The microprinting market is expected to grow from USD 525 million in 2019 to USD 670 million by 2024, at a compound annual growth rate (CAGR) of 5.0%
The microprinting market is expected to grow from USD 525 million in 2019 to USD 670 million by 2024, at a compound annual growth rate (CAGR) of 5.0%.
NEW YORK, April 3, 2019 /PRNewswire/ -- Rising need for anti-counterfeit measure in banking & finance application to drive overall growth of microprinting market
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The microprinting market is expected to grow from USD 525 million in 2019 to USD 670 million by 2024, at a compound annual growth rate (CAGR) of 5.0%. The microprinting market is driven by various factors, such as standards and regulations in the banking sector, and technological advancement in microprinting technology. However, growing digitization is limiting the growth of the microprinting market.
Based on type, color-based microprinting to witness higher CAGR during forecast period
The growth of the market is mainly attributed to the wide acceptance of color-based microprinting in government and banking & finance applications.Almost all banknotes, check slips, and postage stamps use color microprinting.
Moreover, rising demand for anti-counterfeit measures for currency and check slips is expected to spur market growth.
Packaging application to hold largest size of microprinting market during forecast period
Nowadays, microprinting is implemented on packages, boxes, tags, and labels that are used in packaging applications.Packaging applications require high-quality print, safety, and quick identification of products, along with fast turnaround time for printing.
All industries require brand protection and product safety as counterfeiting may affect the annual revenue.Therefore, industry players currently focus on implementing microprinting in packaging applications as it enables product safety and avoids product duplicity.
Owing to this, the microprinting market for packaging applications is expected to grow at the highest CAGR during the forecast period.
APAC to record highest growth rate during forecast period
APAC is witnessing increasing use of microprinting technology-based printers owing to the presence of a large number of bank and finance organizations, government agencies, and corporate companies.Government organizations based in China, Japan, and India are taking initiatives to implement microprinting technology while designing banknotes and check slips.
With China and India being among the most populated countries, there is an increased need for official and government documents such as ID cards, driving licenses, national ID cards, and passports, thereby creating ample opportunities for the microprinting market in APAC.
In-depth interviews have been conducted with C-level executives, managers, and other executives from various key organizations operating in the microprinting marketplace.
• By Company Type: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
• By Designation: C-Level Executives = 40%, Managers = 35%, and Others = 25%
• By Region: APAC = 40%, North America = 33%, Europe = 20%, and RoW = 7%
The microprinting market comprises major players, namely, Xerox Corporation (US), Videojet Technologies, Inc. (US), Matica Technologies AG (Germany), Brady Corporation (US), Zebra Technologies Corporation (US), HP Inc. (US), Ricoh Company Ltd. (Japan), Canon Finetech Nisca Inc. (Japan), Source Technologies (US), SAFEChecks (US), Xeikon (Netherlands), Domino Printing Sciences PLC (UK), Control Print Ltd. (India), Data Carte Concepts (Canada), Evolis (France), Micro Format, Inc. (US), Spectrum Positive (UK), Printegra (US), Trustcopy (Singapore), and William Frick & Company (US).
The study includes an in-depth competitive analysis of these key players in the microprinting market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report defines, describes, and forecasts the microprinting market based on type, print type, substrate, application, and geography.It provides detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the microprinting market.
It also analyzes competitive developments such as product launches and developments, agreements, acquisitions, expansions, partnerships, and investments carried out by key players to grow in the market.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall microprinting market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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