India's authentication & traceability market to reach Rs 16,575 cr by FY29: report

New Delhi, Sep 11 (PTI) India's authentication & traceability (A&T) industry is projected to grow at a compound annual growth rate of 11.3 per cent to reach Rs 16,575 crore by FY29, according to a study released by the Authentication Solution Providers' Association (ASPA) in collaboration with Accenture.

The Indian A&T industry was estimated at Rs 9,705 crore in FY24, having grown at a CAGR of 7.4 per cent since FY20. It is expected to reach Rs 10,612 crore in FY25.

Key sectors driving demand for A&T solutions in India include pharmaceuticals (17 per cent), consumer products (14 per cent), cosmetics (13 per cent), and automotive components (13 per cent). The report attributes this growth to factors such as the rise in counterfeiting, increasing e-commerce penetration, growing consumer awareness, and evolving regulatory requirements.

While traditional technologies like holograms and QR codes remain prevalent, the study highlights a growing interest in next-generation solutions such as blockchain, IoT, AI, and phygital (physical + digital) technologies.

The study, conducted by Accenture, incorporated survey responses from ASPA member companies, along with interviews with government authorities, industry stakeholders, and global bodies. PTI ANK HVA