According to the latest report by IMARC Group, titled “E-Passport Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global e-passport market reached a value of US$ 22.23 Billion in 2021. An e-Passport is a chip-enabled passport with a biometric identification card, improving the transparency and security of travel. It consists of a biometric record that stores data, such as the holder's name, date of birth, and other character information. It also relies on contactless smart card technology, which incorporates radio frequency identification (RFID) chips or contact memory buttons, for wireless data transmission. E-passport helps prevent fraudsters from conducting data piracy and making duplicate passports by employing features, such as demographic information, iris scans, color photograph, and the digital signature of the bearer. As compared to a traditional passport, an e-passport assists with quicker verification and secured checks at airports and international borders, thereby saving time.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
E-Passport Market Trends-
The increasing demand for security across the globe is creating a positive outlook for the market. In line with this, the rising cases of visa and passport fraud and growing illegal immigration cases are acting as another growth-inducing factor. Additionally, the growing establishment of advanced airport infrastructures, especially in developing regions, along with the rising digitization and increasing adoption of wireless communication technology in the travel industry, is favoring the market growth. Apart from this, the development of e-passport smart gates at airports, which help simplify the identification and immigration processes, is providing an impetus to the market growth. Moreover, the rising awareness among individuals about the benefits of e-passports, including cost-effectiveness, reducing the risk of data alteration and duplication, less processing time, and greater data storage capacity, is positively influencing the market growth. Other factors, including the rising expenditure capacities of consumers, extensive research and development (R&D) activities, and growing air traffic and the number of people traveling to cross-border destinations, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 51.98 Billion by 2027, exhibiting a CAGR of 14.50% during 2022-2027.
- On the basis of technology, the market has been bifurcated into radio frequency identification (RFID) and biometric.
- Based on the security, the market has been divided into basic access control, password authenticated connection establishment, supplemental access control, and extended access control.
- On the basis of the application, the market has been bifurcated into leisure and business travels.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.?
- The competitive landscape of the industry has also been examined, with some of the key players being 4G Identity Solutions Private Limited (Goldstone Technologies Ltd.), CardLogix Corporation, Entrust Corporation, HID Global Corporation (Assa Abloy AB), IDEMIA, Infineon Technologies AG, Mühlbauer Group, Primekey Solutions AB (Keyfactor) and Thales Group.
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