The global security printing services market is projected to grow from USD 30.48 billion in 2023 to USD 46.09 billion by 2033, achieving 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.
Key Trends and Findings
- Networked MFPs and printers present a security risk as when left unguarded; they can be used as entry points into the network as well as a means of obtaining printed documents by unauthorized users.
- Data breaches resulting from insecure printing methods have affected more than two thirds of enterprises. This has resulted in significant financial loss. Organizations find it difficult to handle these cash losses, but they also highlight a number of other detrimental effects, like loss of company stability and continued disruption of operations beyond the breach.
- At present, the majority of organizations use the cloud-based print services. All types of businesses are using the cloud more and more, which means that strong security measures are required to safeguard users, data and the business operations from cyberattacks. Therefore, it should come as no surprise that security will be a key priority for technology investments in the years ahead.
- The North America region is expected to grow at a CAGR of 3.56% during the forecast period owing to the presence of major financial institutions and pharmaceutical companies as well as the increasing consumer awareness and brand protection efforts.
- The Asia-Pacific region market is likely to be driven by the economic development, urbanization and a high rate of counterfeiting coupled with the government initiatives such as India’s Aadhaar program and various e-government projects in the region.
Recent Developments by Key Market Players
June 2024: Hitech acquired a second pre-owned Rotatek RK 250 Plus 9-color press, significantly enhancing its manufacturing capabilities. This addition is expected to boost production capacity while elevating quality and efficiency standards. The installation of the Rotatek RK 250 Plus marks a pivotal moment in Hitech’s history, reinforcing the company’s commitment to adopting advanced printing solutions that meet evolving market demands and exceed customer expectations.
March 2024: HP launched the innovative HP Indigo 7K Secure Digital Press, transforming restricted digital security printing by enabling security-focused print jobs to be completed in a single pass. Collaborating with Jura JSP, this advanced sheet-fed press features workflows tailored for security production lines, helping clients expand their customer base and meet diverse security requirements. Additionally, HP introduced the HP Indigo V12 Digital Press, touted as the fastest narrow web digital press and the first to utilize cutting-edge LEPx technology.
September 2022: NanoGrafix introduced a comprehensive range of digital holographic and optical technologies for secure printing across various markets. These technologies cater to government needs such as tax stamps and currency, as well as applications in labels, packaging, textiles, and lottery tickets. Furthermore, this technology can be utilized for optical decorative purposes in packaging and labeling, providing unique optical effects and holographic images.
May 2021: HP Inc. unveiled a suite of security and brand protection technologies under the name HP Indigo Secure. These solutions aim to mitigate the rising threats posed by counterfeit products, projected to reach $4.2 trillion globally in the coming years. The HP Indigo 6K Secure Press, the first digital press specifically designed for the security printing market, offers comprehensive end-to-end security solutions with multiple security layers produced in a single pass within a secure environment.
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