Global E-passport Market Analysis, Application & Forecast to 2019-2030
Posted by Sonika on October 8th, 2021
Bharat Book Bureau Provides the Trending Market Research Report on “Global E-passport Market Segments by Technology (Radio Frequency Identification (RFID) and Biometric); By Application (Leisure and Business Travel); By Hardware (Antenna, Processor/Chip) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030” under Services Market Research Reports Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
Additional protection layer not found in standard passports is provided by e-passport often referred to as biometric passports. This relates to a person\'s biometric details contained in an electronic chip within the passport of the client. An e-passport has an E-Chip that has the same data as the bearer\'s name, birth date, and any other biographical details on the passport tab. E-passports are used mostly to validate a traveler\'s identity on foreign flights. The main biometric methods included in this application include fingerprint, face, and iris recognition.
Global E-passport Market is expected to project a notable CAGR of 22.69% in 2030.
Global E-passport Market to surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 22.69% in the coming years, i.e., 2021-30. The growing need to improve passport protection to address the economic danger of identity fraud is fueling the growth of the e-passport market in particular. Increased global travel demands a high degree of protection for both business and pleasure purposes. Standard passports that do not have biometric capabilities risk traveling on foreign flights to illegal passengers. Such ill-intentioned passengers are at risk of obstructing passengers\' safety on the air. E-passport is thus a secure solution to avoid such situations, which fuels the demand for e-passports.
Global E-Passport Market: Segments
Biometric segment to grow with the highest CAGR during 2020-30
Global E-passport Market is segmented by technology into radio frequency identification (RFID) and biometric. The Biometric, segment held the largest market share of XX.X% in the year 2020 due to its intensifying use in the end-user vertical. Standard passports that do not have biometric capabilities have risk traveling on foreign flights to illegal passengers. Such ill-intentioned passengers run the risk of hampering passenger\'s in-flight safety. Biometrics are a trustworthy measure to avoid such scenarios, thus driving this segment.
Leisure segment to grow with the highest CAGR during 2020-30
Global E-passport Market is divided by application into Leisure and business travel. The biofuel Leisure segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years.
Global E-Passport Market Dynamics
Increased leisure and business travel
Growing need to improve passport protection to address the economic danger of identity fraud is fueling the growth of e-passport market in particular. Increased global travel demands a high degree of protection for both business and pleasure purposes. Standard passports that do not have biometric capabilities risk traveling on foreign flights to illegal passengers. Such ill-intentioned passengers are at risk of obstructing passengers\' safety on the air.
Surge in thefts
Boost in the e-passport market is due to surge in thefts, illegal immigration, and transborder crimes. In addition, e-passports are capable of ensuring faster safety checking and inspections at airports and at international borders, and increased adoption by many countries to boost citizens\' safety, decreased passports rates, strengthen the visa market demand for e-passports.
Lack of awareness regarding E-passport Market existence
The high initial implementation costs and cost-effective e-passport availability could hinder the growth on the market. Most key players restrict themselves due to high initial costs and thus limiting the market growth.
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