Worldwide Security Printing Market to reach $35.3 billion by 2018
A new study performed by Smithers Pira, forecasts that there will be a growth in security printing worldwide. Global security printing will grow at a Compound Annual Growth Rate (CAGR) of 6.3% between 2013 and 2018.
Currently, counterfeiting is affecting society at a stunning rate. Various criminals and forgers are constantly attempting to produce fake IDs, banknotes, and altered packaging. Security printing can help detect these forgeries, and also deter counterfeiters from participating in such crimes to begin with.
In 2013, Asia represented almost half of the worldwide security printing market, which makes sense as the area contains over 55% of the world’s population. Western Europe, Eastern Europe, and each of the Americas held 10% or under of global security printing.
Western Europe, North America, and Australia are considered to be some of the most industrialized regions in the world, but were also the most affected by the 2008-2013 global financial crisis. Currently though, they are on track to rebound, and grow at least twice as well in 2013-2018 than they had during the previous four years.Security printing will decrease in the financial use sector to a CAGR of 5.5% since the use of cash is decreasing globally as consumers begin using other forms of payment. The Personal ID market will have an even sharper decrease in growth, trickling down to a 3% CAGR since there will be more ePassports. Brand Protection is expected to increase greatly due to ISO standards for security features.
Source: "Worldwide Security Printing Market to reach $35.3 billion by 2015." The Future of Security Printing to 2018. Web. 02 March 2015.