E-passport Market

Global E-passport Market Size (2023 to 2028)

The global E-passport market size is expected to be worth 36.18 Billion USD in 2023. It is expected to grow at a CAGR of 25.40% during the forecast period and reach a value of 112.18 Billion USD by 2028.

An e-passport, also known as a biometric passport, is a type of passport that contains a digital version of the holder's photograph and personal information. These passports use biometric technology to store and retrieve data, making them more secure and accessible to verify than traditional passports. E-passports are becoming increasingly common around the world and are used by many countries to identify and track their citizens when they travel internationally.

MARKET DRIVERS:

The growing need to limit identity fraud is one of the significant factors propelling electronic passport growth. The advantages associated with e-passports, such as enhanced security, faster processing, convenience, better privacy, and greater accuracy, further boost the adoption of e-passports and drive market growth. E-passports contain a chip that stores the holder's personal information and photographs, which makes them more difficult to forge or alter. This increased security helps to prevent identity theft and other forms of passport fraud. E-passports can be read quickly and efficiently by electronic passport readers, speeding up the passport control process at border crossings and airports. E-passports are more convenient than traditional passports because they don't require a physical stamp or sticker to be added. This makes traveling easier with an e-passport and reduces the risk of it becoming damaged or lost. E-passports protect the holder's privacy using encrypted data storage and other security measures. This can help to prevent unauthorized access to personal information. Finally, E-passports are more accurate than traditional passports because they use biometric technology to verify the holder's identity. This helps to prevent mistakes or misunderstandings at border crossings and other checkpoints.

In addition, increasing government laws and rising digitalization in the airline industry are favoring the growth rate of the electronic passports market. Digitalization has had a significant influence on the airline industry, including the use of e-passports. The rise of digitalization in the airline industry has led to an increase in the use of e-passports. Many countries have already implemented e-passports, and the number of countries issuing e-passports is expected to grow in the coming years. One of the main benefits of e-passports is that they enhance security. The biometric information stored on the chip can be compared to the passport holder's physical features, making it more difficult for someone to use another person's passport fraudulently. In addition, e-passports are more challenging to alter or forge than traditional passports. E-passports also allow faster processing times at border control points, as the chip can be quickly scanned and the passport holder's information verified. This can help to reduce wait times at airports and other border crossing points.

The e-passport market offers opportunities for companies involved in the production and development of e-passport technology and governments looking to adopt e-passports for their citizens. The increasing demand for e-passports is expected to drive innovation and the development of new technologies in the market. In addition to the security benefits, e-passports also offer convenience for travelers, as they eliminate the need for manual passport control processes. This is expected to drive further adoption of e-passports, particularly among frequent travelers. Overall, the e-passport market offers a range of opportunities for companies and governments to take advantage of the increasing demand for this technology. In addition, technological developments are expected to offer market growth opportunities.

Overall, the rising digitalization in the airline industry has significantly impacted the use of e-passports. E-passports provide enhanced security and faster processing times, making them an essential tool in the modern travel industry.

MARKET RESTRAINTS:

High costs associated with electronic passports are a key factor expected to impact the market growth during the forecast period negatively. The cost of an e-passport can vary depending on the country that issues it and the applicant's specific circumstances. In some cases, the cost of an e-passport is higher than that of a regular passport due to the different technology and security features included in the e-passport.

Impact of COVID-19 on the E-passport Market:

The COVID-19 pandemic has had a significant impact on the e-passport market. The travel restrictions and lockdowns implemented to control the spread of the virus led to a significant decline in international travel, which in turn led to a decrease in demand for e-passports. However, the e-passport market is expected to recover as travel restrictions are lifted and international travel resumes. The COVID-19 pandemic may even drive the adoption of e-passports as governments look for ways to improve the security and efficiency of their border control processes. One potential impact of the COVID-19 pandemic on the e-passport market is an increased focus on developing contactless and biometric technology. With concerns about the transmission of the virus through physical contact, there may be a greater demand for e-passports that can be read without the need for physical contact. This could lead to the development of new technologies in the e-passport market. Overall, while the COVID-19 pandemic has had a negative impact on the e-passport market in the short term, it is expected to recover as international travel resumes and may even drive further adoption and innovation in the market. Therefore, the global e-passport market is anticipated to showcase a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report on the global E-Passport market has been segmented and sub-segmented into the following categories.

Global E-passport Market – By Technology:

• RFID
• Biometrics

Based on technology, the RFID segment had the leading share of the global e-passport market in 2021, and the domination of the segment is anticipated to continue throughout the forecast period. E-passports with RFID technology also offer additional security features, such as encryption and authentication protocols, to prevent unauthorized access to the stored data. In addition, the RFID chip can be read without needing physical contact, which can be beneficial in situations with a risk of infection transmission, such as during the COVID-19 pandemic. The factors mentioned above contribute to the growth of the segment.

Global E-passport Market – By Application:

• Leisure Travel
• Business Travel
• Others

Based on application, the leisure travel segment is predicted to lead the e-passport market during the forecast period. E-passports are an increasingly popular choice for leisure travelers due to their convenience and security features. E-passports can streamline traveling internationally and provide an additional layer of security for leisure travelers.

Global E-passport Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region captured the largest share of the global e-passport market in 2021. The e-passport market in North America is expected to experience significant growth in the coming years. The adoption of e-passports drives the demand for e-passports in North American countries and the increasing number of travelers. The United States, for example, began issuing e-passports in 2006 and has since issued over 100 million e-passports. Canada also began issuing e-passports in 2013 and has issued over 10 million e-passports to date. In addition to the security benefits, e-passports also offer convenience for travelers, as they eliminate the need for manual passport control processes. This is expected to drive further adoption of e-passports, particularly among frequent travelers. Overall, the e-passport market in North America is expected to continue to grow as more countries adopt e-passports and the demand for this technology increases.

The APAC region is estimated to register a healthy CAGR during the forecast period. Several countries in the APAC region have already adopted e-passports, including Australia, Japan, and South Korea. The increasing number of travelers and the adoption of e-passports by more countries in the region drive the demand for e-passports in the APAC region.

KEY MARKET PLAYERS:

CardLogix Corporation, M2SYS Technology, Atlantic Zeiser GmbH, Entrust Datacard Corporation, Austria Card, HID Global, IDEMIA, 3M, Infineon Technologies AG, Muhlbauer Group, Safran S.A., Thales Group, De La Rue plc., Arjo Systems, East com peace Technology Co., Ltd

RECENT HAPPENINGS IN THE MARKET :

• Veridos and id people have been commissioned by the Kingdom of Denmark to create new electronic passports with enhanced security features, with the first passports being issued in October 2021.