Overview and Scope
An e-passport, also known as a biometric passport, is a traditional passport that contains an embedded electronic microprocessor chip. The use of e-passports adds a layer of security to traditional non-electronic passports by storing biographical information and digital security features in the embedded chip, making it more difficult to forge.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The e-passport market report table of contents includes:
1. Executive Summary
2. E-Passport Market Characteristics
3. E-Passport Market Trends And Strategies
4. E-Passport Market – Macro Economic Scenario
5. Global E-Passport Market Size and Growth
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31. E-Passport Market Other Major And Innovative Companies
32. Global E-Passport Market Competitive Benchmarking
33. Global E-Passport Market Competitive Dashboard
34. Key Mergers And Acquisitions In The E-Passport Market
35. E-Passport Market Future Outlook and Potential Analysis
36.Appendix
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