The global microprinting market is poised to garner hefty proceeds in the ensuing years, on account of burgeoning demand for microprinting across a slew of industries to mitigate counterfeit products. Microprinting is a common security procedure adopted by a vast range of industries including government, banking & finance, corporate, packaging, and healthcare. According to a research report, the global microprinting market is projected to witness substantial gains and amass over USD 800 million by 2025.
North America microprinting market will expand at a CAGR of over 4% over the forecast timespan. The technique is being used in corporate and government sectors for printing employee identification cards and licenses as a security measure. The availability of affordable scanning and printing solutions has led to an increase in counterfeiting of the USD. For instance, in January 2018, the U.S. Department of the Treasury reported around USD 70 million fake currency floating across the country; 75% of the counterfeited currency consisted of USD 100 bank notes.
This has led the government to incorporate the technique in the currency notes to prevent counterfeiting activities, thereby augmenting the microprinting market. The introduction of USD 100 currency notes with microprinting features will help in improving the authenticity and security of the currency notes by making it impossible to replicate.
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Microprinting technique is experiencing high adoption in various packaging applications. China is a major market due to the rapid growth of e-commerce and development in manufacturing consumer electronics in the country. The country exports a large number of consumer electronics products globally. The growing ecommerce sector is forcing industries to implement proper packaging and identification features for preventing counterfeiting, driving the microprinting market growth.
The growing demand for cost-effective printing technology is further accelerating the microprinting market growth. The packaging industries require high-quality secured prints that can be used to identify and differentiate different packaged goods. The technique enables easy product identification and avoids product duplicity, which helps in improving the brand image of industries. In addition, the increasing adoption of microprinting solutions in passports, identity cards and other documents in various organizations is another major factor driving the growth of the global microprinting market.
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Players in the microprinting market include Zebra Technologies Corporation, Xerox Corporation, Wuhan Willita Marking and Packing Technology Co., Ltd., Videojet Technologies, Inc., Source Technologies, Micro Printing Systems Intl., Matica Technologies AG , Linx Printing Technologies, InkJet, Inc., Hewlett-Packard Company, Evolis, Control Print, Ltd. , and Canon Finetech Nisca, Inc., among others. The major players are engaged in manufacturing printing solutions that help in protecting sensitive documents from unauthorized duplication.