Latest News:- E-Passport Market: Leisure travel is expected to lead the Application segment during 2024-2028

E-Passport Market to grow at a CAGR of 12.96% during 2024-2028

The E-Passport Market is expected to grow at a CAGR of 12.96% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 18967.2 million. The global E-passport market has witnessed significant growth over the past decade, driven by the increasing need for advanced security measures in the travel industry. E-passports provide enhanced security through biometric data and encryption technology, making it increasingly challenging for fraudsters to create counterfeit passports. This not only combats identity theft and terrorism but also facilitates the seamless movement of citizens across borders, fostering trade and tourism. Moreover, the push toward digitization and automation in various sectors, including travel, further accelerates the adoption of E-passports. 

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The Leisure travel subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the Leisure travel subsegment will lead the Application segment during 2024 and 2028 The E-Passport market is experiencing significant growth due to increasing government initiatives to enhance border security and streamline travel processes. Electronic passports offer advanced security features, such as biometric data and machine-readable zones, making them more secure and efficient than traditional passports. Additionally, the convenience of electronic processing and data storage is driving demand in the business and leisure travel sectors. The market is projected to continue expanding, fueled by technological advancements and the global adoption of e-Passports.

Here are the various ways based on which the market is segmented: 

• Application
  • Leisure travel
  • Business travel
• Component
  • Software
  • Hardware
  • Services
• Geography
  • Europe
  • APAC
  • North America
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish increasing security concerns

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The E-passport market has witnessed significant growth in recent years due to the digitization of airport infrastructures and the increasing need for secure and efficient international travel documents. Traditional paper passports are being replaced by E-passports, which use electronic technology, including microchips and biometric technology, to store personal information. These digital solutions offer several advantages, such as reduced processing time, increased security against fraud, and the ability to store and update information electronically. The costs associated with producing E-passports can be higher than paper passports due to the additional technology and manpower required. However, the benefits of faster and more secure immigration processes make the investment worthwhile. E-passports contain a unique identification number, digital signature, and smart chip that stores the holder's name, passport's page image, and characteristic information. Passenger data is encrypted on the electronic chip, ensuring the security of personal information during international travel. Illegal immigration and the need for effective border control have also contributed to the growth of the E-passport market. Airports, as international borders, require advanced airport infrastructure to process travel documents efficiently and securely. The use of E-passports and digital technology streamlines the immigration process and reduces the risk of identity theft and document forgery. Overall, the E-passport market is expected to continue growing as more countries adopt digital solutions for travel documents.

Market Research Overview

In the E-Passport market, key inputs encompass land acquisition, financing arrangements, local transportation services, and partnerships with equipment suppliers. Establishing robust, long-term relationships with these partners is crucial, alongside implementing a sophisticated inventory management system for effective stock control. Data sourcing and collection play a pivotal role in today's digital business landscape. Companies meticulously evaluate various data sources based on cost, coverage, and quality, maintaining an inventory of these sources and associated metadata to ensure optimal business performance.

The E-Passport Market is experiencing significant growth, fueled by the increasing security concerns. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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