Banking & Finance

The future of microprinting market – Rising demand for protection against counterfeit activities to drive the industry trends

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Rising disposable incomes and continuous development of the banking, healthcare and packaging sectors have proliferated global microprinting market size, as more businesses are finding it essential to safeguard their products against fraudulent activities. Whether is microprinting on money to prevent counterfeiting or on pharmaceutical labels to establish authenticity, the technology has enabled companies to save considerable losses that would otherwise result from misuse or illegal transfer of goods.

U.S. microprinting market, by end-use, 2018 & 2025 (USD Million)
U.S. microprinting market, by end-use, 2018 & 2025 (USD Million)

Currencies have become one of the prominent application areas for the microprinting industry, with countries like Australia, U.S. and the U.K. being some of the early adopters of the technique. Basically, microprints make it very difficult for counterfeiters to reproduce the extremely small text imprinted on modern currency notes, deterring them creating from circulating fake currency notes. Although the banking and finance sector has significantly helped to expand microprinting market size, evolving trends in the government, healthcare and packaging segments will further expand business prospects worldwide.

Security of National ID cards: Over the last decade, governments around the world have accelerated the promotion of digital transformation and have urged citizens to carry new and smart national identification cards. Generally, infusion of new technology brings with it several risks associated with illegal activities, in this case identity thefts and ultimate misuse of access cards. National IDs also face the similar risks and various players are providing microprinting printers that can help protect against counterfeiting risks.

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Technically, reproduction of cards through simple scans or photocopying with standard resolutions using various consumer devices do not capture the microtext, making an ID extremely hard to forge. An eID card or a digitally accepted identification document has now become a norm in China, India, Malaysia as well as numerous developing nations in Africa. It is anticipated that by 2021, more than 3.6 billion people globally would be carrying a national eID card and securing these cards from theft and frauds would provide a remarkable growth platform for augmenting microprinting industry size.

Protection of Healthcare Products: While international regulations and standards make it mandatory to include composition and ingredients of medicines on the labels, and sometimes on the product, the problem of fake drugs has also prompted the adoption of microprinting technology. Manufacturers such as Xerox are now offering microprinting printers that can provide specialty imaging and fraud prevention technologies to healthcare firms. Metica, Videojet and other players are also enabling precise and compliant printing of relevant information on pharmaceutical labels or boxes.

Evidently, misspelled drugs and counterfeit medicines create considerable health risks to consumers, along with spelling large financial losses for producers. The World Health Organization has estimated that every year, almost US$82.29 billion worth counterfeit medicines are traded worldwide. In fact, the agency believes more than 30% medicines being circulated in some parts of South America, Asia and Africa are fake. Subsequently, microprinting market will amass substantial revenues from healthcare and pharmaceutical companies aiming to protect sensitive data with specialty imaging.

Avoiding Duplicity of Packaged Goods: As the technology moves beyond microprinting on money, the packaging sector has also realized its benefits in shielding products against duplicity, while simultaneously enjoying low cost and fast printing operations. The need for accelerating the efforts aimed at increasing product security has emerged due to gaining popularity of global e-commerce giants and local online retail businesses. The trend has further resulted in logistics challenges faced by sellers, and microprinting industry is pegged as a crucial solution to the existing problems with product tracking.

Growing preference of e-commerce can be gathered from the fact that just one online platform, Amazon.com, had accrued over US$141.92 billion in sales revenue in 2018, which was a 19.7% increase from the previous year. As e-commerce penetration among consumers expands and necessitates precise labeling and tracking of packages, the microprinting market size from packaging applications will catapult tremendously.

All in all, increasing need for securing identification cards, consumer products and pharmaceuticals will fuel the demand for reliable and accurate printing technologies that can be deployed across key substrate materials like plastic, metal and paper. Reports estimate that global microprinting market size will surpass US$800 million by 2025.

