Global Anti-Counterfeiting Technology Market Booms
As counterfeiting has become easier and more prevalent, copyright holders have increasingly turned to advanced technology to protect their interests. The anti-counterfeiting technology market has boomed over the past few years as a result. According to a new study conducted by Global Industry Analyst Inc, “the global market for anti-counterfeiting technologies could reach $82.2 billion by 2015.” This is great news for the economy and for the safety of millions of people world wide.
The results of the GIA analysis bolster a point that PRA has made many times: strong IP protection promotes innovation. According to the report, “Having realized the need to protect brand integrity and increase sales, brand owners are willing to spend more on anti-counterfeit solutions and the trend is prompting suppliers to offer innovative products that help stretch the inclination further.” Increased innovation leads to better products, more profits, and a stronger economy.
The report also notes that the food and drug industries are the hardest hit by counterfeiting. This has serious health implications because counterfeit drugs can be extremely dangerous. Unfortunately, many of these drugs have infiltrated the supply chain worldwide. Better technology like holograms and tamper-evident seals can save lives.
It is important that these companies continue to do well, to counteract governments that are actively pushing for policies that make counterfeiting more prevalent. Take the Anti Counterfeiting Trade Agreement for example. The agreement would reduce counterfeiting globally, but powerful up and comers like India and China are actively working against its enactment.
In an ideal world, there would be no need for anti-counterfeiting technology. Since we don’t live in an ideal world, it is fantastic to see the greater public awareness about IP theft, and that the private sector is taking greater steps to combat it.