Rapid growth in the e-commerce sector is forcing industries to provide proper packing and identification facilities for avoiding duplication, and this is driving the growth of microprinting market. Moreover, increasing adoption of microprinting technique for proper packaging in order to avoid duplication and ease of identification; rapidly increasing demand for high-quality secured prints to identify and discriminate diverse packaged products; and increasing adoption of microprinting techniques in passports, identity cards, and other important documents in several organizations is also driving the growth of microprinting market.
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The Banking and Finance Segment is Expected to Witness the Highest CAGR during the Forecast Period
Based on end-use industry, the microprinting market is segmented into healthcare, education, government, BFSI, consumer electronics, packaging, transportation & logistics, and others. Among these, the BFSI segment is projected to grow at the highest rate in the coming years. The adoption of this printing technique is growing rapidly in the BFSI domain for anti-counterfeit tools and printers for fraudulent deterrence. Mostly, the banks are integrating advanced security facilities to protect bank currency from counterfeiting.
Single-Sided Print Type to Witness Fastest CAGR During the Forecast Period
Based on print type, the microprinting market is segmented into single sided and double sided microprinting. Among these, single-sided microprinting is expected to account for a larger share of the global microprinting market. The growth is mainly attributed to the wide acceptance of single-sided microprinting for employee and membership ID cards, mostly in government, education, and corporate applications. Also, increasing adoption of microprinted postage stamps and event badges are further pushing up the microprinting market.
Asia-Pacific: The Fastest Growing Regional Market
Geographically, North America, comprising the U.S. and Canada, accounted for the largest share of the global market. However, Asia-Pacific is expected to witness rapid growth during the forecast period. Many banks, government financial, and corporate organizations are available in this region which are noticing increased use of microprinting technology-based printers. Increasing development activities and rapid economic expansion in the Asia-pacific region are expected to witness the high growth in the microprinting market. Moreover, standards and regulations in the banking sector, expanding e-commerce sector, and technological advancement in microprinting technology in BFSI domain are the key factors driving the growth of the Asia-Pacific microprinting market.
The key players operating in the global microprinting market are Source Technologies (US), Domino Printing Sciences PLC (UK), Hewlett-Packard Company (US), Xerox Corporation (US), Videojet Technologies, Inc. (US), Brady Corporation (US), Huber Group (India), Team NiSCA (US), Diagramm Health GmbH & Co. KG (Germany), Micro Format, Inc. (US), William Frick & Company (US), Gallas Label & Decal (US), Zebra Technologies Corporation (US), Printegra (US), Matica Technologies AG (Germany), and Ricoh Company Ltd. (Japan).