E-Passport Market size is set to grow by USD 18.96 billion from 2024-2028, Increasing security concerns to boost the market growth, Technavio

NEW YORK, June 26, 2024 /PRNewswire/ -- The global E-passport market size is estimated to grow by USD 18.96 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 12.96%  during the forecast period. Increasing security concerns is driving market growth, with a trend towards increased adoption of E-passports. However, high initial investment costs  poses a challenge. Key market players include 3M Co., Aion Tech Solutions Ltd., ASSA ABLOY AB, AUSTRIACARD AG, CardLogix Corp., De La Rue PLC, DERMALOG Identification Systems GmbH, Entrust Corp., GET Group Holdings Ltd., Giesecke Devrient GmbH, HID Global Corp., IDEMIA France SAS, Intel Corp., IN Groupe, Keyfactor, M2SYS, Muhlbauer GmbH and Co. KG, NXP Semiconductors NV, Panasonic Holdings Corp., and Thales Group.

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Key Market Trends Fueling Growth

The E-passport market has experienced significant growth over the last decade due to heightened security needs in the travel industry. E-passports provide biometric data and encryption technology, making them more secure against identity theft, terrorism, and fraud. Governments benefit from facilitated citizen movement, boosting trade and tourism. The push toward digitization and automation, accelerated by the COVID-19 pandemic, also drives adoption. E-passports offer faster, smoother processing and increased efficiency, aligning with the growing comfort level with digital identification and transactions. The market is expected to continue expanding due to these factors. 

The e-Passport market is experiencing significant growth due to the increasing adoption of technology in travel documentation. Biometric technology, such as facial recognition and smart chips, are becoming standard features in e-Passports. Travelers find these features convenient and secure, leading to increased demand. Additionally, the use of contactless technology allows for quicker processing at border control. The trend towards digitalization is driving the market forward, with countries implementing e-Passport systems to enhance security and streamline processes. The market is expected to continue growing in the coming years. 

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Market Challenges

• The E-passport market expansion is hindered by substantial upfront investments. Technology, infrastructure, and personnel training necessitate significant financial commitments for governments and organizations. Costs can fluctuate based on security and functionality requirements, including biometric data integration, encryption, and border control system upgrades. Smaller, less affluent countries may find it challenging to invest, potentially limiting their market participation. Consequently, high investment costs pose a significant hurdle for the E-passport market's growth during the forecast period.
• The E-Passport market is experiencing significant growth, with advanced technologies such as biometrics and chip integration becoming the norm. However, challenges persist in implementing these technologies on a large scale. Costs for manufacturing and implementation remain high, making it difficult for some countries to adopt E-Passports. Additionally, data security and privacy concerns continue to be a major challenge. Ensuring the protection of personal information stored on E-Passports is crucial to maintain public trust. Furthermore, interoperability between different systems and countries poses a challenge, requiring standardization and collaboration. Despite these hurdles, the future of E-Passports looks promising, with continued innovation and investment in the sector.

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Segment Overview 

This e-passport market report extensively covers market segmentation by

1. Application 
• 1.1 Leisure travel
• 1.2 Business travel
2. Component 
• 2.1 Software
• 2.2 Hardware
• 2.3 Services
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Leisure travel-  The E-Passport market is experiencing significant growth due to its convenience and security features. These electronic documents offer contactless data processing and enhanced fraud protection. Governments worldwide are investing in this technology to streamline travel processes and improve border control efficiency. The market is expected to continue expanding as more countries adopt E-Passports and technological advancements enhance their functionality.

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Research Analysis

The E-Passport market represents the growing trend towards digital solutions in international travel documents. E-Passports incorporate electronic chips containing microprocessors and smart cards, replacing the traditional paper technology. These innovative travel documents include the holder's name, unique identification number, and characteristic information, all digitally encoded. Passenger data, including biometric information, is securely stored on the smart chip, enabling faster and more efficient immigration processes. Airports and international borders increasingly rely on e-passports for improved airport infrastructure, reducing manpower requirements and processing time. The digitization of passports also addresses concerns related to illegal immigration and costs associated with paper passports. Biometric technology and digital signatures further enhance security and authenticity. Overall, the E-Passport market signifies a significant advancement in electronic technology and travel document issuance.

Market Research Overview

The E-Passport market refers to the sector that deals with the production, implementation, and management of electronic passports. These passports utilize advanced security features such as microprocessors, contactless chips, and biometric data to enhance security and facilitate seamless travel. The market is driven by increasing globalization, rising international travel, and the need for secure and efficient identity verification systems. Technologies like RFID, NFC, and encryption play significant roles in the functionality and security of E-Passports. Governments worldwide are investing in this sector to improve border control and combat identity fraud. The market is expected to grow significantly in the coming years due to these factors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Leisure Travel
• Business Travel
• Component
• Software
• Hardware
• Services
• Geography
• Europe
• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio