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E-passport market - Future Forecast

E-passport market expected to reach $57,061 million by 2023, growing at a CAGR of 25.4% from 2017 to 2023. The market by Technology (Biometrics) and Application

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E-passport market - Future Forecast

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  1. E-passport Market By Technology, Application And Forecast Global Opportunity Analysis And Industry Forecast, 2017-2023

  2. E-passport Market Overview: • Global E-passport Marketwas valued at $11,752 million in 2016, and is projected to reach $57,061 million by 2023, growing at a CAGR of 25.4% from 2017 to 2023. An e-passport contains an electronic chip, which holds the same information that is printed on the passport's data page such as the holder's name, date of birth, and other biographical information. Rise in advanced verification processes to detect identity frauds has necessitated the emergence of e-passport to satisfy high need for enhanced security. Further, presence of advanced airport infrastructure facilitates and increase in the number of people traveling to cross-border destinations provide the marketers immense scope to target their customers and enhance the user experience. • Download Sample Report: • E-passports are mainly used to authenticate the identity of a traveler during international travels. This technology stores data about the traveler on a smart chip, which bears a unique identification number and a digital signature. Its use is more secure than traditional paper technology, as it reduces the risk of data duplication and alteration. The data stored electronically on the chip is authenticated by public key infrastructure (PKI), which helps eliminate forgeries. Fingerprint, facial, and iris recognition are the major biometric modalities used in this technology. Increase in thefts, illegal immigration, and transborder crimes fuels e-passport market. Moreover, ability of e-passport to provide faster security checks and verification of individuals at airports and international borders; and rise in adoption by many countries to enhance the safety of citizens, lower the rate of passport, and visa fraud boost the demand for e-passport market.

  3. Segment Review • The global e-passport market is segmented based on technology, application, and geography. Technologies covered in this study include radio frequency identification (RFID) and biometric. On the basis of application, the market is bifurcated into leisure travel and business travel. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, including country-level analysis for each region. • The global e-passport market is driven by increase in number of identity frauds, supportive regulatory structure, presence of advanced airport infrastructure, and growth in air traffic. However, high costs associated with initial deployment and replacement as well as availability of cost-effective e-passports are expected to impede the market growth. • The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porters Five Forces analysis of the industry to understand the 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 the growth of the market.

  4. Key Benefits For Stakeholders • This study includes the analytical depiction of the global e-passport market along with current trends and future estimations to determine the imminent investment pockets. • The report presents information related to key drivers, restraints, and opportunities. • The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry. • Porters Five Forces analysis illustrates the potency of buyers & suppliers operating in the global e-passport industry.

  5. E-passport Market Key Segments:

  6. 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

  7. Key Market Players

  8. Contact Us • David Correa • 5933 NE Win Sivers Drive • #205, Portland, OR 97220 • United States • Toll Free (USA/Canada): • +1-800-792-5285, +1-503-894-6022, +1-503-446-1141 • UK: +44-845-528-1300 • Hong Kong: +852-301-84916 • India (Pune): +91-20-66346060 • Fax: +1-855-550-5975 • help@alliedmarketresearch.com • Web: https://www.alliedmarketresearch.com

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