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E-Passport Market Dynamics, Trends, Drivers, Growth Rate Size, Share Overview 2033
E-Passport Market Trends
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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