Press release
Rising International Travel Trends Fueling Growth In The E-Passport Market: A Key Factor Shaping the Future of the E-Passport Market in 2025
Rising International Travel Trends
The e-passport market has seen exponential growth in recent years. It is expected to increase from $41.56 billion in 2024 to $52.63 billion in 2025, growing at a CAGR of 26.6%. The growth is driven by factors such as increased smartphone usage, heightened concerns about payment security, the rise of contactless payment trends, the growing popularity of biometric authentication, and consumer demand for seamless transactions.
The e-passport market is projected to grow to $121.53 billion by 2029, at a CAGR of 23.3%. Growth drivers include integration with wearable devices, advancements in liveness detection, biometric payments, user education, and industry customization. Key trends involve partnerships with financial institutions, facial recognition advancements, government support for digital payments, global digital payment infrastructure expansion, and blockchain and cryptocurrency integration.
What Are the Main Catalysts for Growth in the E-Passport Market?
The growing demand for international travel is expected to foster the growth of the e-passport market. International travel involves crossing borders for various purposes, such as tourism or business, requiring travelers to meet entry regulations. E-passports, which store biometric information in an embedded chip, enhance security and speed up immigration processes. For instance, the International Trade Administration reported in July 2022 that non-US resident arrivals in the US increased by 199.7%, while international departures by US citizens grew by 63%. Therefore, the rising demand for international travel is fueling the e-passport market.
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Which Businesses Are at the Forefront of E-Passport Market Development?
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
What Are the Latest Innovations in the E-Passport Market?
In the e-passport market, major companies are focusing on integrating biometrics technology to enhance security and prevent fraud. Biometric technology uniquely identifies individuals based on physical or behavioral traits. For example, in November 2022, the Government of Kenya launched the East African Community (EAC) biometric e-passport as part of a modernization initiative. This advanced e-passport system enhances security and technology for Kenya and other EAC member states, including Burundi, DRC, Rwanda, South Sudan, Tanzania, and Uganda.
How Is the E-Passport Market Segmented?
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
Subsegments:
1) By Hardware: E-passport Reader Devices, Embedded Microchips, Smart Cards
2) By Software: E-passport Management Software, Security And Encryption Software, Data Authentication Software
3) By Services: E-passport Issuance Services, E-passport Personalization Services, Maintenance And Support Services
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Where Is the E-Passport Market Growth Most Prominent?
North America was the largest region in the e-passport market in 2024. 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.
What Is Covered In The E-Passport Global Market Report?
- Market Size Analysis: Analyze the E-Passport Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the E-Passport Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall E-Passport Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the E-Passport Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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