The global e-passport market size was US$ 21.9 billion in 2021. The global e-passport market is forecast to grow to US$ 122.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 27.1% during the forecast period from 2022 to 2030.
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An e-passport is an electronic form of passport embedded with a microprocessor chip. This microprocessor chip contains biometric data, including name, passport number, date of birth, signature, picture, and nationality of the cardholder.
Factors Influencing the Market
The growing automation and rising demand for biometric IDs will surge the demand for the global e-passport market. In addition, there are various benefits of e-passports that are likely to drive market growth. For instance, e-passports reduces the chances of misuse and theft. In addition, the digitally stored personal details of travelers cannot be erased or changed by frauds. Thus, the high-security features of e-passports will drive the market forward.
The growing traffic of airports and rising inclination towards international traveling will surge the growth of the e-passports market. Furthermore, growing initiatives by government bodies to boost cross-border security will contribute to market growth. For instance, Haneda, one of Japan’s leading international airports, implemented facial recognition technology in 2019. Moreover, the Government of Kenya also inaugurated ten new passport centers in June 2019 to offer innovative and advanced e-passports to people.
E-passports reduced the time consumed in check-in and check-out. Moreover, visitors no longer need to stand in a long queue to enter the airport. Such advancements are likely to benefit the global e-passports market.
COVID-19 Impact Analysis
The COVID-19 pandemic forced the authorities to ban travel activities. Airports also witnessed low traffic as compared to the previous situation. Thus, it hampered the growth of the global e-passports market. Furthermore, the increased need among traveling industries to detect traveler information immediately surged the demand for automated technology.
Regional Analysis
The Asia-Pacific e-passport market is forecast to grow at the highest growth rate due to growing international travelers and the growing use of digital technology at airports. Furthermore, favorable policies by government bodies to boost cross-border security will contribute to the growth of the e-passport market. For instance, the Indian government unveiled chip-enabled biometric passports recently. In addition, most of the airports in Japan have begun using facial recognition scanners and e-passports to facilitate the identification process of travelers. In addition, growing urbanization and the increasing number of airports will benefit the e-passport market in the coming years.
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Competitors in the Market
3M
4G Identity Solutions, LLC
Eastcompeace Technology Co., Ltd.
Entrust Corporation
CardLogix Corporation
HID Global Corporation
Muhlbauer Group
Safran
Thales Group
Infineon Technologies AG.
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the E-Passport industry experienced notable growth in its workforce. Starting in January, employment within the E-Passport sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global E-Passport output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global E-Passport output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global E-Passport market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the E-Passport market.
Market Segmentation
The global e-passport market segmentation focuses on Technology, Application, and Region.
By Technology Outlook
RFID
Biometric
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By Application Outlook
Leisure Travel
Business Travel
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level E-Passport market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the E-Passport market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of E-Passport business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
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* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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