Report Puts Value Of Counterfeit/Pirated Goods At US$2 Trillion By 2022

A new report by the International Chamber of Commerce (ICC) and the International Trademark Association (INTA) estimates that some US$213 billion was lost to digital piracy in movies, music and software in 2015. The report also projects that by 2022, the total value of counterfeit and pirated goods in the world will reach somewhere between US$1.9 to 2.8 trillion.

The industry report released today is titled, “The economic impacts of counterfeiting and piracy,” and was prepared by Europe-based consulting firm Frontier Economics. It was jointly commissioned for INTA and the Business Action to Stop Counterfeiting and Piracy (BASCAP), an initiative managed by the ICC.

The report uses a range of data to come up with its findings.

According to an ICC press release, “the negative impacts of counterfeiting and piracy are projected to drain US$4.2 trillion from the global economy and put 5.4 million legitimate jobs at risk by 2022.”

“Measures to fight counterfeiting have not been sufficient,” BASCAP Director Jeffrey Hardy said in the release, calling on governments to “do a better job to protect the central role that IP [intellectual property] plays in driving innovation, development, and jobs.”