Press release
Global E-passports Market 2017: Industry Analysis, Trends, Growth, Opportunities, Demand and Forecast to 2023
E-passports are mainly used to authenticate the identity of a traveler during international travels. This technology stores data about the traveler on a smart chip, which bears a unique identification number and a digital signature. Its use is more secure than traditional paper technology, as it reduces the risk of data duplication and alteration. The data stored electronically on the chip is authenticated by public key infrastructure (PKI), which helps eliminate forgeries. Fingerprint, facial, and iris recognition are the major biometric modalities used in this technology. Increase in thefts, illegal imnmigration, and transborder crimes fuels e-passport market.Global e-passport market is likely to generate revenue $57,061 million by 2023, growing at a CAGR of 25.4% from 2017 to 2023. In 2016, the radio frequency identification (RFID) segment accounted for the highest revenue share in the e-passport market.
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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.
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.
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Europe accounted for the highest revenue in 2016. Further, Asia-Pacific is anticipated to witness the fastest growth rate during the forecast period.
Key Findings of the E-Passport Market:
• The radio frequency identification (RFID) segment is expected to exhibit significant growth in the global e-passport market during the forecast period.
• In 2016, the leisure travel segment accounted for the highest revenue among the other end-user industry.
• Europe generated the highest revenue in 2016.
• Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
Some of the key players operating in the e-passport market that are profiled in the report include :
1. ASK
2. 4G Identity Solutions
3. CardLogix Corporation
4. Eastcompeace Technology Co., Ltd.
5. Entrust Datacard
6. Gemalto
7. HID GLOBAL CORPORATION
8. Infineon Technologies AG Erlangen
9. Mühlbauer Group
10. SAFRAN S.A.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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