Press release
E-passport and E-visa Market is anticipated to grow USD 43.49 billion at a CAGR of 6.30% by 2032
E-passport and E-visa Market
The e-passport and e-visa industry has undergone a radical change as a result of technological development and digitalization, which has also revolutionised the issuance, processing, and verification of travel documents. These developments have brought about cutting-edge solutions that improve security, streamline procedures, and benefit both travellers and government officials.
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E-passport and E-visa Market Key Players:
The key players in the E-passport And E-visa Market Include
• Cardlogic Limited (Ireland)
• Gemalto NV (the Netherlands)
• 4G identity solutions private limited (U.A.E)
• Giesecke & Devrient limited (Germany)
• Iris Corporation (Malaysia)
• HID Corporation (U.S)
• Safran Identity and Security (France)
• Datacard Group (U.S)
• Muehlbauer group (Malaysia)
• Oberthur Technologies (France)
• Eastcompeace (China)
Additionally, the availability of mobile applications for managing e-passports and e-visas has given travellers more autonomy over their travel papers. Users may conveniently produce their documents at immigration checkpoints, receive real-time notifications, and access and update their digital passports and visas through specialised smartphone apps, all without the need for physical copies.
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The integrity and confidentiality of e-passport and e-visa data have been protected through the use of cutting-edge encryption and security mechanisms. Blockchain and other cutting-edge technologies have become potent instruments for assuring safe data storage, tamper-proof document verification, and preventing unauthorised changes or duplications.
Self-service kiosks with sophisticated document scanning and verification capabilities have been installed at airports and other entry points as governments and travel agencies embrace digitization.
By facilitating quick and automated document inspections, these kiosks shorten wait times and enhance the travelling experience. Self-service kiosks with sophisticated document scanning and verification capabilities have been installed at airports and other entry points as governments and travel agencies embrace digitization. By facilitating quick and automated document inspections, these kiosks shorten wait times and enhance the travelling experience. The market CAGR is driven by this element.
Additionally, the contactless smart chip technology used in e-passports and e-visas means that they are likely to have computer chips and an implanted antenna. Passengers travelling for both business and pleasure utilise e-passports and e-visas; as a result, demand for these documents is skyrocketing because no one wants to forgo a basic standard of living.
The adoption of e-passport and e-visa applications and services to allow the reduction of identification difficulties emerging during the processing and verification of papers at airports is the main factor driving the growth of the e-passport and e-visa market during the forecast period.
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Segmentation
Biometrics and RFID are included in the Type-based E-passport and E-visa market segmentation. The market was dominated by the biometrics sector because of the high level of security, practicality, and acceptance it has.
The market for e-passports and e-visas is divided into four categories based on application: leisure travel, business travel, identification/proof, and immigration/border control. Due to its crucial role in guaranteeing border security, the huge volume of transactions, the stringent regulatory requirements, and the cooperation between governments and technology providers, the immigration/border control segment dominated the market.
The market segmentation for E-passports and E-visas is based on hardware elements such as antenna and processor/chip. Due to the functionality, security, and advanced features of these electronic documents, the processor/chip category dominated the market.
The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. Due to major technical improvements and improved security measures at nation borders and airports to enhance the security of civilians in the region, the North American E-passport and E-visa market will predominate in this industry.
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The second-largest market in The Region is for E-passports and E-visas in Europe. Due to its position as the primary issuer of the most electronic passports each year, it has the largest market share in the entire world. Additionally, the UK's E-passport and E-visa market grew at the quickest rate in the European Region, while the German E-passport and E-visa market held the biggest market share.
From 2023 to 2032, the E-passport and E-visa market in Asia-Pacific is anticipated to develop at the quickest rate. This is a result of government initiatives, digitalization, technical breakthroughs, and partnerships. Additionally, the Indian E-passport and E-visa market had the quickest rate of growth in the Asia-Pacific region, while China's E-passport and E-visa market had the biggest market share.
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