Global E-passport Market Size
Additional protection layer not found in standard passports is provided by e-passport often referred to as biometric passports. This relates to a person's biometric details contained in an electronic chip within the passport of the client. An e-passport has an E-Chip that has the same data as the bearer's name, birth date, and any other biographical details on the passport tab. E-passports are used mostly to validate a traveler's identity on foreign flights. The main biometric methods included in this application include fingerprint, face, and iris recognition.
Market Highlights
Global E-passport Market is expected to project a notable CAGR of 22.69% in 2030.
to surpass USD 157.1 million by 2030 from USD 23.05 million in 2020 at a CAGR of 21.2% in the coming years, i.e., 2021-30. The growing need to improve passport protection to address the economic danger of identity fraud is fueling the growth of the e-passport market in particular. Increased global travel demands a high degree of protection for both business and pleasure purposes. Standard passports that do not have biometric capabilities risk traveling on foreign flights to illegal passengers. Such ill-intentioned passengers are at risk of obstructing passengers' safety on the air. E-passport is thus a secure solution to avoid such situations, which fuels the demand for e-passports.
Global E-Passport Market: Segments
Biometric segment to grow with the highest CAGR during 2020-30
Global E-passport Market is segmented by technology into radio frequency identification (RFID) and biometric. The Biometric, segment held the largest market share of XX.X% in the year 2020 due to its intensifying use in the end-user vertical. Standard passports that do not have biometric capabilities have risk traveling on foreign flights to illegal passengers. Such ill-intentioned passengers run the risk of hampering passenger's in-flight safety. Biometrics are a trustworthy measure to avoid such scenarios, thus driving this segment.
Leisure segment to grow with the highest CAGR during 2020-30
Global E-passport Market is divided by application into Leisure and business travel. The biofuel Leisure segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years.
Global E-Passport Market Dynamics
Drivers
Increased leisure and business travel
Growing need to improve passport protection to address the economic danger of identity fraud is fueling the growth of e-passport market in particular. Increased global travel demands a high degree of protection for both business and pleasure purposes. Standard passports that do not have biometric capabilities risk traveling on foreign flights to illegal passengers. Such ill-intentioned passengers are at risk of obstructing passengers' safety on the air.
Surge in thefts
Boost in the e-passport market is due to surge in thefts, illegal immigration, and transborder crimes. In addition, e-passports are capable of ensuring faster safety checking and inspections at airports and at international borders, and increased adoption by many countries to boost citizens' safety, decreased passports rates, strengthen the visa market demand for e-passports.
Restraint
Lack of awareness regarding E-passport Market existence
The high initial implementation costs and cost-effective e-passport availability could hinder the growth on the market. Most key players restrict themselves due to high initial costs and thus limiting the market growth.
Global E-Passport Market: Key Players
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Atlantic Zeiser
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Arjo Systems
- PrimeKey
- ASK
- Muhlbauer Group
- Entrust
- Gemalto
- Safelayer S.A. Savvy players
- Oberthur
- Multos International
- M2SYS
- Kona I
- Edaps Overseas
- Other Prominent Players
Global E-passport Market: Regions
Global E-passport Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global E-passport in Europe held the largest market share of XX.X% in the year 2020. During the projected timeline Europe is projected to dominate over e-Passport & e-Visa. Early investors of biometrics for different purposes such as border control, airport management, identification, and compliance have been European nations, including Germany, the United Kingdom, and France. During the projected timeframe, e-passports and e-visa markets are expected to increase in the Asia Pacific region. Bangladesh's and India's governments aim to implement e-passports and e-visa facilities to mitigate the problems of airport document processing. Implementing border control technology would also help national departure terminal safety initiatives in the region.
Global E-passport Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global E-passport Market report also contains analysis on:
E-passport Market Segments: into
- By Technology
- Radiofrequency identification (RFID)
- Biometric
- By Application Type
- Leisure
- Business travel
- Identification/Proof
- Immigration/Border Control
- By Hardware
- Antenna
- Processor/Chip
- E-passport Dynamics
- E-passport Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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