The MENA security printing market was valued US$ 1.60 Bn in 2018 and is expected to reach US$ 2.41 Bn by 2027 with a CAGR growth rate of 4.5% in the forecast period from 2019 to 2027.
MENA security printing market is experiencing a healthy growth rate in the current scenario, and is also expected to witness The security printing industry consists of printing various items such as banknotes, cheques, ticketing, stamps, payment cards, personal ID, brand protection, and passports. In order to protect these items, the industry has developed some of the security inks which protect printed materials are available in the market. Today, various applications of security printing such as banknotes, cheques, ticketing, stamps, and others need protection from counterfeiters and forgers.
To lessen counterfeiting and forgery, the printing industry uses a big range of security printing processes such as screen printing, letterpress printing, intaglio printing, digital printing, and others. Security printing devices help in the prevention of damaging and forgery of the aforementioned items, and security printing also provides valuable solutions to the different markets suffering from counterfeiting. These factor propel the growth of MENA security printing market.
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Financial fraud is among the most commonly faced issue among financial institutions, including banks present across the globe. The malpractice causes significant losses and depletion of wealth and assets. Financial fraud also hurts the reputation of a concerned institution, its competitiveness, and the economic value. Most of the cases can be due to the adoption of modern technology and advanced communication, such as the wireless mode since they are used by fraudsters to carry their operations and help them to improvise their skills and competences in connection with committing fraud.
Among the countries in the Middle East and North Africa region, the cases of forgery have also witnessed to increase over the years. For instance, as per data obtained from the Arab News, Saudi banks the number of reported fraud or attempted fraud cases in 2017 were to 2,046 cases worth SR214 million ($152 million), dropping in 2017 to 2,046 with a value of almost $56 million (i.e., SR214 million).
The most common methods by which the population in the region fell victim to fraud cases were electronic fraud committed to stealing bank records and other personal details. Since security printing helps in the prevention of tampering and forgery, it can help in the reduction of the cases, hence leading to the growth of the MENA security printing market at a steady rate during the forecast period.
The MENA security printing market has been segmented on the basis of printing process, application, and countries. On the basis of printing process the market is segmented in to screen printing, letterpress printing, intaglio printing, digital printing, and others. Based on application, the MENA security printing market is categorized as banknotes, cheques, ticketing, stamps, payment cards, personal id, brand protection, and passports. Further the county analysis in MENA security printing market include Saudi Arabia, Egypt, UAE, Bahrain, Oman, Kuwait, Jordan, Lebanon, Iraq, and Rest of Middle East and North Africa.
The market participants operating in the MENA security printing market are JMBR Group, Oumolat Security Printing, United Security Printing (USP), AL Ghurair Printing & Publishing L.L.C, AL Madina Development and Supply LLC (ADS), Alpha Ink & Printing Materials Trading CO. L.L.C, Andrupos, Emirates German Security Printing L.L.C., HP Development Company, L.P., Hypertech Holograms L.L.C, among others.
The overall MENA security printing market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the MENA security printing market.
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Also, primary interviews were conducted to analyze the MENA security printing market with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MENA security printing market.
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