One of the most important factors impacting authentication and brand protection market is the growth in food and beverage industry. Food and beverage manufacturers are looking for brand protection solutions as a result of the introduction of new supply chain laws, and the rising expense results in rise in counterfeit goods. The growing number of food scandals has alerted the consumers, industry to address the problem of counterfeit products.
Hence, as food is consumed by people, there should be authenticity maintained, this leads to the boom of authentication and brand protection services in food and beverage industry. Furthermore, the market has been growing over the past few years, due to factors such as growth in pharmaceuticals industry, rising industrial production, escalating e-commerce sales, rise in counterfeit products, etc.
However, the market has been confronted with some challenges specifically, lack of awareness, rise in counterfeit products, etc.
Companies on a smaller scale or in underdeveloped regions don't prefer authentication and brand protection solutions as consumers are not much aware about it. Thus, lack of education regarding these techniques would serve as a major problem in the authentication and brand protection market.
The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as growing use of blockchain technology solutions, integration of artificial intelligence, advancement in solutions, rising popularity of digital solutions, etc.
With the use of machine learning and artificial intelligence, programs may swiftly and automatically update their search criteria without the need for a staff member to sort through lists of data to look for patterns. Because of this procedure, security services are always being updated and improved in order to become more effective and practically entirely automated. Thus, the integration of AI is expanding brand protection and authentication market.
The global authentication and brand protection market is fragmented, with many players holding trivial market share.
The companies provide authentication and brand protection solutions to protect the brand value of the product. Some of the strategies among key players in the authentication and brand protection market are expansion, new launch, partnerships, mergers, acquisitions, and collaborations.
For Instance, In January 2020, Authentic Vision extended partnership with HDMI Licensing Administrator, Inc. to expand the usage of Authentic Vision's authentication technology for consumers to identify certified HDMI cables with a quick and simple scan of the certification label utilizing the HDMI authentication app.
In January 2019, AlpVision joined International Anti-Counterfeiting Coalition (IACC). AlpVision is an active part of IACC and is focusing to support brand owners fight the ever-increasing counterfeiting problem by offering its advanced digital invisible authentication solutions.
The key players of the global authentication and brand protection market are:
For more information about this report visit https://www.researchandmarkets.com/r/ljkwb6
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