E-passport Market

The global e-passport market size was valued at $24.57 billion in 2019, and is projected to reach $125.13 billion by 2028, growing at a CAGR of 27.5% from 2021 to 2028. An e-passport is an electronic chip that is printed on passport's page, which contains different types of information such as holder's name, date of birth, and other character information. In addition, this technology stores passenger data on a smart chip, which has a unique identification number and digital signature. Furthermore, many European countries are adopting e-passport as it is safer than traditional paper technology and reduces risk of data duplication and alteration.

The key factor driving the growth of the e-passport market trends include rise in advanced verification technology to detect identity frauds and presence of advanced airport infrastructure among developing nations are some the important factors that propel the e-passport market across the globe. In addition, increase in number of people traveling to cross-border destinations propels growth of the global e-passport market. However, high implementation cost restricts the growth of the market.  On the contrary, increase in adoption of wireless communication technology among the travel industry is expected to offer remunerative opportunities for expansion of the global market during the forecast period. 

The radio frequency identification (RFID) segment dominated the e-passport industry in 2019, and is projected to maintain its dominance during the forecast period, owing to increase in deployment of RFID chip that enabled e-passports services among developing nations such as China, Japan, and India. Furthermore, biometric is expected to grow at a significant CAGR during the forecast period, owing to reduction in threat of identity frauds and increase in need to improve security of personal information of travelers.

Region wise, the e-passport market was dominated by Europe in 2019, and is expected to retain its position during the forecast period. This is attributed to presence of advance airport infrastructure in the UK and Germany and rise in use of smartphones during travelling. However, Asia-Pacific is expected to witness a significant growth rate during the forecast period, owing to increase in demand among developing nations, rise in favorable government policies regarding e-passport across the region, and introduction of e-passport smart gates at airports across various developing countries. 

The report focuses on growth prospects, restraints, and trends of the global e-passport market analysis. The study provides porter’s five forces analysis to understand impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global e-passport market industry.

Segment review

The global e-passport market is segmented into technology, application, and region. In terms of technology, the market is fragmented into radio frequency identification (RFID) and biometric. Depending on application, it is divided into leisure travel and business travel. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players operating in the global e-passport market industry include 4G Identity Solutions, Ask Media Group, LLC, CardLogix Corporation, Eastcompeace Technology Co., Ltd., Entrust Corporation, HID Global Corporation, Infineon Technologies AG, Muhlbauer Group, Safran and Thales Group. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the E-passport market industry. 

Covid-19 Impact Analysis

Emergence of COVID-19 is expected to have negative impact on the e-passport market growth. All governments across the globe announced lockdown to prevent spread of corona virus and cancelled international travelling service, which has hindered the e-passport market during the COVID-19 outbreak. In addition, increase in number of COVID-19 patients in the UK, France, Germany, and the U.S., owing to arrival of various international flights from foreign countries has led to implementation of strict regulations for international travelling, which negatively impacts growth of the e-passport market.  However, vaccinations have been started across the globe, which has led to reduction in number of corona patients. Most governments have started to lift the ban on international travelling and creating awareness among people to use digital technology, which is expected to provide lucrative opportunities for the market growth.

Top impacting factors

Rise in advanced technology verification to detect identity frauds

Companies manufacturing e-passport have added a range of additional electronic and visual security features to fight identity frauds and to increase security of personal information of travelers, which enhances growth of the market. In addition, rise in introduction of microprocessor-based passports and rapid adoption to increase convenience of travelers drives growth of the market. In addition, integration of advance technologies such as machine learning and artificial intelligence in e-passport has led to improvement in speed of detecting fraudulent cases in documents of travelers, which is propels growth of the e-passport market across the globe.

Growth in number of people traveling to cross-border destinations

Increase in number of people travelling cross borders for numerous reasons such as trading, tourism, and health treatment drives growth of the e-passport market across the globe. In addition, surge in number of people travelling abroad for work and education also propels growth of the market. Various countries such as the UAE and Saudi Arabia hire labors and other workers form different countries, which also drives growth of the market. Furthermore, increase in awareness among people to learn different cultures and surge in international trading services are some other important factors that impact growth of the market. 

Key Benefits For Stakeholders     

• The study provides an in-depth analysis of the global e-passport market forecast along with current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on global e-passport market share is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2021 to 2028 is provided to determine the market potential.

 E-passport Market Report Highlights