The market is set to increase at a CAGR of 7.77 percent to $40 billion (€35.6 billion) 2016-2021.
A press release said that the market will see an increase from $25.52 billion (€22.7 billion) in 2016 to $40 billion (€35.6 billion) in 2021.
Security printing involves protecting printed items from unlawful activities and requires verification so that fraud, tampering and counterfeiting can be prevented. Counterfeiting has driven the global security market increasing requirements of brand protection and is “boosting the demand for security printing solutions”. Also pushing this market growth is the increased awareness of consumer rights as well as strict government regulations and standards worldwide.
Those countries showing significant growth in this market are North America which due to a “rising consumer awareness in the region” while Asia Pacific (APAC) is forecast to have the fastest growth due to rising living standards and the availability of money to spend in “the emerging economies such as China and India”. The report also noted that due to growing digitisation the market growth would be restrained “during the forecast period”.