DescriptionThe global ePassport market size is expected to grow from USD 20.917 billion in 2020 to USD 97.617 billion by 2027, at a CAGR of 27.5% from 2021 to 2027. An ePassport is an electronic passport containing traveler identity details such as first name, passport number, last name, date of birth and nationality. Additionally, an electronic passport is created with an electronic microprocessor chip, which contains various biometric data of an applicant, such as photos, fingerprints, and signatures. The ePassport offers numerous benefits to end users, including preventing passport misuse, digital storage of travelers' personal data, and improved security. In addition, ensuring the accurate identification of passport holders and protecting against identity theft are essential benefits ePassports offer.
An increase in the number of people traveling to cross-border destinations fuels the growth of the global ePassport market. In addition, the rise of advanced verification technology to detect identity fraud and the presence of advanced airport infrastructure among developing countries are also driving the global market for ePassports. However, the availability of cost-effective ePassports and high implementation costs restrict market growth. On the contrary, the increase in the adoption of wireless communication technology among the travel industry is expected to offer profitable opportunities to expand the global market during the forecast period.
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An increase in investments by governments and private organizations to develop advanced airport infrastructure in developing Asia-Pacific nations and countries in the Middle East and Africa fuels market growth. In addition, various countries around the world are implementing advanced technologies such as biometric passport technology, geographic information system, and facial recognition technology to identify fraud and threats at airports. Additionally, various airport development companies have been using digital technologies to improve operational performance and efficiency at airports. For example, TAV Technologies, one of the leading providers of management technology to the airline industries, has been using IoT technology to collect biometric data from all passengers from simple sensor devices, smartphones, and connected wearable devices. Therefore, such developments in developing and developed nations drive the growth of the market.
Impact of COVID-19 on the global ePassportThe ePassport market has seen significant growth in recent years; however, due to the outbreak of the COVID-19 pandemic, the market experienced a sudden decline in 2020. This is attributed to the implementation of lockdowns by governments in most countries and increasing restrictions on international travel. In addition, the increase in the need among the travel industries to detect traveler information immediately, the increase in awareness among the people to store personal information safely, and the increase in the use of smartphones among the people are some. of the essential factors driving ePassport market adoption during the COVID-19 outbreak. According to AMR analysis, the ePassport market is expected to turn a profit by the third quarter of 2022.
In addition, when estimating the market size, AMR has considered the impact of COVID-19 worldwide, and the estimated numbers are completely dependent on the current COVID-19 situation in each country. However, there is still no clarity about the deeper impact it is having on various businesses, industry sectors and organizations, due to factors such as the continuous increase in the number of COVID-19 cases with different rates and changes in the lockdown period. . .
Global ePassport Market DynamicsDrivers: Increased means of advanced verification to detect identity fraudCompanies that manufacture ePassports have added a range of additional electronic and visual security features to combat identity fraud and increase security of travelers' personal information, enhancing market growth. Furthermore, the increase in the introduction of chip-based passports and the rapid adoption of advanced chip-based passport services in developed countries to increase the convenience of travelers drives the growth of the market. In addition, the integration of advanced technology such as machine learning and artificial intelligence in the ePassport has improved the speed of detection of fraudulent cases in traveler documents, thus driving the global market for ePassports.
Restrictions: High cost of implementationInnovative ePassport technology is built with highly configurable data management tools, making it easy to validate, register, update, retrieve, certify and issue documents to citizens . This is attributed to an increase in the cost of implementing electronic passport technology. In addition, the limited number of e-passport provider companies in Asia-Pacific and the high price of e-chi
ps and biometric sensors across the region hinder market growth in this region. In addition, several ePassport vendors have been manufacturing advanced magnetic strip card ePassport technology, increasing the overall cost of ePassports, which in turn hinders the growth of the market.
Opportunities: Increased development of wireless communication technologyIncreased integration of wireless technologies, such as smart cards into ePassports, is expected to offer the airline industries numerous benefits, such as increased information security Biometrics, such as palm scanning, iris scanning, fingerprinting, and digital signature, enhance growth. of the market in the future. In addition, the Radio Frequency Identification (RFID) reader and the use of Radio Frequency Identification (RFID) tags in ePassport technology to automatically track and identify traveler information such as name, date of birth, age and management, provides lucrative opportunities for market growth. In addition, the radio frequency signal is embedded in ePassport technology to securely transfer travel information to airlines, furthering the development of the ePassport market.
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Scope of the ReportThe study categorizes the ePassport market based on technology, application, and regions.
By Technology Outlook (Sales/Revenue, USD Million, 2017-2027)rfidbiometricBy Application Outlook (Sales/Revenue, USD Million, 2017-2027)Leisure TravelBusiness TravelOutlook By Region (Sales/Revenue, Million of USD, 2017-2027)North America (USA, Canada, Mexico)South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe) Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar , Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific) Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)By technology, the RFID segment is expected to represent the Increased market shareOn the basis of technology, the ePassport market is divided into RFID and biometric. The RFID segment was the largest contributor to the market, with a 75.9% market share in 2020. Radio frequency identification is electromagnetic equipment that automatically identifies entities, collects information, and inputs it directly into computer systems without human intervention. The ePassport embeds electronic RFID chips into paper documents, which contain information that can be used to verify the identities of passengers. An increase in the integration of RFID technology in the electronic passport to strengthen border security by decreasing the possibility of false passports and creating new passports without losing personal information of travelers is considered an essential factor in boosting the passport market segment electronics.
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Asia Pacific represents the highest CAGR during the forecast period
On the basis of region, the market is broken down into North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific is estimated to have the highest CAGR of 29.5% in the global ePassport market during the forecast period. Countries considered within the scope of this region include China, Japan, Australia, South Korea, India, and the rest of Asia-Pacific. An increase in the number of international travelers, an increase in the use of digital technology during travel, and increased support for using biometric passports from the governments of China, Japan, and India are major factors driving the growth of electronic passport. market in this region.
The governments of China, Japan and India have introduced innovative ePassports with the integration of advanced technology to increase the security of travelers' personal information, enhancing the growth of the market. For example, in June 2020, the Government of India launched biometric chip-enabled passports, which provide greater security for traveler documents. More such product launches are expected to follow in the coming years, providing lucrative market opportunities in this region. In addition, most airports in Japan have started using facial recognition scanners and ePassports to streamline the identification process for travelers, fueling market growth in this region.
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Key Market PlayersThe major players in the global ePassport market are 3M, 4G Identity Solutions, LLC, Eastcompeace Technology Co., Ltd., Entrust Corporation, CardLogix Corporation, HID Global Corporation, Muhlbauer Group, Safran, Thales Group and Infineon Technologies AG. These players have adopted various strategies to increase their market strength and penetrate the ePassport market.