“E-passport Market” industry is poised for significant growth in the coming years. This expansion can be attributed to several factors, including an upward trend in personal spending, the global surge in urbanization, and the increasing adoption of cutting-edge technologies. The market analysis also considers the potential influence of government policies and market regulations on the industry’s development. This report offers a detailed examination of future revenue projections, market demands, regional analysis, and other crucial information about the target market, including drivers, restraints, opportunities, and threats. Additionally, the report provides insights into the key companies operating in the market, supply chain trends, financials, significant developments, and technological innovations. It also encompasses future strategies, acquisitions, and mergers that may impact the ASRS industry.
E-passport, also known as biometric passport, contains an electronic chip embedded in it. It is an advanced form of traditional documents introduced to enhance the security structure and restrict fraudulent cases, thereby increasing integration capabilities with high-tech airport infrastructure. E-passports are used to verify identity of a traveler through digital means with the use of unique identification number, digital signature, and others.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Increase in innovation of advanced verification means to detect identity frauds, existence of advanced airport infrastructure facilitates, and growth in travelers to cross-border destinations drive the growth of the global e-passport market. However, initial high cost of deployment and availability of cost-effective e-passports are expected to impede the market growth. Increased adoption of e-passports among developing economies and technological advancements are expected to present numerous opportunities for the market expansion.
The global e-passport market is segmented on the basis of technology, application, and geography. Based on technology, it is divided into radio frequency identification (RFID) and biometric. On the basis of application, it is bifurcated into leisure travel and business travel. Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global e-passport market and current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided.
Porter’s Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global market from 2017 to 2023 is provided to determine the market potential.
KEY MARKET PLAYERS
Gemalto N.V.
Muhlbauer Group
Entrust Datacard Corporation
HID Global Corporation
Infineon Technologies AG
Safran S.A.
Eastcompeace Technology Co.
CardLogix Corporation
4G Identity Solutions
ASK
E-passport Market key SEGMENTS:
BY TECHNOLOGY
Radio Frequency Identification (RFID)
Biometrics
BY APPLICATION
Leisure Travel
Business Travel
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BY GEOGRAPHY
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
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The Four Forces analysis examines the following factors:
- Market demand: This involves assessing the level of demand for the product or service in the market.
- Competitive intensity: This analyzes the level of competition within the market, including the number and strength of competitors.
- Supplier power: This evaluates the bargaining power of suppliers and their influence on the market.
- Buyer power: This assesses the bargaining power of buyers and their impact on the market.
The SWOT analysis takes into account the following dimensions:
- Strengths: These are the internal factors that give the company a competitive advantage or unique capabilities.
- Weaknesses: These are the internal factors that hinder the company’s performance or put it at a disadvantage compared to competitors.
- Opportunities: These are the external factors and market conditions that can be leveraged to the company’s advantage.
- Threats: These are the external factors and challenges that may negatively affect the company’s performance or competitive position.
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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