NEW YORK, March 1, 2021 /PRNewswire/ — The security paper market is expected to grow by USD 683.00 million during 2021-2025, expanding at a CAGR of almost 2%. Get a Free Sample Report Delivered Instantly
The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
Security Paper Market: Growing global banknote market to drive growth
Digital payment systems are gaining popularity across the world. However, hard cash payments hold a significant share as around 60% of the global transactions are still made using hard cash. For instance, about 42% of the e-commerce payments in India are currently through cash on delivery. In addition, the increasing demand for high-security paper to print high denomination currency notes is expected to fuel the growth of the global security paper market during the forecast period.
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As per Technavio, increasing paper ballot voting systems in the US will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Security Paper Market: Increasing Paper Ballots Voting System in the US
Electronic voting machines (EVMs) are vulnerable to hacking, software bugs, and program errors. Also, they cannot be used to produce hard copies of voting lists for further audits in case of concerns such as political violations. However, in the case of paper ballots, the possibility of data adulteration and manipulation is very low when compared with EVMs. Hence, many states across the US are adopting paper ballots voting systems. In addition, several lawmakers in the country are encouraging the implementation of paper ballot voting systems to reduce the risk of hacking. These factors are expected to positively influence the growth of the global security paper market during the forecast period.
“Growth in international tourism and the rise in the number of free-trade agreements will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Security Paper Market: Segmentation Analysis
This market research report segments the security paper market by Product (Currency note, Passport, and Others) and Geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the security paper market in 2021, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growth of the banking sector.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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Report: www.technavio.com/report/security-paper-market-industry-analysis
SOURCE Technavio
