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The e-passport market size is estimated to grow by USD 15,341.67 million at a CAGR of 11.85% between 2022 and 2027. The growth of the market depends on several factors, including increasing security concerns, technological advancements, and government initiatives.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing security concerns are notably driving the market growth, although factors such as the high initial investment cost may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing security concerns are notably driving the Market growth. They offer a high level of security and are equipped with advanced features, such as biometric authentication, digital signatures, and encryption, which make them much harder to forge or tamper with. This has made them a preferred choice for governments worldwide as they provide a more secure and reliable way of verifying a traveler's identity. They allow for more efficient and streamlined border control procedures, reducing wait times and enhancing the overall travel experience for passengers.
Moreover, they enable seamless integration with other government systems and databases, such as immigration and law enforcement, providing real-time access to crucial information that can help prevent security breaches and facilitate border management. With the rise of international terrorism and organized crime, governments and international organizations have been seeking new ways to enhance security measures and prevent fraudulent activities that drive growth in increasing security concerns. As many countries continue to invest in advanced security technologies and upgrade their border control systems, the demand in the global Market is expected to grow during the forecast period.
The introduction of mobile-based passports is the key market trend driving the Market growth. Mobile-based passports are a growing trend in the global market. They offer several advantages over traditional paper passports, including convenience, security, and flexibility. Mobile-based passports allow users to carry their travel documents on their smartphones, eliminating the need to carry a physical passport. This can make the travel experience faster and more efficient, as users can simply scan their phones at immigration checkpoints. In addition to convenience, mobile-based passports also offer enhanced security features, such as biometric authentication, which can make it more difficult for fraudsters to create fake passports. This technology can also help reduce the risk of identity theft, as users' personal information is stored securely on their phones.
As mobile technology continues to evolve, we will likely see an increasing number of governments adopting mobile-based passports as a more secure and efficient way to manage travel documents. With the widespread adoption of smartphones and mobile devices, some countries are exploring the use of mobile-based passports. These passports would be stored on a mobile device and would be used in conjunction with biometric authentication to streamline border control processes. Thus, these are expected to drive the growth of the global market during the forecast period.
The major challenge impeding the market growth is the high initial investment costs. The global market faces the challenge of high initial investment costs, which can be a significant barrier to adoption. The development and deployment of this require substantial investments in technology, infrastructure, and personnel training. Governments and organizations must make significant upfront investments to design, test, and deploy the necessary systems and infrastructure to support E-passports. Furthermore, the cost of implementing them can vary greatly depending on the level of security and functionality required.
This includes the cost of incorporating biometric data, implementing encryption and authentication protocols, and upgrading border control systems. As a result, smaller and less affluent countries may struggle to invest in them, limiting their ability to participate in the global market. Hence, the high investment cost will be a challenge for the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ASSA ABLOY AB: The company offers ePassport solutions through its subsidiary Aontec Teoranta such as RFID inlays.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the leisure travel segment will be significant during the forecast period. The global market has witnessed significant growth in recent years due to the increasing demand for secure and efficient travel documents. One of the key applications of E-passports is leisure travel. With the rising middle-class population and increasing disposable income, people are traveling more frequently for leisure purposes.
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The leisure travel segment was valued at USD 10,246.15 million in 2017 and continued to grow until 2021. E-passports offer a convenient and secure way for travelers to cross international borders, eliminating the need for physical visas and reducing wait times at airports. The use of E-passports also helps prevent fraud and identity theft, enhancing the safety and security of travelers. The importance of contactless and touchless solutions and E-passports offer a contactless alternative to traditional passport stamps and physical documents. This has further accelerated the demand for E-passport. Governments and tourism boards are also investing in digital infrastructure to facilitate the use of E-passports, creating opportunities for growth in the market. Hence, the leisure travel segment is expected to drive the growth of the global market during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in Europe is growing rapidly as governments are adopting new technology to enhance security and streamline border control processes. The European Union has set a target for all member states to issue biometric passports with chips containing personal data and a digital photo. Many European countries, such as Germany, France, and the UK, have implemented E-passport programs to enhance border security and streamline immigration processes. This has created a significant demand for E-passports and related technology, including biometric systems and passport readers.
In addition to government initiatives, there is also a growing demand for E-passports among European travelers. The convenience and security offered by E-passports, such as faster processing times and reduced risk of identity fraud, are increasingly attractive to travelers in the region. Furthermore, with the increasing trend towards contactless and digital solutions in the travel industry, there may be further growth opportunities for the market in Europe. As a result, the market in Europe is expected to continue to grow, with opportunities increasing for both government and private sector players during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is driven by advancements in electronic identification and digital security, leveraging biometric technology and RFID technology for enhanced identity verification. E-passports incorporate authentication systems and secure documents to prevent identity theft and ensure document security.
These passports streamline passport issuance processes and offer identity theft prevention measures through advanced electronic visas and contactless technology. Personal data protection is a key focus, ensuring secure international travel and efficient identity management. E-passports are equipped with robust document security features and adhere to stringent standards for identity verification. As the demand for secure and efficient travel documents increases, the market continues to expand, offering innovative solutions for secure and convenient travel.
E-Passport Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.85% |
Market growth 2023-2027 |
USD 15,341.67 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.56 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., ASSA ABLOY AB, AUSTRIACARD AG, CardLogix Corp., De La Rue plc, DERMALOG Identification Systems GmbH, Entrust Corp., GET Group Holdings Ltd., Giesecke Devrient GmbH, Goldstone Technologies Ltd., HID Global Corp., Panasonic Holdings Corp., IDEMIA France SAS, Imprimerie Nationale S.A., Intel Corp., Keyfactor, M2SYS, Muhlbauer GmbH and Co. KG, NXP Semiconductors NV, and Thales Group |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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