The e-passport global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
E-Passport Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The e-passport market size has grown exponentially in recent years. It will grow from $32.73 billion in 2023 to $41.56 billion in 2024 at a compound annual growth rate (CAGR) of 27.0%. The growth in the historic period can be attributed to increased smartphone penetration, rising concerns over payment security, contactless payment trends, biometric authentication popularity, consumer demand for seamless transactions.
The e-passport market size is expected to see exponential growth in the next few years. It will grow to $99.1 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The growth in the forecast period can be attributed to integration with wearable devices, advancements in liveness detection, regulatory frameworks for biometric payments, user education and acceptance, customization for different industries. Major trends in the forecast period include partnerships between technology providers and financial institutions, advancements in facial recognition technology, government support for digital payments, global expansion of digital payment infrastructure, blockchain and cryptocurrency integration.
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Scope Of E-Passport Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
E-Passport Market Overview
Market Drivers –
The growing demand for international travel is expected to propel the growth of the e-passport market going forward. International travel involves crossing borders between different countries for tourism, business, or personal reasons, requiring travelers to comply with the varying entry requirements and regulations of each destination. International travelers use e-passports by presenting them at border controls, where the embedded electronic chip stores and verifies their biometric information, enhancing security and expediting immigration processes. For instance, in July 2022, according to the International Trade Administration, a US-based government agency, in the US, non-US resident arrivals rose by 199.7% and non-U.S. resident visitor volume increased by 160.8%. Further, US citizen international departures increased by 63%. Therefore, the growing demand for international travel is driving the e-passport market.
Market Trends –
Major companies operating in the e-passport market are focusing on developing and integrating biometrics technology to enhance security and protect against fraud and identity theft. Biometrics technology refers to the application of methods for uniquely identifying individuals based on their physical or behavioral characteristics. For instance, in November 2022, the Government of Kenya, launched the East African Community (EAC) biometric e-passport. The implementation of an enhanced e-passport featuring advanced security and technology measures is a key component of the comprehensive passport system modernization initiative in Kenya and other East African Community member states. This initiative encompasses Burundi, the Democratic Republic of Congo, Rwanda, South Sudan, Tanzania, and Uganda.
The e-passport market covered in this report is segmented –
1) By Components: Hardware, Software, Services
2) By Security: Basic Access Control, Password Authentication Connection Establishment, Supplement Access Control
3) By Technology: Radio Frequency Identification, Biometrics
4) By Application: Business Travel, Leisure Travel
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Regional Insights –
North America was the largest region in the e-passport market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the e-passport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the e-passport market report are 3M, Safran SA, Thales Group, Infineon Technologies Ag, NXP Semiconductors N.V., ASSA ABLOY AB, Zebra Technologies Corporation, Giesecke & Devrient GmbH, Gemalto N.V., IDEMIA , Entrust Datacard Corporation, HID Global Corporation, Entrust Inc., Iris Corporate Solutions Private Limited, Bundesdruckerei GmbH, Muhlbauer Group, De La Rue Plc, Zetes Industries SA, Eastcompeace Technology Co. Ltd., 4G Identity Solutions Pvt. Ltd., Utimaco IS GmbH, Veridos GmbH, Dermalog Identification Systems, Techno Brain Group, Cognitec Systems GmbH, Ask Media Group LLC, Innovatrics, Primekey Solutions AB, CardLogix Corporation, IDEX Biometrics
Table of Contents
1. Executive Summary
2. E-Passport Market Report Structure
3. E-Passport Market Trends And Strategies
4. E-Passport Market – Macro Economic Scenario
5. E-Passport Market Size And Growth
…..
27. E-Passport Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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