Technology has become ever present. But ubiquity, along with the inherent intangible value in these products, has made technology a target for fakes and imitators.
The technology industry is truly monolithic. It makes up more than 10% of the US economy and is worth over $1.8 trillion globally. Beyond the familiar names from consumer electronics are major players in industrial and component sectors. Firms come and go and advance into competing territory. By any measure, it is tough to succeed. Some battle it out for fine margins, while others commit huge resources to stay ahead of rivals.
Estimates put the number of mobile phone fakes at nearly 20%, while in the US alone, counterfeit printer cartridges account for over $3 billion in lost revenues
Rewards at the top may be vast, but they rely upon constant innovation. Of course, intellectual property powers value in this industry. It might be the materials and finish of the product, or a carefully orchestrated unboxing experience. In more utilitarian sectors, such as industrial equipment and supplies, trusted brands often bring performance and functional benefits. It could also mean a safer product, which may ultimately prove critical.