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E-passport Market is projected to reach $57,061 million due to increase in number of identity frauds, supportive regulatory structure, presence of advanced airport infrastructure, and growth in air traffic.
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Technological advancement of verification means to detect identity frauds, presence of advanced airport infrastructure facilitates, and rise in the number of people traveling to cross-border destinations drive the global e-passport market growth. However, high costs associated with initial deployment and replacement hampers this growth to a certain extent.
Radio frequency identification (RFID) dominated the global e-passport market in 2016, and is expected to remain dominant during the forecast period, owing to the rapid adoption of RFID technology. Furthermore, biometric technology is expected to grow at the highest CAGR of 26.4% during the forecast period, due to increase in need for enhanced security systems.
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The global e-passport market was dominated by the leisure travel segment in 2016, and it is projected to maintain its dominance during the forecast period. However, the business travel segment is expected to witness the highest growth rate, owing to economic development in developing countries such as China and India.
Europe accounted for the highest revenue in 2016. Further, Asia-Pacific is anticipated to witness the fastest growth rate during the forecast period.
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