The North America Security Printing Market would witness market growth of 4.3% CAGR during the forecast period (2021-2027).
The printing of documents such as banknotes, postage stamps, cheques, tax stamps, and others is needed to be kept secured and safe from unethical tampering and duplication, and thus security printing plays a major role in the printing of such documents. The commercial, banking, and government sectors are witnessing a huge impact of the rising number of tampering and forgery cases. Moreover, the practices of counterfeiting are growing with time, which has emerged as a major concern for the printing of stock certificates, identity cards, passports, postage stamps, and product authentication. Security printing is considered as an ideal solution to avoid tempering and forgery of documents. Banking, government, commercial, and other verticals are the major verticals in the security printing market.
Additionally, enterprises are putting high investments in the R&D activities of securer technology for strong security. The governments of several nations are also supporting and implementing such innovations to minimize the economic loss that may take place because of tampering and counterfeiting. In addition, the adoption of technology and hybrid printing papers in the printing of currency is anticipated to minimize the chances of counterfeiting of currency, corruption, and money laundering, which will fuel the growth of the security printing market.
The security printing market is witnessing prominent growth in North America. This is attributed to the growing investment and scrutiny in prevention from counterfeiting documentation and currency. In addition, the government in this region has made strict laws in order to reduce the chances of tampering and duplication. Security printing assists in minimizing the amount of printing that takes place in an office. The employees in the office find it difficult to print personal documents or easily access consumables due to the strategies adopted by companies such as user authentication and print tracking management software.
Moreover, governments have taken initiatives to adopt currency printing for better regulation & governance, growing technological advancements, and rising awareness of several fraudulent activities among customers are some of the factors propelling the growth of the regional market. Further, lithographic printing is highly used in this region. Therefore, these factors are anticipated to unlock growth prospects for the regional security printing market.
The US market dominated the North America Digital Printing Security Printing Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $254.7 million by 2027. The Canada market is experiencing a CAGR of 6.6% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 5.7% during (2021 - 2027).
Based on Function, the market is segmented into Lithographic Printing, Digital Printing, Letterpress Printing, Screen Printing, Intaglio Printing and Others. Based on Application, the market is segmented into Legal & Government Documents, Cheques, Certificates and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Security Printing Market is Estimated to reach $3.8 Billion by 2027, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Document Security Systems, Inc., Agfa-Gevaert N.V. (IG Farben), Ennis, Inc. (Printegra), Graphic Dimensions, Inc., Plus Technologies LLC, TROY Group, Inc., Wellspring Software, Inc., Amgraf, Inc., Graphic Security Systems Corporation, and Printech Global Secure Payment Solutions LLC.
By Function
By Application
By Country
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