Authentication and brand protection market to grow at a CAGR of 7.75% from 2022 to 2027; The increasing volume of online transactions will drive growth - Technavio
NEW YORK, Aug. 9, 2023 /PRNewswire/ -- The authentication and brand protection market size is estimated to grow by USD 1,560.14 million from 2022 to 2027 at a CAGR of 7.75% according to Technavio. Download a sample report now!
Authentication and brand protection market insights -
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Authentication and brand protection market - Company Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including 3M Co., AlpVision SA, Applied DNA Sciences Inc., Authentic Vision GmbH, Authentix Inc., Avery Dennison Corp., Centro Grafico DG SpA, Crane Holdings Co., De La Rue PLC, Digimarc Corp., Eastman Kodak Co., Ennoventure Inc., Giesecke Devrient GmbH, HID Global Corp., Infineon Technologies AG, Merck KGaA, Optel Group, Paragon Group Ltd., STMicroelectronics NV, and Wisekey International Holding AG
Authentication and brand protection market – Market Dynamics
Major Drivers -
The increasing volume of online transactions drives the authentication and brand protection market growth. Consumers depend on the Internet to perform transactions because online transactions are instant and easy however, financial transactions are vulnerable to cyberattacks.
Furthermore, several organizations have started employing authentication methods such as phone-based authentication, software OTP tokens, hardware OTP tokens, and e-mail to make online transactions highly secure. Hence, such factors drive the authentication and brand protection market growth during the forecast period.
The rising deployment of blockchain technology is an emerging authentication and brand protection market trend. This technology provides users with real-time transaction data and leaves no scope for data duplication as well as providing enterprises with a transparent, tamper-proof system to track products in order to reduce counterfeiting across the supply chain.
However, counterfeiters find ways to reproduce current technologies such as barcodes and taggants and thus, the blockchain can be used to determine product authenticity and track it. Hence, such trends fuel the authentication and brand protection market growth during the forecast period.
Key challenges -
Lack of awareness among consumers challenges the authentication and brand protection market growth. Generally, users have low awareness of counterfeit products, which look very similar to the original ones. this makes it difficult for buyers to identify the difference between the two types.
Furthermore, the majority of consumers, especially those in rural or remote areas, fall victim to imitation, double labeling, deceiving packages, false claims, or incomplete information. Hence, such challenges impede the authentication and brand protection market growth during the forecast period.
The authentication and brand protection market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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The multi-factor authentication market is estimated to grow at a CAGR of 21.41% between 2022 and 2027. The size of the market is forecast to increase by USD 20,806.45 million. This report extensively covers market segmentation by component (services and products), deployment (on-premises and cloud), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The innovative features and user interfaces are notably driving the multi-factor authentication market growth.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Method
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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