Facts and Factors Market Research has published a new report titled “e-Passport Market By Type (Long-Term and Short-Term) and By Application (Individual Use and Commercial Use): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027.”
According to the report, the global e-passport market was valued at approximately USD 1,923 million in 2018 and is expected to reach a value of around USD 4,207 million by 2027, at a CAGR of around 9.1% between 2019 and 2027.
An e-passport is an embedded microchip that stored information about its holder. This chip is a combined electronic and paper identity document that utilizes biometrics for authenticating the citizenship of travelers. An e-passport’s vital information is stored on the microchip, which is there on a regular passport, such as individual’s name, date of birth, and biographic information. E-passports are designed to enhance security, thus making it difficult to alter data present on a passport. This, in turn, aids in limiting the chances of fraud. In addition, all e-passports issued by the U.S. and Visa Waiver Program countries come with security features for preventing unauthorized reading or accessing of data stored on an e-passport’s chip.
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Growing significance of traveling majorly driving the e-passport market
Constant growth recorded in the number of people indulging in cross-country destinations, either for work or leisure, is majorly driving the e-passport market across the globe. According to the U.S. Travel and Tourism Association, the significance of domestic travel has significantly increased across the U.S. The numbers reached 2.3 million in the year 2017, i.e., 1.3% increase from 2015. The Airport Council International estimates that air travel will double between 2012 and 2030 and reach 11 billion travelers annually by 2030.
In addition, the market for e-passport will also be fuelled by the rising initiatives by various governments to automate visas and border control processes to maintain and increase security levels due to the escalating number of via application annually.
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Short-term e-passports are projected to dominate the type segment
As the name suggests, short validity or short-term e-passports are issued for a period between one and five years. The short-term segment is likely to dominate the global e-passport market in the years ahead. This segment held 61.35% share of the global market in 2017, due to the growing significance of traveling among the people worldwide.
Individual use e-passports are likely to register the highest CAGR
The individual use e-passport segment is likely to hold the largest share of the global market for e-passports in the years ahead, owing to the growing number of people across the world option for cross-country trips, both for leisure and work. This segment is projected to register a CAGR of 9.3% share over the estimated timeframe.
North America leads the global e-passport market
The North American e-passport market was valued at USD 594 million in the year 2017. The region is likely to register the highest CAGR in the years ahead in this global market. This regional dominance can be attributed to the well-developed IT industry in the U.S. and a large consumer base preferring technically-advanced customer interface software for finalizing their travel plans.
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Key players operating in the e-passport market are 3M, M2SYs, Arjo Systems, Oberthur, Safelayer, Edaps Overseas, Atlantic Zeiser, Netrust, Multos International, ASK, Austria Card, PrimeKey, Kona I, Gemalto, Muhlbauer Group, and De La Rue, among others.
This report segments the e-passport market into:
Global e-Passport Market: By Type Analysis
- Long-Term E-Passport
- Short-Term E-Passport
Global e-Passport Market: By Application Analysis
- Individual Use
- Commercial Use
Global Market: By Region Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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