E-Passport Market size is set to grow by USD 15,341.67 million from 2022-2027; Increasing security concerns boost the market growth- Technavio
NEW YORK, June 1, 2023 /PRNewswire/ -- The e-passport market size is estimated to grow at a CAGR of 11.85% between 2022 and 2027. The market size is forecast to increase by USD 15,341.67 million with Europe being the largest contributor to the e-passport market. The European e-passport market is growing rapidly as governments adopt new technologies to enhance security and streamline border control processes. The European Union has set a goal for all member states to issue biometric passports with chips containing personal data and digital photos.
Many European countries such as Germany, France, and the UK have introduced electronic passport programs to strengthen border security and streamline immigration. This has created a huge demand for electronic passports and related technologies such as biometric identification systems and passport readers. In addition to government initiatives, e-passports are also in high demand among European travelers. The convenience and security that e-passports offer, including faster processing times and reduced risk of identity fraud, are becoming increasingly attractive to travelers in the region. Additionally, the growing trend towards contactless and digital solutions in the travel industry could create further growth opportunities for the European e-passport market. As a result, the European e-passport market is expected to continue growing, creating growth opportunities for both government and private players during the forecast period.
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Global E-Passport Market - Segmentation Assessment
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Global E-Passport Market – Market Dynamics
Leading trends influencing the market
Increased adoption of e-passports is a key market trend. The global e-passport market has seen a steady increase in acceptance of e-passports over the past decade. This is primarily due to the need for increased security measures in the travel industry to combat issues such as identity theft, terrorism and fraud. Electronic passports provide biometrics and encryption technology that enhances the protection of biometrics and personal information, making it difficult for fraudsters to create counterfeit passports. Governments around the world are also encouraged to adopt e-passports, as they allow citizens to move easily and safely across borders, facilitating trade and tourism. Another factor driving the adoption of e-passports is the increasing digitization and automation in various sectors, including the travel industry. The COVID-19 pandemic has further accelerated this trend, increasing the need for contactless and efficient systems. Electronic passports offer a convenient and safe solution that allows faster and smoother processing at immigration, reducing queues and waiting times. The growing popularity of e-commerce and online transactions has also contributed to the adoption of electronic passports as people become more familiar with digital identities and transactions. Therefore, the global e-passport market is expected to continue growing during the forecast period, driven by the need for increased security and increased efficiency in the travel industry.
Major challenges hindering the market growth
High initial investment costs is a major concern hindering the growth. The global E-passport market faces the challenge of high initial investment costs, which can be a significant barrier to adoption. The development and deployment of E-passports require substantial investments in technology, infrastructure, and personnel training. Governments and organizations must make significant upfront investments to design, test, and deploy the necessary systems and infrastructure to support E-passports. Furthermore, the cost of implementing E-passport systems can vary greatly depending on the level of security and functionality required. This includes the cost of incorporating biometric data, implementing encryption and authentication protocols, and upgrading border control systems. As a result, smaller and less affluent countries may struggle to invest in E-passports, limiting their ability to participate in the global E-passport market. Hence, the high investment cost will be a challenge for the growth of the global E-passport market during the forecast period.
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Table of content
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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