The global E-Passport market size at a CAGR of almost 21% during the forecast period

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Jul 09, 2019, 12:44 ET

NEW YORK, July 9, 2019 /PRNewswire/ --

Global E-Passport Market: About this market

An e-passport is similar to the traditional passport that consists of an electronic microprocessor chip and an antenna. This E-Passport market analysis considers segmentation based on components such as software, hardware, and services. Our analysis also considers the use of e-passport in APAC, Europe, MEA, North America, and South America. In 2018, the software segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising cross-border immigration will play a significant role in the software segment to maintain its market share. Also, our global E-Passport market looks at factors such as the increasing number of air passengers, increasing number of fake passports, and regulations by ICAO. However, concerns regarding brute force attacks, data protection issue with biometric information, and failure to verify digital signature on e-passports may hamper the growth of e-passport industry.

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Global E-Passport Market: Overview

Increasing number of air passengers

The increasing globalization across the world has fueled the growth in the number of international air passengers. The market is expected to witness an increase in the demand for e-passports from countries such as China, India, and Indonesia in the near future due to the rise in the number of air passengers. Moreover, several governments across the world are making significant efforts to introduce e-passport gates at airports to ensure easy immigration process for passengers. The increase in the number of air passengers is one of the key factors accelerating the growth of the global E-Passport market size at a CAGR of almost 21% during the forecast period.

Introduction of virtual mobile identity (digital travel credentials)

The advent of the virtual passport has eliminated the need for physical documents such as e-passport as the entire data will be stored on the cloud or on mobile data. It also reduces the risk of passports getting lost. Technological advancements like these will have a positive impact on the global E-Passport market size.

For the detailed list of factors that will drive the global E-Passport market size during the forecast period 2019-2023, click here.

Competitive Landscape

With the presence of few players, the global E-Passport market is concentrated. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several e-passport manufacturers, that include De La Rue Plc, Giesecke+Devrient GmbH, IDEMIA, Infineon Technologies AG, and Thales Group.

Also, the E-Passport market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.