17-Sep-2021 | Facts and Factors
As per a recently issued market research report by Facts and Factors, the global e-passport market was about USD 23.6 Billion in 2020, with sales value projected to hit around USD 65.87 Billion by the end of 2026 and expected to register an excellent 19.9% CAGR from 2021 to 2026.
e-Passport or a biometric passport is an electronic version of a format that stores the user’s data on a computerized chip which can be further used for authentication measures using a wider range of security solutions. Additionally, this computer chip is often incorporated in the front or the back, or the center page of the passport while a public key infrastructure (KPI) is used for authenticating the data that the computerized chip often stores. The primary factors for the significant growth of the global e-passport market are increasing security measures for detecting identify fraud cases coupled with the rising need for advanced airport infrastructures to name a few.
Additionally, the rising number of people opting for air travel coupled with the increased adoption of wireless communication techniques are often credited with the rise of the global e-passport market during the forecast period. The rising adoption of biometric security coupled with less processing time is further expected to boost the growth of the global e-passport market during the forecast period.
Top Market Players
The key market participants for the global e-passport market are Thales Group, Gemalto, Indian Security Press, Japan National Printing Bureau, Goznak, IDEMIA, The Royal Mint, Casa Da Moeda Do Brasil, Canadian Bank Note, and Veridos Gmbh, among others.
Market Dynamics
On the basis of type, the global e-passport market can be divided into radio frequency identification (RFID) and biometrics. The segment pertaining to RFID is expected to witness the largest market share during the advent of the forecast owing to rising functionality measures coupled with increased integration of RFID technology among the developing nations such as China, India, and Japan to name a few.
On the basis of application, the global e-passport market can be fragmented into leisure travel and business travel. The segment pertaining to leisure travel can be expected to occupy the largest market share during the advent of the forecast owing to decreasing air travel fare coupled with rising incentives for purchasing air travel tickets to name a few.
Europe to Fly High During the Forecast Period in Terms of Global Revenue Contribution
Europe is expected to witness the largest market share during the advent of the forecast owing to the rising number of people traveling across borders for business and educational needs coupled with the rising number of consumers being constantly aware of integrating cultures to name a few. Additionally, a rising trend of international trading services coupled with rising cross-border activities such as trading, tourism, and health treatments is expected to dominate the region during the entirety of the forecast duration.
Browse in full “E-Passport Market By Type (Radio Frequency Identification (RFID) & Biometrics), By Application Analysis (Leisure Travel & Business Travel), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” report at https://www.fnfresearch.com/e-passport-market-by-type-long-term-and
The global e-passport market can be segmented into:
Global e-Passport Market: By Type Segment Analysis
- Radio Frequency Identification (RFID)
- Biometrics
Global e-Passport Market: By Application Segment Analysis
- Leisure Travel
- Business Travel
Global e-Passport Market: By Regional Segment Analysis
- North America
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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