E-Passport Market is Expected to Reach ~US$ 97,617 million by 2027

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Global E-Passport Market Report Opportunities, and Forecast By 2030

Market Research Report

EXCLUSIVE EDITION

Global Industry Analysis, Forecast and Trends, 2022-2030

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E-Passport Market

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E-Passport Market 2021: Industry Size, Regions, Emerging

Trends, Growth Insights, Development Scenario, Opportunities, and Forecast By 2027

Description

The global e-passport market size is expected to grow from USD 20,917 million in 2020 to USD 97,617 million by 2027, at a CAGR of 27.5% from 2021 to 2027. An E-passport is an electronic passport containing travelers' identity details such as name, passport number, surname, date of birth, and nationality. In addition, an e-passport is created with an electronic microprocessor chip, which contains several biometric information of an applicant, such as photos, fingerprints, and signatures. E-passport offers numerous benefits to end-

users, including preventing misuses of passports, digitally storing personal details of travelers, and improving security. In addition, securing accurate identification of passport holders and protecting against identity theft are essential benefits offered by e-passports.

An increase in the number of people traveling to cross-border destinations propels the growth of the global e- passport market. In addition, the rise in advanced verification technology to detect identity frauds and the

presence of advanced airport infrastructure among developing nations also boost the global e-passport market.

However, the availability of cost-effective e-passport and high implementation costs restrict the growth of the market. On the contrary, the increase in the adoption of wireless communication technology among the travel industry is expected to offer remunerative opportunities to expand the global market during the forecast

period.

E-Passport Market by Technology (RFID and Biometric), by Application (Leisure Travel and Business

Travel) by Region – Global Share and Forecast to 2027

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An increase in investments by governments and private organizations to develop advanced airport infrastructure across developing nations of Asia-Pacific and Middle East & Africa countries drives the market's growth. In addition, various countries across the globe are deploying advanced technologies such as biometric passport technology,

geographic information system, and facial recognition technology to identify frauds and threats at airports.

Furthermore, several airport development companies have been using digital technologies to improve operational performance and efficiency at airports. For instance, TAV Technologies, one of the leading management technology providers to airline industries, have been using IoT technology to collect biometric data of all passengers from

simple sensor devices, smartphones, and wearable connected devices. Thus, such developments across developing as well as developed nations drive the growth of the market.

COVID-19 Impact on the Global E-Passport

The e-passport market has witnessed significant growth in the past few years; however, owing to the outbreak of the COVID-19 pandemic, the market witnessed a sudden decrease in 2020. This is attributed to the implementation of lockdowns by governments in most countries and the rise in restrictions on international traveling. Moreover, the increase in need among traveling industries to detect traveler information immediately, increase in awareness

among people to securely store personal information, and rise in use of smartphones among people are some of the essential factors that boost adoption of the e-passport market during the COVID-19 outbreak. As per the AMR

analysis, the e-passport market is anticipated to profit by the third quarter of 2022.

In addition, while estimating the market size, AMR has considered the impact of COVID-19 across the globe, and the estimated numbers are entirely dependent on the current ongoing situation of COVID-19 in each country. However, there is still no clarity on the deeper impact that it is having across various businesses, industrial sectors, and

organizations, owing to factors such as the continuous increase in the number of COVID-19 cases with different rates and changes in the lockdown period.

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Global E-Passport Market Dynamics

Drivers: Rise in advanced verification means to detect identity frauds

Companies manufacturing e-passport have added a range of additional electronic and visual security features to fight identity fraud and increase the security of travelers' personal information, which enhances the market's growth. In addition, the increase in the introduction of microprocessor-based passports and rapid adoption of advanced microprocessor-based passport services across developed nations to increase travelers' convenience drives the market's growth. Furthermore, the integration of advanced technology such as machine learning and artificial intelligence in e-passport has improved the speed of detecting fraudulent cases in travelers' documents, which drives the global e-passport market.

Restraints: High implementation cost

Innovative e-passport technology is manufactured with highly configurable data management tools, facilitating validation, recording, updating, retrieval, certifying, and issuing documents to citizens. This is attributed to an increase in the implementation cost of e-passport technology. In addition, the limited number of e-passport provider companies across Asia-Pacific and the high price of electronic chips and biometric sensors across the region hamper the growth of the market in this region. Furthermore, several e-passport providers have been manufacturing e-passport technology with advanced magnetic tape cards, which increases the overall cost of e- passports, which, in turn, hampers the market's growth.

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Opportunities: Increase in development of wireless communication technology

An increase in the integration of wireless technologies such as smart cards in e-passport, which offers airline industries numerous benefits such as improved security of biometric information such as palm scan, iris scan, fingerprints, and digital signature, is expected to enhance the growth of the market in the future. In addition, radio-frequency identification (RFID) reader and radio- frequency identification (RFID) tag use in e-passport technology to automatically track and identify traveler information such as name, date of birth, age, and address provides lucrative opportunities for the market growth. Furthermore, the radio frequency signal is integrated into e-passport technology to securely transfer travel information to airline companies, which propels the development of the e-passport market.

Scope of the Report

The study categorizes the e-passport market based on technology, application, and regions.

Direct Purchase Report: https://www.marketstatsville.com/buy-now/e-passport-market?opt=2950 By Technology Outlook (Sales/Revenue, USD Million, 2017-2027)

•RFID

•Biometric

By Application Outlook (Sales/Revenue, USD Million, 2017-2027)

•Leisure Travel

•Business Travel

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By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

•North America (US, Canada, Mexico)

•South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)

•Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)

•Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)

•The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

By technology, the RFID segment is projected to account for the largest market share Access full Report Description, TOC, Table of Figure, Chart,

etc: https://www.marketstatsville.com/table-of-content/e-passport-market

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On the basis of technology, the E-passport market is divided into RFID and biometric. The RFID segment was accounted for the highest contributor to the market, with a market share of 75.9% in 2020. Radiofrequency identification is electromagnetic equipment that automatically identifies

entities, collects information, and enters it directly into computer systems without human

involvement. E-passport integrates electronic RFID chips into paper documents, which contain information that can be used to verify passenger identities. An increase in the integration of RFID technology in e-passport to strengthen border security by decreasing the possibility of fake

passports and creating new passports without losing travelers' personal information is considered an essential factor in boosting the e-passport market segment.

Asia Pacific accounts for the highest CAGR during the forecast period

On the basis of region, the market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is estimated to hold the highest CAGR of 29.5%

in the global e-passport market during the forecast period. Countries considered under the scope of this region include China, Japan, Australia, South Korea, India, and the Rest of Asia-Pacific. An

increase in the number of international travelers, a rise in the use of digital technology during traveling, and an increase in support to use biometric passports by governments across China, Japan, and India are major factors that boost the growth of the e-passport market in this region.

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