Global e-passports market expected to generate revenue of around USD 3,231 million by 2024, growing at a CAGR of around 9.1% between 2018 and 2024. A continuously growing number of travelers to cross-border destinations is impelling the growth of the e-passports market globally.
The report covers a forecast and an analysis of the e-passports market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Million). The study includes the drivers and restraints for the e-passports market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the e-passports market on a global level.
In order to give the users of this report a comprehensive view of the e-passports market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new service type launch, agreements, partnerships, collaborations & joint ventures, research & development, service type, and regional expansion of major participants involved in the market.
The study provides a decisive view of the e-passports market by segmenting it on type, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. This segmentation includes the demand for e-passports market based on all segments in all the regions and countries.
The key players in the global e-passports market are Atlantic Zeiser, M2SYS, Kona I, Gemalto, ASK, PrimeKey, Muhlbauer Group, Arjo Systems, 3M, Netrust, Austria Card, Oberthur, De La Rue, Multos International, Safelayer S.A., and Edaps Overseas, among others.
This report segments the global e-passports market into:
Global e-Passports Market: Type Analysis
Global e-Passports Market: Application Analysis
Global e-Passports Market: Regional Analysis
An e-passport or biometric passport consists of an electronic chip. It is an advanced form of travel document, i.e., passport, which enhances the security and restricts fraudulent cases at the same time. The use of an e-passport by travelers is recognized digitally across the world. E-passports are mainly to cut down the risks associated with data duplication and alteration.
A continuously growing number of travelers to cross-border destinations is impelling the growth of the e-passports market globally. For instance, according to the data provided by the U.S. Travel and Tourism Association, the U.S. domestic travel has increased to 1.3% from 2015. Moreover, according to the Airports Council International approximations, air travel is estimated to double between 2012 and 2030, and reach 11 billion travelers annually by 2030. ICAO regulations for criminals and terrorists, a rising number of visa/consular outsourcing, rapid developments made in the airport infrastructure, and various technological advancements in the biometric technologies are projected to fuel the growth of the e-passports market across the world in the upcoming years. However, data leakage threats and societal issues regarding e-passports might hinder the e-passports market on a global scale in the near future.
The e-passports market is divided based on type and application. By type, the market for e-passports is classified into long-term and short-term passports. Short-term passports are anticipated to dominate the market. By application, the e-passports market is bifurcated into individual use and commercial use. Commercial use is anticipated to dominate the market, due to the growing expansion of companies globally, as companies send their employees to different countries for their respective projects.
North America is projected to lead the e-passports market in the forecast time period due to the well-established IT industry in the U.S., the large consumer base preferring for technically advanced customer interface software for their travel plan, and the presence of major companies. The Asia Pacific is predicted to show the highest growth rate in the demand for e-passports, mainly owing to the rising awareness about e-passports in the developing countries and increasing procedures by governments for issuing e-passport. The growing adoption of technically advanced systems, urbanization, and increased tourism are other major factors contributing to the huge growth of the Asia Pacific e-passports market.
The key players of the global e-passports market are Atlantic Zeiser, M2SYS, Kona I, Gemalto, ASK, PrimeKey, Muhlbauer Group, Arjo Systems, 3M, Netrust, Austria Card, Oberthur, De La Rue, Multos International, Safelayer S.A., and Edaps Overseas, among others.