E-Passport Market Worth USD 23.93 Billion, at 21% CAGR during 2019-2023 | Technavio

Technavio has published a new market research report on the global e-passport market from 2019-2023.

LONDON--(BUSINESS WIRE)--Jun 25, 2019--

According to Technavio Research Report " E-passport Marketby component (software, hardware, services) and geographical regions (Europe, APAC, North America, South America, and MEA) is witnessed to grow USD 23.93 billion, at a CAGR of 21% from 2019 to 2023”.

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Technavio has published a new market research report on the global e-passport market from 2019-2023. (Graphic: Business Wire)

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Global E-passport Market: Demand for multimodal biometrics

During the forecast period, the global e-passport market will continue to witness multimodal biometrics to strengthen the security at airport terminals. The biometric identifiers include fingerprints, iris, and face. Moreover, the e-passport system stores digital photos and signatures. Therefore, in the era of unprecedented cyberattacks, the demand for multimodal biometric solutions is expected to surge, which will support the growth of the global e-passport market during the forecast period.

“The increasing number of fake passports is driving the demand for e-passport markets. With the surge in the number of international passengers, governments across the world are finding it difficult to identify fraudulent passports. E-passports play a crucial role in identifying fraudulent passports via biometrics. Thus, the increase in the number of fake passports is expected to drive the growth of the global e-passport market during the forecast period,” says a senior analyst at Technavio.

Global E-passport Market: Segmentation analysis

This market research report segments the global e-passport market by component (software, hardware, services) and geographical regions (Europe, APAC, North America, South America, and MEA).

The European region led the market in 2018, followed by APAC, North America, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing number of air passengers in the region.

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Global E-passport Market: Increasing number of air passengers

A key factor driving the growth of the market is the increasing number of air passengers. The number of international air passengers is growing significantly with the surge in globalization. This will substantially boost the demand for e-passports substantially in countries such as China, India, and Indonesia. Furthermore, governments across the world are making significant efforts to introduce e-passport smart gates at airports to facilitate an easy immigration process for passengers in the view of the increasing passenger traffic. Smart gates enable passengers to complete the immigration process easily by checking the passports electronically as it uses facial recognition technology to compare the passengers' identity with the data stored in their respective e-passports. Therefore, increasing passenger traffic and use of smart gates will encourage the growth of the e-passports market to facilitate a quick passport verification process.

Few Major Players for the E-passport Market are:

  • De La Rue Plc
  • Giesecke+Devrient GmbH
  • Infineon Technologies AG
  • Thales Group

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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 10,000 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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CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

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SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 06/25/2019 08:00 AM/DISC: 06/25/2019 08:01 AM


Copyright Business Wire 2019.

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