June 2024
The global security printing services market is estimated to reach USD 46.09 billion by 2033, up from USD 30.48 billion in 2023, at a compound annual growth rate (CAGR) of 4.30% from 2024 to 2033.
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The security printing services market is anticipated to witness significant growth during the forecast period. Security printing produces documents that are difficult to counterfeiting and frauds using unique methods. Security printing for the documents includes printing of passports, identity cards, banknotes, product authentication, checks, tamper-evident labels, stock certificates and postal stamps. Distinct printing methods are being utilized for different uses.
The increasing rate of imitation and counterfeiting coupled with the growing awareness about product and document security is anticipated to augment the growth of the market within the estimated timeframe. The market is further driven by the development of sustainable security printing solutions along with the adoption of digital solutions. Furthermore, the regulatory requirements mandating strong security measures in the government and financial sectors is also likely to contribute to the growth of the market in the years to come.
The increasing incidents of counterfeit government documents and identity thefts are anticipated to augment the growth of the security printing services market during the forecast period. Consumers increasingly depend on the passports for the remote identity validation as part of Right to Work, Right to Rent and digital identification checks for DBS applications, hence the emergence of the forged documents like passports is not overly unexpected.
According to the data by TrustID, passports continued to be the most frequently viewed fake document by the consumers in 2023, a finding that is consistent for the previous three years of the data. In 2023, they accounted for almost 48% of all the false documents, a marginal rise as compared to 2022. Across the year, there has been a continuous pattern of the male applicants presenting the majority of the falsified passports, whereas female applicants have only presented a small percentage of those seen.
As per the Federal Trade Commission (2024), in 2022, there were almost 1.1 million identity theft reports obtained and in 2023, 1 million accusations were submitted. With 102,000 incidents, the government document fraud increased by 68% in 2023 as compared to 2022. In 2021, it was the most prevalent kind of identity theft. The only frauds that showed a rise in the reports in 2023 were those involving the official documents, government benefits and phone or utility fraud, with the latter seeing a 2% increase.
These documents are practically hard to forge due to security printing, which adds elements like the holograms, microtext and watermarks. Expert security measures guarantee the authenticity and protection of the documents. It also provides a means of reducing expenses, particularly those brought on by the counterfeit issues and producing documents fast. A variety of alternatives are offered by secure print services to ensure the authenticity of documents and to avoid counterfeiting that might give unauthorized parties access to confidential data.
The data vulnerability and hardware security is likely to limit the growth of the market during the forecast period. Since security printing involves the production of highly sensitive and valuable documents and products, the integrity of the printing process is paramount. Security experts have warned that the printers remain a major source of vulnerability in the companies, especially when the distant workers need printing tools or gain access to the office printers. This warning has been prompted by a wave of printer-related risks in 2023. Unsecure printing processes have resulted in the data losses for the majority of the enterprises. The biggest effects of the data breach, aside from the monetary loss, are missed opportunities to rectify the incident and the disruptions to the corporate operations. One of the other reasons for the data thefts is the risks related to the home printing, such as workers not properly deleting the sensitive data.
Most of the companies do not monitor or record activity on their printers and many might have no idea where the printers are located or what security state or setup they are in. Multifunction printers (MFPs) are also a common investment for the companies due to their convenience, particularly when they are networked. MFPs enable users to access the advanced functionality regardless of their location, whether employees are part of a remote team or connect to the company services locally. However, if unchecked remote access abilities are allowed, a company may be at risk of external cyberattacks.
The protection of the printer itself serves as another issue of print security that is frequently disregarded. The possibility of theft or damage increases when hardware is left in an exposed location. Most of the modern printers have a hard drive that retains copies of the papers that are printed or scanned. This implies that private information could be accessed if the printer was stolen. Therefore, if an efficient labeling technology is not discovered, process standardization may be difficult and this is likely to limit the market growth within the estimated timeframe.
The growing demand from banking and financial sector across the globe is likely to offer a lucrative opportunity for the growth of the security printing services market in the near future. The current digital transformation has completely changed how the organizations and consumers handle their finances. Strong security measures are necessary for every part of the financial operations. Even with strict laws governing data security, traditional printing methods can still be compromised, greatly increasing the risk to the private data. High-level data standards for security help protect client data as well as prevent the data breach threats, though the banking and financial sector is not frequently targeted.
However, it's common to neglect the printers as well as the copiers when thinking about the increased security. Data security is not adequately protected by strong security features in the traditional printing. The need for secure print services is growing as a result of these old printing methods, which frequently lead to misplaced print jobs and inaccurate data. Furthermore, the unauthorized individuals having access to the private documents pose a significant risk to the financial institutions. An additional degree of security is offered by the secure printing solutions, which allow user authentication prior to the document printing. With safe print solutions, printing expenses can be drastically decreased while upholding the strict security standards.
Also, streamlining organizational printing requirements, optimizing new as well as the current print infrastructure to increase the productivity, lower the costs and guarantee document security with complete support and service are all made possible by the managed print services. Through reducing the threat of unwanted access to the sensitive data, this modern security technique protects against the possible data breaches. Easy upkeep, remote tracking and monitoring and a smaller carbon footprint are some of the benefits of the managed print services.
The legal & government documents segment captured a significant market share of 24.79% in 2023. The growing security standards for official documents such as passports, national identification cards, visas and legal contracts is anticipated to augment the segmental growth of the market. For instance, the Regulation (EU) 2019/1157 of the European Parliament and of the Council. By means of this Regulation, the security requirements that apply to identity cards granted by Member States to their people and residence documents granted by Member States to Union citizens and their families in the exercise of their right to free movement are strengthened.
Secure printing is intended to stop counterfeiting while maintaining the legality as well as the authenticity of these kinds of documents. Advanced security elements such watermarks, holograms and microprinting, are essential to the security printing process as they act as trustworthy indicators of authenticity, prevent duplication, and make forgeries very difficult. As a result, governments have an obligation of investing in innovative security printing technology to safeguard individuals from fraud, identity theft and other illegal activity.
Asia Pacific is expected to grow at a fastest CAGR of 6.51% during the forecast period in the global security printing services market. The increasing rate of fake currency is projected to contribute to the growth of the market across the region. The National Crime Control Bureau (NCRB) reports that since 2016, when the Central Bank demonetized the Rs 1,000 and Rs 500 notes, law enforcement authorities across have seized FICN with a face value of Rs 245.33 Crore. Also, according to the May 2022 RBI annual report, in comparison to the previous year, the quantity of counterfeit 500 notes discovered by the financial system more than doubled to 79,669 pieces in the fiscal year 2021–2022. 13,604 pieces of counterfeit notes worth 2,000 were found in the system in 2021–2022, an increase of 54.6% over the previous fiscal year. Furthermore, increased demand for secure documents and products across various sectors such as banking, government, healthcare, and retail is likely to support the regional growth of the market.
North America held largest market shares of 30.89% and is expected to grow at a considerable CAGR of 3.56% during the forecast period. This is due to the growing healthcare industry and demand to combat counterfeit drugs and guarantee the authenticity of medical records and prescriptions across the region. Also, the increasing frauds in passports, ID cards and other official documents are further expected to drive the demand for labels in the years to come. Furthermore, the increasingly aware of the risks associated with counterfeit products is also expected to increase the demand for automotive labeling in the years to come.
Some of the key players in security printing services market are HP Development Company, L.P., CSX, Fluke Infotech, Arrow System Inc., SPGPrints, 3M Company, Security Print Solutions Limited, Eltronis, Authentix, NanoGrafix, OMR Technologies and Thales Group, among others.
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June 2024
June 2024
June 2024