NEW
YORK, June 26, 2024 /PRNewswire/ -- The global
E-passport market size is estimated to grow by USD 18.96 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
almost 12.96% during the forecast period. Increasing
security concerns is driving market growth, with a trend
towards increased adoption of E-passports. However, high
initial investment costs poses a challenge. Key market
players include 3M Co., Aion Tech
Solutions Ltd., ASSA ABLOY AB, AUSTRIACARD AG, CardLogix Corp., De
La Rue PLC, DERMALOG Identification Systems GmbH, Entrust Corp.,
GET Group Holdings Ltd., Giesecke Devrient GmbH, HID Global Corp.,
IDEMIA France SAS, Intel Corp., IN Groupe, Keyfactor, M2SYS,
Muhlbauer GmbH and Co. KG, NXP Semiconductors NV, Panasonic
Holdings Corp., and Thales Group.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Leisure
travel and Business travel),
Component (Software, Hardware, and Services),
and Geography (Europe, APAC, North America,
South America, and Middle East and Africa)
|
Region
Covered
|
Europe, APAC, North
America, South America,
and Middle East and Africa
|
Key companies
profiled
|
3M Co., Aion Tech
Solutions Ltd., ASSA ABLOY
AB, AUSTRIACARD AG, CardLogix Corp., De La
Rue PLC, DERMALOG Identification Systems
GmbH, Entrust Corp., GET Group Holdings Ltd.,
Giesecke Devrient GmbH, HID Global Corp.,
IDEMIA France SAS, Intel Corp., IN Groupe,
Keyfactor, M2SYS, Muhlbauer GmbH and Co.
KG, NXP Semiconductors NV, Panasonic
Holdings Corp., and Thales Group
|
Key Market Trends Fueling Growth
The E-passport market has experienced significant growth over
the last decade due to heightened security needs in the travel
industry. E-passports provide biometric data and encryption
technology, making them more secure against identity theft,
terrorism, and fraud. Governments benefit from
facilitated citizen movement, boosting trade and tourism. The push
toward digitization and automation, accelerated by the COVID-19
pandemic, also drives adoption. E-passports offer faster, smoother
processing and increased efficiency, aligning with the growing
comfort level with digital identification and transactions. The
market is expected to continue expanding due to these
factors.
The e-Passport market is experiencing significant growth due to
the increasing adoption of technology in travel documentation.
Biometric technology, such as facial recognition and smart chips,
are becoming standard features in e-Passports. Travelers find these
features convenient and secure, leading to increased demand.
Additionally, the use of contactless technology allows for quicker
processing at border control. The trend towards digitalization is
driving the market forward, with countries implementing e-Passport
systems to enhance security and streamline processes. The market is
expected to continue growing in the coming years.
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Report
Market Challenges
- The E-passport market expansion is hindered by substantial
upfront investments. Technology, infrastructure, and personnel
training necessitate significant financial commitments for
governments and organizations. Costs can fluctuate based on
security and functionality requirements, including biometric data
integration, encryption, and border control system upgrades.
Smaller, less affluent countries may find it challenging to invest,
potentially limiting their market participation. Consequently, high
investment costs pose a significant hurdle for the E-passport
market's growth during the forecast period.
- The E-Passport market is experiencing significant growth, with
advanced technologies such as biometrics and chip integration
becoming the norm. However, challenges persist in implementing
these technologies on a large scale. Costs for manufacturing and
implementation remain high, making it difficult for some countries
to adopt E-Passports. Additionally, data security and privacy
concerns continue to be a major challenge. Ensuring the protection
of personal information stored on E-Passports is crucial to
maintain public trust. Furthermore, interoperability between
different systems and countries poses a challenge, requiring
standardization and collaboration. Despite these hurdles, the
future of E-Passports looks promising, with continued innovation
and investment in the sector.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This e-passport market report extensively covers market
segmentation by
- Application
- 1.1 Leisure travel
- 1.2 Business travel
- Component
- 2.1 Software
- 2.2 Hardware
- 2.3 Services
- Geography
- 3.1 Europe
- 3.2 APAC
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Leisure travel- The E-Passport market is
experiencing significant growth due to its convenience and security
features. These electronic documents offer contactless data
processing and enhanced fraud protection. Governments
worldwide are investing in this technology to streamline travel
processes and improve border control efficiency. The market is
expected to continue expanding as more countries adopt E-Passports
and technological advancements enhance their functionality.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The E-Passport market represents the growing trend towards
digital solutions in international travel documents. E-Passports
incorporate electronic chips containing microprocessors and smart
cards, replacing the traditional paper technology. These innovative
travel documents include the holder's name, unique identification
number, and characteristic information, all digitally encoded.
Passenger data, including biometric information, is securely stored
on the smart chip, enabling faster and more efficient immigration
processes. Airports and international borders increasingly rely on
e-passports for improved airport infrastructure, reducing manpower
requirements and processing time. The digitization of passports
also addresses concerns related to illegal immigration and costs
associated with paper passports. Biometric technology and digital
signatures further enhance security and authenticity. Overall, the
E-Passport market signifies a significant advancement in electronic
technology and travel document issuance.
Market Research Overview
The E-Passport market refers to the sector that deals with the
production, implementation, and management of electronic passports.
These passports utilize advanced security features such as
microprocessors, contactless chips, and biometric data to enhance
security and facilitate seamless travel. The market is driven by
increasing globalization, rising international travel, and the need
for secure and efficient identity verification systems.
Technologies like RFID, NFC, and encryption play significant roles
in the functionality and security of E-Passports. Governments
worldwide are investing in this sector to improve border control
and combat identity fraud. The market is expected to
grow significantly in the coming years due to these factors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Leisure Travel
- Business Travel
- Component
-
- Software
- Hardware
- Services
- Geography
-
- Europe
- APAC
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio