The global blockchain based solutions for security labels market was valued at US$ 22,311.2 Million in 2019 and is expected to surpass US$ 36,373.8 Million by 2027, registering a CAGR of 6.3% during the forecast period (2020-2027). According to the Global Blockchain based Solutions for Security Labels Market Report, by identification method (Bar code, Radio Frequency Identification and Holographic), by end-use industry (FMCG, Automotive, Retail, Consumer Electronics and Healthcare), and by region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The growing counterfeiting activities across the globe are a major factor affecting the market growth. For instance, according to a report published by the Organization for Economic Co-operation and Development, in 2019, 3.3% of the goods traded globally are counterfeit and pirated products. Europe alone imports US$ 130 billion of counterfeit and pirated products annually, contributing 6.8% of its total imports. Considering the large volume of pirated products traded in the market, companies are adopting security labels to prevent loss of revenue.
Furthermore, presence of online channel for the sales of luxury items is facilitating counterfeiting of the products. For instance, according to Coherent Market Insights’ analysis, in 2017, counterfeited items worth US$ 323 billion were sold online globally, owing to which big brands are now using blockchain and IoT technology to govern the sales of products and protect the brands. These are the major reasons facilitating the growth of the block chain based solutions for security labels market.
Augmented reality label technology can be considered as the future of security labels, as many security label manufacturers are focused on developing augmented reality security labels to prevent counterfeiting. For instance, Digital Mark, a U.S.-based company, is developing AR label technology to combat fraudulence.
Global Blockchain Based Solutions for Security Labels Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 Pandemic will not hamper the market growth in the long run. Many countries around the globe such as India, Spain and Italy have imposed nationwide lockdown. For Instance, India have imposed lockdown from 25 March to 1 June till the further notice. In this lockdown retail shops and Cinema halls in the malls will remain closed. The security labels are widely used in the retail shops and Cinema halls. Moreover in India, the manufacturing facilities have to be operated in limited manpower. Owing to mentioned factors the COVID-19 is expected to restrain the growth of the market during the year 2020.
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