E-Passport Market Size to grow by USD 18967.2 million between 2024-2028
According to a research report “ E-Passport Market” by Application (Leisure travel, Business travel) Component (Software, Hardware, Services) Geography (Europe, APAC, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 18967.2 million, at a CAGR of 12.96% during the forecast period. E-passports represent a significant advancement in travel documentation, incorporating advanced security features such as biometric authentication, digital signatures, and encryption. These elements render e-passports more resistant to forgery and tampering, making them a favored option for governments globally. The implementation of e-passports leads to expedited and streamlined border control processes, minimizing wait times and enhancing the passenger experience. Furthermore, the seamless integration of e-passports with other government systems, including immigration and law enforcement databases, empowers real-time access to critical information, bolstering security measures and facilitating efficient border management..
Browse market data tables, figures, and in-depth TOC on “E-Passport Market” by Application (Leisure travel, Business travel) Component (Software, Hardware, Services) Geography (Europe, APAC, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Application, the Leisure travel segment is projected to dominate the market size in 2024
The E-Passport market is experiencing significant growth due to the increasing adoption of advanced security features and digitalization. Governments worldwide are investing in E-Passports to enhance border control efficiency and reduce identity fraud. These electronic documents offer added benefits such as machine readability and biometric data storage, making travel more seamless and secure for global citizens. The market is projected to expand at a robust CAGR, driven by technological advancements and the growing need for secure and convenient travel documents.
By Component, Software segment is expected to hold the largest market size for the year 2024
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 a preferred choice for travelers and border control agencies. Additionally, the convenience and efficiency of e-Passports are driving demand in the business and leisure travel sectors. Overall, the market is poised for continued expansion as more countries adopt this technology.
Europe is forecasted to hold the largest market size by region in 2024
The E-Passport market is experiencing significant growth due to the increasing adoption of advanced security features and digitalization in travel documentation. These innovative passports offer enhanced security through biometric data and electronic chips, providing a more streamlined and efficient travel experience for consumers. Additionally, governments worldwide are investing in E-Passports to strengthen border control and reduce identity fraud, further fueling market expansion.
The E-Passport Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The E-passport market has witnessed significant growth in recent years due to the digitization of airport infrastructures and the increasing importance of international borders. Traditional paper passports are being replaced by electronic passports, or E-passports, which utilize electronic technology to store and protect personal information. These travel documents contain a microchip that stores the holder's name, a unique identification number, and other characteristic information. The costs associated with producing E-passports can be higher than paper passports due to the added technology, but the benefits include faster processing times and improved security against illegal immigration and identity theft. Airports have been upgrading their infrastructure to accommodate the new technology, including the implementation of biometric technology for digital signatures and the use of smart chips for storing passenger data. E-passports also allow for more efficient immigration processes, reducing wait times at airports and streamlining international travel. The use of electronic technology in passports is a crucial step towards enhancing airport security and facilitating international travel, making it a valuable investment for governments and travelers alike.
Market Research Overview
The E-Passport market is witnessing significant growth due to the increasing adoption of advanced technologies such as GSI Sertracen, Veridos, and Evidos in the production of electronic passports. These companies specialize in the manufacturing of passport processors/chips, antennas, and other hardware and software components. The international interoperability of these e-passports relies on logical data structures, cybersecurity measures, and international standards. Private players are increasingly outsourcing the production and issuance of e-passports to specialized companies to reduce costs, manpower, and processing time. The use of artificial intelligence (AI) and machine learning (ML) in e-passports is becoming increasingly common for automated identity verification and enhanced security against data theft and illegal immigration. Airport infrastructures are digitizing, with self-service kiosks and manual passport checks being replaced by advanced verification technology. Biometric technologies, such as facial recognition data, fingerprints, and digital photographs, are used for traveler identification. E-passports use radio frequency identification, encryption methods, and digital signatures for security and anti-fraud measures. The market for e-passports is expected to grow significantly in developing regions due to the need for advanced border control procedures and the increasing number of international travelers. The travel industry, including financial institutions, banks, and credit unions, is also investing in e-passports for secure and efficient identity verification. The market is segmented by region, application, and technology, with salesforce, Ally Financial, Rocket Mortgage, and other financial institutions being major buyers. The implementation cost of e-passports includes the cost of hardware, software, and services, as well as the cost of airport infrastructure upgrades. The market is also facing challenges such as human error, tampering, fraud, and illegitimate activities. Advanced verification technology, blockchain technology, beacons technology, and augmented reality are expected to address these challenges and drive market growth.
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