It may be the digital era, but ensuring the security of printed documents and brand packaging is still a major concern for governments, businesses, and the individual consumer. Banknotes, passports, identity cards, lottery tickets, tax revenue stamps, labels, driving licenses, and even McDonald’s game chips are all subject to counterfeit activity.

While the use of online banking and digital payments is growing, the global security printing market size is also poised to grow—by $8.45 billion during 2019–2023, according to a new report by Technavio. It is projected to progress at a CAGR of more than 5% during the forecast period. One of the main drivers is the growth in tourism, leading to a demand for passports and visas, as well as birth and marriage certificates.

Blockchain, PayPal, and Apple Wallet notwithstanding, banknotes are still very much in use, especially in developing countries. According to research from Smithers, banknote printing accounts for 35.8% of total value in the global security print market, itself valued at $27.2 billion in 2017. The Future of Global Security Printing to 2022 forecasts a healthy growth rate of 4.8% per annum to generate a total value of $34.3 billion in 2022.