There has been a rapid growth of counterfeiting or duplication in different industries across the world. From medicines to food items, consumer electronics to apparels, footwear to FMCG products and much more has been encircled by the menace of counterfeiting.
As per the Global Brand Counterfeiting Report 2018, the amount of total counterfeiting globally has reached to 1.2 Trillion USD in 2017 and is bound to reach 1.82 Trillion USD by the year 2020 which includes counterfeiting of all equipment/products from defence equipment’s to counterfeiting of watches.”
According to the report, “Losses incurred by Luxury Brands because of sale of counterfeiting through internet accounted for 30.3 Billion USD.” The above-stated figures present a grim picture of global business which is suffering from the pandemic called counterfeiting.
However, at the same time in order to protect their products and supply chains from counterfeiting, industries are using different kinds of anti-counterfeiting technologies. As per ISO 12931, all the anti-counterfeiting technologies can be categorized into overt, covert, forensic and digital.
Different types of anti-counterfeiting technologies are being used as per their requirements in different industries. The implementation of these technologies have reaped many benefits which in turn, popularized their application. According to a report by Markets and Markets, the Anti-Counterfeiting Packaging Market will reach a staggering $128.6 billion by 2019.
Here are the four important reasons which are responsible for the growth of anti-counterfeiting technologies.
- These technologies significantly reduce the incidents related to counterfeiting, adulteration and tampering and thus help in saving company profits.
- With the implementation of anti-counterfeiting technologies, brands can strengthen their image among consumers.
- Anti-counterfeiting technologies not just helps in securing the products but, also helps in safeguarding and monitoring of the supply chains.
- Anti-counterfeiting technologies also prevent IP infringement or violations.