E-Passport Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

E-Passport Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $99.1 billion In 2028 At A CAGR Of 24.3% :

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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E-Passport Market Major Segments
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

Key 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.

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Prominent Trend - Biometrics Integration In E-Passports Enhancing Security And Fighting Identity Theft

Major companies operating in the e-passport market are focusing on developing and integrating biometrics technology to enhance security and protect against fraud and identity theft. Biometrics technology refers to the application of methods for uniquely identifying individuals based on their physical or behavioral characteristics. For instance, in November 2022, the Government of Kenya, launched the East African Community (EAC) biometric e-passport. The implementation of an enhanced e-passport featuring advanced security and technology measures is a key component of the comprehensive passport system modernization initiative in Kenya and other East African Community member states. This initiative encompasses Burundi, the Democratic Republic of Congo, Rwanda, South Sudan, Tanzania, and Uganda.

E-Passport Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the e-passport market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the e-passport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. E-Passport Market Report Structure
3. E-Passport Market Trends And Strategies
4. E-Passport Market - Macro Economic Scenario
5. E-Passport Market Size And Growth
…..
27. E-Passport Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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