Report Ocean published the latest research report on the E-passport Market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the E-passport Market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
Market Statistics
The global e-passport market, with a revenue of approximately US$ 28.8 billion in 2022, is projected to reach US$ 256.2 billion by 2032. This growth signifies a robust compound annual growth rate (CAGR) of 24.8% during the forecast period from 2023 to 2032.
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Introduction to E-passport
An e-passport incorporates an electronic chip on the passport page, containing various information such as the holder’s date of birth, name, and other characteristic details. This technology stores passenger data on a smart chip, featuring a unique identification number and digital signature.
Factors Influencing Market Growth
- Advanced Verification Technology: The rise in advanced verification technology to counter identity fraud and the presence of developed airport infrastructure in developing nations drive the global e-passport market’s growth.
- Increasing International Travel: A surge in people traveling to cross-border destinations is a key factor propelling the growth of the global e-passport market.
- High Implementation Costs: The high implementation cost acts as a hindrance to market growth.
- Adoption of Wireless Communication Technology: The increasing adoption of wireless communication technology in the travel industry presents lucrative opportunities for the global e-passport market.
Impact of COVID-19
The COVID-19 pandemic significantly impacted the e-passport market due to lockdowns, social distancing measures, and the suspension of international travel services, hampering market growth.
Regional Analysis
- Europe: Dominated the global e-passport market in 2022, maintaining its position during the forecast period. This is attributed to evolved airport infrastructure in Germany and the UK, coupled with increased smartphone usage during travel.
- Asia-Pacific: Anticipated to experience a significant growth rate due to favorable government guidelines regarding e-passports, rising demand in developing nations, and the introduction of e-passport smart gates at airports across the region.
Leading Companies
Key players in the global e-passport market include:
- 3M
- 4G Identity Solutions, LLC
- CardLogix Corporation
- Eastcompeace Technology Co., Ltd.
- Entrust Corporation
- HID Global Corporation
- Infineon Technologies AG
- Muhlbauer Group
- Safran
- Thales Group
- Other prominent key players
Segmentation Overview
Technology
- Radio Frequency Identification (RFID)
- Biometric
Application
- Leisure Travel
- Business Travel
Region
- North America: U.S., Canada
- Europe: UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe
- Asia-Pacific: China, Japan, India, Australia, South Korea, Singapore, Rest Of Asia-Pacific
- LAMEA: Latin America, Middle East, Africa
(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
REASION TO BUY
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- In-depth Market Analysis: By scrutinizing regional market trends and drivers, the report provides a comprehensive understanding of the market landscape. It also highlights factors that might impede growth, allowing for informed decision-making.
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Key Questions Market Research and Analysis Report
- What is the current market size, both in terms of value and volume?
- What is the historical growth rate of the market, and what are the projected growth rates for the future?
- Who are the major players in the market, and what is their market share?
- What are the market trends and dynamics influencing the industry?
- What are the key drivers of market growth?
- What are the challenges and barriers faced by market participants?
- What are the emerging opportunities in the market?
- What is the competitive landscape of the market?
- What are the consumer preferences, behaviors, and buying patterns within the market?
- What is the market segmentation, and how are different market segments performing?
- What are the pricing trends and strategies in the market?
- What are the distribution channels and their effectiveness in reaching the target audience?
- What are the regulatory and legal factors impacting the market?
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