E-Passport Market Size Will Grow USD 256.2 Billion by 2032 at a CAGR of 24.8% | Valuates Reports
BANGALORE, India, Nov. 2, 2023 /PRNewswire/ -- E-passport Market is Segmented by Technology (Radio Frequency Identification (RFID), Biometrics), by Application (Leisure Travel, Business Travel): Global Opportunity Analysis and Industry Forecast, 2021-2028.
The global e-passport market was valued at USD 28.8 Billion in 2022, and is projected to reach USD 256.2 Billion by 2032, growing at a CAGR of 24.8% from 2023 to 2032.
Major Factors Driving The Growth Of E-passport Market
The development of sophisticated airport infrastructure in emerging countries and the emergence of enhanced verification technologies to identify identity fraud are two significant drivers driving the global e-passport market. Additionally, a rise in cross-border traveler numbers fuels the expansion of the worldwide e-passport industry. Over the course of the projected period, the travel industry's increased usage of wireless communication technology is anticipated to present lucrative chances for worldwide market advancement.
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TRENDS INFLUENCING THE GROWTH OF THE E-PASSPORT MARKET
To combat identity theft and improve the protection of travelers' personal information, e-passport manufacturers have incorporated a number of extra electronic and optical security elements, which has boosted market development. The market is expected to rise due to the increasing introduction of microprocessor-based passports and the fast acceptance of advanced microprocessor-based passport services in developed nations, which aim to improve traveler convenience.
The market is growing as a result of increased expenditures made by public and private entities to build cutting-edge airport infrastructure in Asia-Pacific and Latin America. Furthermore, a number of nations worldwide are implementing cutting-edge technologies, like face recognition software, geographic information systems, and biometric passport technology, to detect threats and fraud at airports. Additionally, a number of airport development firms have been enhancing airport operating performance and efficiency via the use of digital technology.
The future growth of the market is anticipated to be bolstered by the increased integration of wireless technologies, such as smart cards in e-passports, which offer airline industries numerous benefits like improved security of biometric information like fingerprints, iris scans, palm scans, and digital signatures. Furthermore, the use of radio-frequency identification (RFID) tags and readers in e-passport technology to automatically monitor and identify traveler data like name, age, and address offers profitable prospects for market expansion. Additionally, radio frequency signal integration in e-passport technology allows for the safe transmission of traveler data to airline firms, driving the e-passport market's expansion.
A number of airport businesses have been increasing their income and streamlining their business processes by utilizing cutting-edge technologies like beacons, augmented reality, and artificial intelligence. Reviewing an e-passport simply takes a few seconds, so passengers won't have to wait in a queue for a long time to have their details confirmed.
The e-passport stores a person's biometric data, making it considerably simpler for authorities to locate the pertinent data. This implies that data breaches and the creation of forged passports may be substantially avoided. An electronic passport that has been tampered with will instantly fail to authenticate the data. Multiple layers of security are included in the e-passport to avoid repetition.
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E-PASSPORT MARKET SHARE
Europe held a dominant portion of the e-passport market share regionally in 2022 and is predicted to continue to do so throughout the forecast period. This is explained by the development of sophisticated airport infrastructure in Germany and the UK as well as the increase in smartphone use when flying. However, due to rising demand from developing countries, more benevolent e-passport policies throughout the region, and the installation of e-passport smart gates at airports in numerous developing countries, Asia-Pacific is anticipated to grow at a significant rate during the projection period.
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Key Players:
- Gemalto N.V.
- Mühlbauer Group
- Entrust Datacard Corporation
- HID Global Corporation
- Infineon Technologies AG
- Safran S.A.
- Eastcompeace Technology Co.
- CardLogix Corporation
- 4G Identity Solutions
- ASK
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SIMILAR REPORTS
- The global E-passport and E-visa market size is estimated to be worth USD 10990 million in 2022 and is forecast to a readjusted size of USD 17050 million by 2029 with a CAGR of 6.4% during the forecast period 2023-2029.
- The global Visa Outsourcing Services market is projected to grow from USD 2086.2 million in 2023 to USD 4389.7 million by 2029, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period.
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