Author NamePankaj Singh

Rising security concerns to spur biometrics market growth over 2017-2024, IoT, E-commerce, & smartphones to be the major driving trends

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Increasing adoption of technology in the security vertical and the confluence of organizations to meet authentication standards has added a renewed dynamism to biometrics market. With the biometrics technology having marked its presence across the security landscape, it is now rapidly penetrating its way into consumer, government, and industrial systems. Based on the concept of statistical analysis of biological data, the biometrics technology is proclaimed to be less prone to cybercrimes and hacking. Recently, Mexico’s National Banking and Security Commission has announced a new regulation in the country that would require all the banks to deploy fingerprint scanners for the clients by 2018. Another instance is of FacePhi Biometria, where the company is seen signing deals to bring its selfie-based authentication system especially in the financial sector. Similar moves are likely to materialize in the coming years, in turn, propelling biometrics industry size.

U.S. Biometrics Market Size, By Product, 2013 – 2024 (USD Billion)
U.S. Biometrics Market Size, By Product, 2013 – 2024 (USD Billion)

 

Global Market Insights, Inc., claims that biometrics market will exceed USD 50 billion by 2024, having been pegged at USD 12 billion in 2016. High acceptance of biometrics in various verticals such as mobile banking and other financial services has further favored the growth of biometrics market. As the cybercrimes and identification errors are captivating the industry verticals, there has been a significant upsurge in the adoption of biometrics to ensure data security and privacy. Lately, there has been a plethora of fraudulent cases and data breaches in the financial sector. JP Morgan Chase for instance was one of the major victim, where the hackers accessed the critical data of approximately 83 million customers. Such potential threats of data breach have led to greater demand for biometrics technologies in the banking & finance sectors. As per the report, biometrics industry share is set to gain lucrative avenues from banking and finance sector, projected to register a healthy growth rate of 22% from 2017-2024. Apart from this, biometrics industry is also likely to demonstrate noticeable growth in healthcare, transportation, consumer electronics, and defense services. In fact, the transportation application within biometrics market is estimated to be the highest revenue contributor in the coming seven years.

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With the significant expansion of its vast application arena, it is quite evident that biometrics technology is gaining lot of popularity as it works on identification of individuals’ biological information. This technology uses physiological and/or behavioral characteristics of people to authenticate their identity. As every individual is unique, this technology uses separate identifiers such as face recognition, fingerprint, palm veins, hand geometry, DNA, iris recognition, voice and retina. Many companies have adopted these techniques to improve the security features. For instance, Samsung and LG have incorporated iris scanners into their smartphones on a wider scale. The voice recognition technology is also seen gaining considerable traction in the mobile banking and commercial sector. The voice recognition segment of biometrics market is expected to register a CAGR of 22% over 2017-2024, claim estimates.

Over the coming years, biometrics industry is expected to witness several technological advancements that will make authentication more secure and convenient. Below mentioned are the three trends that will strongly influence the industry growth.

Smartphones

Mobile payment is touted as the future of financial transaction and is thus getting incorporated with biometrics to provide a strong security interface. Governments and businesses are vigorously looking for reliable authentication devices such as mobile biometrics to speed up human identification processing, in turn, providing a commendable impetus to biometrics market demand. Such technologies running on personal smartphones are sure to offer biometrics market the opportunity of clocking excellent growth rates in the ensuing years.

E-commerce

With the rapid growth of online shopping, online payment methods are slated to be subject to a lot of threats. The biometrics technology is expected to do wonders in this segment as accessing of user accounts through iris, facial recognition and fingerprints could go long way in ensuring a secure login than regular pins and credentials, validating the contribution of e-commerce in the growth of biometrics industry.

Internet of Things

One of the biggest biometrics market trends to watch for will be the adoption of this technology parallel to the massive expansion of IoT. IoT being the biggest emerging concept for both businesses and consumers undeniably requires a robust security spectrum to protect critical data. In response to this, in the coming years, the global biometrics market will witness a remarkable upsurge with the technology being integrated in a wide variety of IoT applications ranging from smart homes, banking, healthcare, and automotive.

With the advancements and evolution in the tech space, identity management and security are certain to be the top-notch priorities of the businesses. Taking into account this trend, it is unarguable that biometrics industry is set to witness a profound profitability quotient in the ensuing years.

Author Name :Ojaswita Kutepatil