The threat of product counterfeiting or online infringement is on a rise. It’s not like businesses haven’t witnessed these kinds of issues before. But, the rising counterfeiting, impersonation, fraud, and piracy are creating further challenges for the brands. It is impacting consumer trust, market reputation, and business bottom line. The value of counterfeit goods is expected to exceed $1.9 trillion globally by the end of the year 2022.
Having a proper plan in place has become more crucial with the rapidly changing threat landscape and the next generation of online crimes seeking new ways to take advantage of the brands.
Brand protection is an appropriate solution to deal with these concerning issues. Today, it is something that companies should take quite seriously.
What is Brand Protection?
Brand protection protects the intellectual property (IP) of businesses and their associated operations against counterfeiters, copyright pirates, and infringers of other types of IP, such as patents, design rights, color marks, and trade dress. It not only protects the loss of revenue of brands but also protects their image, reputation, and overall value.
Businesses work for years and put in a lot of effort, time, investment, patience, and knowledge to build their brand. Whether it’s a small or big brand, it’s recommended to implement brand protection solutions.
MarkMonitor’s new research has surveyed 600 marketing decision-makers. It says 72% of the respondents agreed that brand protection gained attention. Whereas 46% felt that IT and security teams play an influential role in developing a brand protection strategy.
Authentication and Brand Protection Market Landscape
The rise in product counterfeiting and forging has soared the demand for brand protection solutions. Its market is segmented on the bases of type, technology, and application.
In technology, the brand protection market is segmented into security printing & tamper-proof labels, security inks & coatings, OVDS and holograms, unique codes, QR codes, bar codes, Random Patterns, RFID, authentication ICS, and others.
In type, the brand protection market is segmented into overt, covert, forensic, and digital. In the application, it is further divided into consumer electronics, automotive, medical, chemical, food & beverage, tobacco, and others.
According to the Insight Partners report, the brand protection market will grow to US$ 5,322.57 million by the end of the year 2028.
Impact of COVID-19 on Global Authentication and Brand Protection Market
COVID-19 has led to the growth of e-commerce. Whether it’s about ordering medicines or basic home supplies, it is now a survival tool for the people. Counterfeiters are leveraging this opportunity to bask in their benefits and gain a considerable portion of profits in the name of reputed brands. In the end, businesses have to suffer because of the illicit practices of the counterfeiters.
Brand protection solutions save businesses from these threatening circumstances, the reason why every business is looking forward to implementing this strategy into their operations.
The overall authentication and brand protection market size derived massively after the COVID-19.
Rise of Authentication and Brand Protection Market
Brand protection solutions make much more sense to businesses these days. After all, it gives them the power to fight illicit counterfeiting activities proactively. No wonder why the brand protection market continues to rise by leaps and bounds. Here are some of the factors that are responsible for it:
- Accentuating Demand for Genuine Products
- Growing Concerns over Duplicate Consumer Products and Components
- Rise of Authentication Labeling
- Development of Integrated Solutions
Invest in LetsVeriFy Brand Protection Solutions
Maximizing security levels and preventing unauthorized activities becomes possible when you implement brand protection solutions in your business operations. Connect with LetsVeriFy to get it for your business.