The Asia Pacific Security Printing Market would witness market growth of 4.6% CAGR during the forecast period (2021-2027).
Security printing is essential in order to reduce illegal activities like tempering, forgery, and counterfeiting. Packaging, seals, and secure printing are some of the protective measures on which important aspects of the computer systems depend. To protect software products from forgery, holographic stickers are used that gets tear when it is removed from the package. Therefore, security printing is beneficial in following the security measures to ensure that product would get delivered to the customer safely and without getting tempered. Hence, security printing is mostly used for brand protection, financials, aerospace, railways, banking & finance, and printing of tickets and personal ID. Moreover, advancements in the electronic systems industry are contributing to the growth of the security printing market.
Further, several organizations are putting extensive investment in the research and development activities for devising safer technology to provide premium security to these items. Also, governments of various well-established and emerging nations are taking supportive steps to adopt and support these developments in order to reduce monetary loss because of counterfeiting and tampering. The security printing market is witnessing significant growth as the chances of money laundering, counterfeiting, and corruption have been reduced by the adoption of hybrid printing papers for the printing of currency.
The growth of Asia-Pacific security printing market is expected to witness bright prospects in the forthcoming years. The nations such as Japan, China and India are extensively adopting the advanced technologies associated with security printing, which is driving the growth of the regional market. Additionally, the spread of fake currency, terror funding, and rising corruption are some of the factors contributing to the demand for security printing. Similarly, utilization of advanced methods of banking like the adoption of debit & credit cards and growing digitalization would further accelerate the market growth.
Further, in recent years, NCRB in India has designed a national-level database, which is integrated with web-enabled software for reporting and online recording of fake currencies. Likewise, RBI also utilizes a picture preparation technique, which extracts highlights from Indian banknotes. Watermarks, security strings, optically factor ink and idle strings are some of the security highlights that were earlier used by RBI. Thus, these factors are anticipated to boost the demand and growth of the regional security printing market.
The Lithographic Printing market dominated the Malaysia Security Printing Market by Function 2020, thereby, achieving a market value of $23.5 million by 2027. The Digital Printing market is showcasing a CAGR of 7.8% during (2021 - 2027). Additionally, The Letterpress Printing market is poised to grow at the highest CAGR of 9.5% during (2021 - 2027).
Based on Function, the market is segmented into Lithographic Printing, Digital Printing, Letterpress Printing, Screen Printing, Intaglio Printing and Others. Based on Application, the market is segmented into Legal & Government Documents, Cheques, Certificates and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Security Printing Market is Projected to reach USD 3.8 Billion by 2027, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Document Security Systems, Inc., Agfa-Gevaert N.V. (IG Farben), Ennis, Inc. (Printegra), Graphic Dimensions, Inc., Plus Technologies LLC, TROY Group, Inc., Wellspring Software, Inc., Amgraf, Inc., Graphic Security Systems Corporation, and Printech Global Secure Payment Solutions LLC.
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