E Passport Market Size, Growth And Overview 2024-2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through E Passport Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth 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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Market Segmentation:
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

Major Driver - Rising International Travel Trends Fueling Growth In The E-Passport Market
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.

Competitive Landscape:
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

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