Secularly Print the Credentials
The global security printing market is predicted to attain a market worth US$45.027 billion in the year 2026, growing at a CAGR of 5.32% during the time frame 2019 to 2026. The market was valued at US$31.319 billion in 2019. The prime reason that contributes to the surge in the security printing market is growing money forgery and counterfeiting around the world. Security printing ensures safe and sound printing of crucial documents such as banknotes, cheques, passports, tickets, authentication cards, identification cards, and others. These documents are crucial for individuals and the economy as a whole and are prone to forgery, theft, and counterfeiting. Authentication and identification card can be misused and hence are stolen by criminals and terrorists to commit crimes.
The printing of fake currency and banknotes impact the economy severely, having the potential of creating huge losses. Moreover, increasing technological advancement also result in technology leak and misuse, creating a huge economic impact.
Rising Instances of Fake Printing Have Concerned the Authorities Around the World. This Has Resulted in the Adoption of Security Printing Technology
The prime reason that led to the wider adaption of security printing is growing instances of fake currency and other documents. In 2016, the government of India had demonetized the Rs 500 and Rs 1000 currency notes with an aim to curb corruption, terror funding, fake currency, and black money. In that year, the Reserve Bank of India (RBI) had seized 3.81 lakh notes of fake currency. Both, the government and RBI had expected a curb in the spread of fake currency with this action. However, in 2017, the government seized 7.62 lakhs fake Rs 2000 currency notes that were being circulated in the economy. On investigation, several people were arrested for printing fake currency notes. Yunus Ansari and his 3 associates, for instance, were arrested by Nepal police for printing fake Rs 2000 notes, which accounted for around Rs 75 crore values. Post such instances, the government of India used special ink for securely printing currency.
Governments around the world adopt security printing technologies to print currency and other important documents to avoid instances of forgery and counterfeiting. Fake currencies have a huge economic impact and reduce the economic value. A large quantum of fake currency in the economy increases the general price level and hence inflation in the economy. This also results in a loss in the value of the currency in the international market. The Nepal government also imported a special security printing press in March 2021, that cost the government Rs 800 million, to print postal stamps, excise duty stickers, and academic credentials. The government of Uganda, in collaboration with Verdios entered into a 15-year partnership, to establish a local printing factory, providing the citizen of Uganda with secure documents. Verdios also entered into an agreement with the European Investment Bank, for providing the latest security printing technology for printing of ID cards and passports for the citizen of Greece. The European Central Bank also adopted new printing technology for the printing of EURO 100 and EURO 200 currency, having bold design and shades along with satellite hologram for better circulation monitorization.
Companies in the industry are also innovating to provide safer printing solutions to their customers. Based on the printing process, the security printing market can be segmented into Lithographic printing, Screen printing, Digital printing, Letterpress printing, Intaglio printing, and others. Digital printing process and technology show huge market potential during the study period of 2019 to 2026, owing to the rising digital era and surging internet penetration. Almost every work can be performed digitally. However, certain resources have restricted access and digital printing helps in restricting unwanted intervention. Zwipe is a leading biometric technology development company and has developed an upgraded biometric payment card that restricts access to the source to anyone other than the cardholder. The company collaborated with Thomas Sons and Greg do Brazil to supply these cards to the bank of brazil. Lithographic and screen printing will grow at an exponential rate during the forecasted period.
Security Printing of Tickets Has Huge Market Growth Potential In the Forecasted Period
Based on applications of security printing, the market is fragmented into tickets, financial, brand protection, personal ID, and others. The financial segment is anticipated to dominate the security printing market owing to the greater threat of robbery and forgery faced by the financial sector. Moreover, the brand protection and ticket printing segments are predicted to grow at the fastest rate owing to rising cases of piracy and fraud. Brands require security printing as there are several cases of pirated products and goods being sold under their name. In addition to legal charges, brands face a huge loss in name and customer base due to these pirated products. moreover, the presence of these products at both offline and online channels makes it difficult to catch the actual culprit. The counterfeiting case of beauty brand Loreal in 2018 is a classic case of counterfeiting, as declared by the Supreme People's court in 2020. The brand saw sales of pirated products under its brand name on the e-retail channel Taobao. On investigation, 13 suspects were arrested who were supplying pirated products worth Rmb 4.6 million.
By Geography, the security printing market is regionally divided as the North American region, the South American region, the European region, the Middle East and African region, and the Asia Pacific region. The North American region is predicted to dominate the market while the Asia Pacific region is estimated to show a noteworthy growth with the increasing market size.
The analysis report on the security printing market covers the details of the mixed impact of the coronavirus pandemic in the industry.
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