Security printing techniques are highly preferred to be used in documents that carry confidential information regarding an individual. During recent years, the use of materials such as e-passports and national ID cards has increased significantly. E-passports, also known as biometric passports, include a chip that can be used at the automated e-passport gates. The embodied chip holds similar information, which is printed on the passport’s data page. E-passports are designed in a manner to increase security, which makes it more challenging to alter the data recorded on a passport and hence limiting the chance of fraud. Thus, driving the growth of the security printing market during the coming years.
Rise in the Incidences of Bank Forgeries
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. Thus, growing demand to prevent bank forgeries continue drive the growth of security printing market across the MENA region.
Some of the market initiatives were observed to be most adopted strategy in the MENA security printing market. Few of the recent market initiatives adopted by the market players operating in the security printing market are listed below:
2018: Along with the Iraqi Ministry of Interior, Veridos is building a new identity document factory in the Republic of Iraq.
2017: The Republic of Zambia contracts Veridos to deliver polycarbonate electronic ID cards to Zambia. The new eID card, which is equipped with a contactless chip, fulfils the highest quality standards and offers convenient multi-application options to Zambian citizens.
2016: The Hashemite Kingdom of Jordan has awarded Veridos a contract to produce and deliver its passports for the next few years.
MENA SECURITY PRINTING MARKET SEGMENTATION
MENA Security Printing Market – By Printing Process
MENA Security Printing Market – By Application
MENA Security Printing Market – By Countries
Rest of MENA
MENA Security Printing Market – Company Profiles
Oumolat Security Printing LLC
United Security Printing
Al Ghurair Printing & Publishing LLC (AGPP)
Al Madina Development & Supply LLC (ADS)
Alpha Ink & Printing Materials Trading Co. L.L.C
Emirates German Security Printing L.L.C.
HP Development Company, L.P.
Hypertech Holograms L.L.C
SECURE Print Equipment Suppliers FZE (VINSAK)
Based in New York, Business Market Insights is a one-stop destination for in-depth market research reports from various industries including Technology, Media & Telecommunications, Semiconductor & Electronics, Aerospace & Defense, Automotive & Transportation, Biotechnology, Healthcare IT, Manufacturing & Construction, Medical Device, and Chemicals & Materials. The clients include corporate and academic professionals, consulting, research firms, PEVC firms, and professional services firms.
To access the report go to https://www.businessmarketinsights.com/TIPRE00007524/request-trial.