According to our latest study on “Authentication and Brand Protection Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Technology, and Application” the market is projected to grow from US$ 3,340.44 million in 2022 to US$ 5,485.89 million by 2028; it is estimated to record a CAGR of 8.9% from 2023 to 2028.

Growing Concerns over Duplicate Consumer Electronics Products and Automotive Components Boosting Authentication and Brand Protection Market Growth

The Consumer Electronics and Automotive industries in developed and developing countries have witnessed unprecedented growth over the years; the demand for these products continues to grow annually. With this, the demand for components used in consumer electronics and automotive is also growing, prompting a rise in the supply of counterfeit products. Smartphones, tablets, and laptops are among the most popular consumer electronics. The grey market for electronic and automotive components is witnessing a boom because of the high demand for vehicles and electronics. The grey market for consumer electronics and other equipment is booming in highly taxed countries; dealers import these products directly from low-taxed countries and sell them at lower prices, promoting competition against legitimate local and international OEMs. Such an emerging grey market for consumer electronics and automotive parts fuels the demand for genuine products. Thereby, boosting the Authentication and Brand Protection Market growth.

The automotive component industry is vast, with a significant number of players operating worldwide. Owing to soaring demand for new brands of vehicles, the need for auto parts has upsurged in manufacturing plants, which, in turn, has spurred the market of forged parts. The rampant use of counterfeit products has been associated with several vehicle breakdowns and accidents in the past, tarnishing the image of vehicle manufacturers. Therefore, OEMs, aftermarket players, wholesalers, and dealers seek authorized and genuine auto parts to reduce such mishaps. Thus, end users are now becoming aware of the cons of duplicate products, which is resulting in the soaring demand for Authentication and Brand Protection Market. Thus, the rising demand for authenticated products is compelling OEMs to adopt product authentication solutions, boosting the authentication and brand protection market.

In many European countries, owing to the outbreak of the newest strain of the coronavirus (COVID-19), isolation, lockdown, and social distancing measures have been put in place. Workers in countries with a high risk of infection were forced to work from home due to the lockdown and shutdown of public places. The people were avoiding public and crowded places. The major markets in the UK, Germany, and France assured the customers that there was enough supply, and stores were instituting special shopping hours for elderly and vulnerable populations. Due to effects of the COVID-19 pandemic and lockdown, e-commerce has spiked and taken the place of physical stores. According to a EUROSTAT study, in the EU, 64% of internet users aged 16–74 years shopped online in 2020, with Denmark having the highest share (89%). In 2020 some EU countries, e-commerce grew by as much as 30%. The surge of e-commerce has led to an increase in counterfeit products and fake sites. Denmark's customs and border protection authorities have seen an uptick in counterfeit products. Thus, rising counterfeit activities in Europe are anticipated to propel the demand for the authentication and brand protection market in the region during the forecast period

Key Findings of Study:

The authentication and brand protection market is segmented on the basis of component, technology, and application. By type, the authentication and brand protection market are segmented into overt, covert, forensic, and digital. based on technology, the global authentication and brand protection market is segmented into security printing &, tamper-proof labels, security inks & coatings, OVDs and holograms, unique codes, bar codes, RFID, authentication ICS, and others. based on application, the global authentication and brand protection market is classified into medical, automotive, food & beverage, chemical, consumer electronics, tobacco, and others. by region, the authentication and brand protection market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

By component, the authentication and brand protection market are segmented into: Overt, Covert, Forensic, and Digital. Overt authentication and brand protection are visible to the naked eye, and allows consumers, inspectors, and government agencies to identify the package's authenticity quickly. Micro-optic lens films, holograms, embossed optical film, and the use of state-of-the-art complex security printing software are a few of the open technologies that can be used to design brand safety labels. It is common practice for an advanced, multi-layered protection plan to combine strong overt security elements with covert or tracking safety technologies. Therefore, the overt segment in the Authentication and Brand Protection Market is expected to grow during the forecast period.

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