In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
June 2021- Applied DNA Sciences joined hands with American & Efird to introduce advanced identification thread technology that use sustainable and secure sewing threads for authenticating and validating their products within the supply chain.
The global forensic brand protection services market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing emphasis on protecting product and brand integrity, stringent anti-counterfeiting regulations enforced by the government, and robust expansion and growth of manufacturing industry around the world. In 2019, it was calculated that more than 85 percent of consumers are unlikely to buy a product after an experience with inaccurate product data. About 84 percent use barcodes to scan and shop products. Along with these, surge in adoption of various authentication technologies such as RFIDs, barcodes, tamper evident seals and holograms, is another factor predicted to fuel the progress of the market in the upcoming years. Additionally, increasing demand for forensic brand protection from several industrial verticals, including automotive, food & beverages, agriculture, clothing, and pharmaceutical, is considered to provide abundant opportunities for market growth in the near future.
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The market is segmented by application into consumer electronics, automotive, medical, chemical, food & beverage, tobacco, and others, out of which, the medical segment is anticipated to hold the largest share in the global forensic brand protection services market on account of the implementation of strict rules and protocols by government associated with the counterfeiting of pharmaceutical products. Furthermore, on the basis of offering, the segment for security labels is evaluated to grab the largest share, which can be credited to the high usage of barcodes to determine the authenticity of products, materials, or printed packages by incorporating a proprietary HD code into the manufacturing process. Apart from these, growing need for investigating and validating product authenticity is also assessed to drive the growth of this market segment in the future.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global forensic brand protection services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth and gather the largest share over the forecast period on the back of the high manufacturing throughput of China, and growing adoption of brand authentication and protection solutions in the region. As per the data published by the United Nations Statistics Division, in 2019, China alone accounted for 28.7 percent of the total manufacturing output in the world. In addition, rapid growth of medical industry and rising awareness about brand protection technologies among industry players in verticals namely, electronics, automotive, luxury goods, and food and beverages, is also assessed to drive the region’s market growth in the upcoming years.
The global forensic brand protection services market is further classified on the basis of region as follows:
Our in-depth analysis of the global forensic brand protection services market includes the following segments:
Ans: The major factors driving market growth are growing emphasis on protecting product and brand integrity and stringent anti-counterfeiting regulations enforced by the government.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2030.
Ans: Requirement for high capital investment for forensic brand protection is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the high manufacturing throughput of China, and growing adoption of brand authentication and protection solutions in the region.
Ans: The major players in the market are 3M Company, Merck & Co., Inc., Applied DNA Sciences, Inc., Eastman Kodak Company, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by offering, application, and by region.
Ans: The barcode segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.