The Authentication Solution Providers’ Association (ASPA), in collaboration with Accenture, launched a detailed study on India’s Authentication & Traceability (A&T) industry. The report presents an analysis of the current market landscape, growth trajectory, technology adoption, and policy environment shaping India’s fight against counterfeiting and illicit trade.
The report estimates the Indian A&T industry at INR 9,705 crore in FY 2023-24, growing at a CAGR of 7.4% since FY 2019-20. The sector is projected to reach INR 10,612 crore in FY 2024-25 and INR 16,575 crore by FY 2028-29, reflecting a strong upward trajectory with a forecasted CAGR of 11.3%.
In terms of global context, the Authentication & Traceability market stood at USD 147 billion in 2023 and is projected to grow to USD 382 billion by 2032. The Asia-Pacific region is expected to lead this growth, with a CAGR of 14.2%, driven by increasing regulatory mandates and rising consumer demand for transparency and authenticity.
The report identifies key sectors driving demand in India, including pharmaceuticals (17%), consumer products (14%), cosmetics (13%), and automotive components (13%). Factors such as the rise in counterfeiting, growing e-commerce penetration, consumer awareness, and regulatory requirements are contributing to the sector’s growth. While traditional technologies like holograms and QR codes continue to dominate, the study highlights growing interest in next-generation technologies such as blockchain, IoT, AI, and phygital (physical + digital) solutions.
Manoj Kochar, president, ASPA, addressing the event said, “This report is a milestone for India’s fight against counterfeiting. Authentication and traceability are no longer optional; they are essential to protect consumers, safeguard brands, and build trust in the marketplace. With India’s A&T industry set to grow at double-digit rates, this study will guide policymakers, businesses, and stakeholders in shaping a safer, more transparent future.”
The study was conducted by Accenture and is based on survey responses from ASPA member companies, along with in-depth interviews with government authorities, industry stakeholders, and global bodies. It presents a data-driven overview of how authentication and traceability technologies are being used across sectors to address risks related to counterfeit goods and product integrity.
Positioned as a strategic knowledge resource, the report aims to guide policymakers, regulators, and business leaders in designing robust, scalable authentication frameworks tailored to India’s evolving product security landscape.
