Global e-passport market to generate $ 125.13 billion by
Portland, OR, July 6, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the e-passport market generated $ 24.57 billion in 2019 and is expected to generate $ 125.13 billion by 2028, registering a CAGR of 27.5% from 2021 to 2028. Report provides in-depth analysis of changing dynamics market, key segments, value chain, best pockets of investment, regional scenario, and competitive landscape.
The increase in advanced verification technology to determine identity fraud and the availability of advanced airport infrastructure among developing countries are driving the growth of the global electronic passport market. However, the high implementation costs are hampering the growth of the market. On the other hand, the surge in the adoption of wireless communication technology in the travel industry is expected to create new opportunities in the years to come.
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- Due to lockdown restrictions and the ban on international travel activities, demand for ePassports has dropped significantly during the Covid-19 pandemic.
- The increase in the number of patients infected with Covid-19 in France, Germany, the United Kingdom and the United States due to the arrival of passengers from various foreign countries has led to the implementation of regulations strict regarding international travel. This has had a negative impact on the ePassport market.
- However, with the increase in vaccinations in many countries, most governments have started to lift bans on international travel and spread awareness of digital technology. This should provide opportunities in the market.
The report provides detailed segmentation of the global electronic passport market on the basis of technology, application, and region.
On the basis of technology, RFID segment accounted for the highest market share, holding more than three quarters of the total share in 2019, and is expected to maintain its leading status during the forecast period. However, the biometric segment is estimated to experience the highest CAGR of 29.5% from 2021 to 2028.
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On the basis of applications, the leisure travel segment contributed the largest share in 2019, accounting for over two-thirds of the global e-passport market, and is expected to maintain its leading position during the forecast period. However, the business travel segment is expected to grow at the highest CAGR of 29.3% from 2021 to 2028.
Based on region, Europe holds the larger market share in 2019, contributing over a third of the total share, and is expected to maintain its revenue dominance by 2028. However, Asia-Pacific is expected to post the fastest CAGR of 29.5% over of the forecast period.
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The major players in the global electronic passport market analyzed in the research include 4G Identity Solutions, CardLogix Corporation, Ask Media Group, LLC, Entrust Corporation, Eastcompeace Technology Co., Ltd., Infineon Technologies AG, HID Global Corporation, Safran, Muhlbauer Group , and Thales Group.
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