According to IMARC Group’s latest report, titled “E-Passport Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global E-passport market size reached US$ 25.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 56.9 Billion by 2028, exhibiting a growth rate (CAGR) of 13.4% during 2023-2028.
The electronic passport (e-passport), also known as a biometric passport, is a chip-enabled passport with a biometric identification card strengthening the transparency and security of travel documents. It also involves demographic information, iris scans, color photograph, and the digital signature of the holder. It relies on contactless smart card technology consisting of a computer chip or microprocessor chip, such as radio-frequency identification (RFID) chips, which are inserted in the front and back cover of the passport. It offers less processing time and greater data storage capacity. It is scanned through special devices that are more effective against passport fraud as compared to conventionally used passports.
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Market Trends
Considerable growth in the travel and tourism sector and increasing traveling activities represent one of the major factors positively influencing the demand for e-passports around the world. In addition, the rising number of cross-border activities is driving the need for e-passports to detect fraud and secure the personal information of travelers, which is contributing to the market growth. Furthermore, the growing awareness among individuals about the benefits of using e-passports is driving the market. Apart from this, there is an increase in the integration of machine learning (ML) and artificial intelligence (AI) in e-passports to enhance security at airport terminals, which is offering lucrative growth opportunities to key players in the industry.
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List of Key Companies Covered in this Market Report:
- 4G Identity Solutions Private Limited (Goldstone Technologies Ltd.)
- CardLogix Corporation
- Entrust Corporation
- HID Global Corporation (Assa Abloy AB)
- IDEMIA
- Infineon Technologies AG
- Mühlbauer Group
- Primekey Solutions AB (Keyfactor)
- Thales Group.
The report has segmented the market on the basis of technology, security, application and geography.
Breakup by Technology:
- Radio Frequency Identification (RFID)
- Biometric
Breakup by Security:
- Basic Access Control
- Password Authenticated Connection Establishment
- Supplemental Access Control
- Extended Access Control
Breakup by Application:
- Leisure Travel
- Business Travel
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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