E-Passport & E-Visa Market Highlights:
The global e-Passport & e-Visa market was analyzed by Market Research Future (MRFR) and it was projected that a noteworthy 7.7% CAGR will be attained by the market over the forecast period of 2020 to 2027.
E-passports and e-visas function with the help of contactless smart chip technology and are integrated with computer chip alongside an embedded antenna. The technology is being increasingly used by passengers, irrespective of them traveling for leisure or business purpose.
The global E-Passport & E-Visa Market is expected to garner noticeable growth in the coming years.
According to the research analysis that has been conducted by the industry experts, the global E-passport and E-visa market is set to record a 7.7% CAGR during the ongoing forecast period of 2017-2023. This business domain is likely to account for USD 15560 million by the end of the current period in 2023. The global market is likely to be rising from a global market figure worth USD 9202.8 million during the historic forecast period that had ended in 2019.
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Leading Contenders:
The leading contenders in the e passport and e visa market are Datacard group (U.S), Iris Corporation (Malaysia), Cardlogic limited (Ireland), Muehlbauer group (Malaysia), 4G identity solutions private limited (U.A.E), Eastcompeace (China), Oberthur Technologies (France), Safran identity and security (France), HID Global Corporation (U.S), Gemalto NV (the Netherlands), Giesecke&Devrient limited (Germany), and others.
Market Segmentation:
The market segmentation for ePassport and eVisa includes type, application and hardware components.
The types identified in the report are Biometrics as well as RFID. The biometrics segment can be dissected into fingerprint recognition, iris recognition and facial recognition.
The application-wise market segments are Travelling (Business travel, foreign affairs and Leisure Travel), immigration/border control and identification/proof.
The hardware components covered are antenna, processor/chip, others.
Regional Analysis:
The global market for e-Passport & e-Visa market is estimated to grow at a significant rate during the forecast period from 2020 to 2027. The geographical analysis of data as a service market is studied for North America, Europe, Asia Pacific, and the rest of the world. Europe is expected to dominate the e-Passport & e-Visa Market during the forecast period. Germany, the UK, and France were the early adopters of biometric technology for various purposes like border control, airport security, identity security, and law enforcement.
Industry Buzz:
July 2019, the Bangladesh government has begun the distributing electronic passports in the country for the first time ever. The electronic passport has an embedded e-microprocessor chip comprising biometric information in order to authenticate the bearer’s identity. The country has already issued a total of 26 million machine readable passports.
June 2019, Rwanda became the latest country from the East African Community (EAC) to launch and issue electronic passports. This is was done in an effort to make border clearance fast and as part of the region’s strategy to promote integration. Some of the other EAC countries that have already issued e-passports include Tanzania, Uganda, and Kenya.
June 2019, the Ministry of External Affairs of India announced its plans of working on an advanced electronic passport system that is chip-enabled. This is as part of the effort from the ministry to deliver citizen-centric services through various reforms.
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