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E-passport Market Size to Grow at a CAGR of 27.5% - Valuates Reports
Global e-Passport MarketThe global e-passport market size was valued at USD 24.57 Billion in 2019 and is projected to reach USD 125.13 Billion by 2028, growing at a CAGR of 27.5% from 2021 - 2028. The increasing number of people traveling to cross-border destinations will drive the growth of the e-passport market.
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E-passport Market by Technology (Radio Frequency Identification (RFID) and Biometric) and Application (Leisure Travel and Business Travel): Global Opportunity Analysis and Industry Forecast, 2021-2028
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Trends Influencing the Growth of the Global e-Passport Market
Technological advancements
The rapid pace of digitalization and a growing number of identity frauds have led to industry players introducing electronic passports for protecting the digital identity of travelers. Wireless technology is gaining prominence in the travel industry. The integration of artificial intelligence and ML algorithms in passports has eased the overall verification process. This will drive the growth of the e-passport market in the coming years. The technology consists of machine-readable electronic chips embedded inside the booklet. The attached RFID system stores all the important information of a particular passenger like their date of birth, country of residence, and other personal details. Once the data is updated online it cannot be altered physically by any means. Upgrading existing passports and providing other related services will become easier and much more convenient. Tracking people will become smooth and if anyone tries to tamper with the chip the system will automatically identify and block the passport authentication of the said person.
Rapidly expanding travel industry
The increasing spread of globalization, rising disposable income, and the growing trend of people traveling internationally due to trade, work, and education will drive the demand for the global e-passport market. People nowadays are keen to learn different cultures, and languages and socialize with citizens belonging to different countries. An electronic passport ensures that passengers do not have to wait in long queues as verification will take place within a matter of seconds. Tracking people's biometric data becomes easier with no data duplication or theft. The entire process becomes authentic with multiple layers of protection. No one can alter or erase the data reducing cases of counterfeiting.
Limitations of the passports
There are certain drawbacks to the issuance of electronic passports. The unique identification number can be used by unauthorized personnel to track down passengers. The implementation cost is high and is subject to illegal scanning or eavesdropping. This will hamper the growth of the global e-passport market. Digital signatures can be cloned easily and do not provide any real protection. Then there is a lack of human oversight and proper encryption methods for securing the passports.
e-Passport Market Share
Based on technology, the RFID segment will grow the highest in the e-passport market share due to the rising deployment of RFID chips in emerging economies like China, India, and Japan. While the biometric segment will grow the fastest due to the increasing demand for protecting the personal information of international travelers.
Based on application, the leisure travel segment will witness considerable growth due to the relaxation of travel protocols in several countries and the rising income levels of passengers.
Based on region, Europe will be the dominating segment during the forecast period due to advanced airport infrastructure and the rising use of smartphones while traveling. On the other hand, Asia-Pacific will grow the fastest at a CAGR of 29.6% due to supportive government policies for e-passports and the expansion of relevant infrastructure at airports.
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