Portland,OR, July 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global e-passport market generated $24.57 billion in 2019, and is estimated to generate $125.13 billion by 2028, registering a CAGR of 27.5% from 2021 to 2028. The report provides an extensive analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Increase in advanced verification technology for determining identity frauds and availability of advanced airport infrastructure among developing nations drive the growth of the global e-passport market. However, high implementation cost hampers the market growth. On the other hand, surge in adoption of wireless communication technology in the travel industry is expected to create new opportunities in the coming years.
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Covid-19 Scenario:
- Owing to lockdown restrictions and ban on international travel activities, the demand for e-passport reduced significantly during the Covid-19 pandemic.
- The surge in the number of Covid-19 infected patients in France, Germany, the U.K., and the U.S. due to arrival of passengers from various foreign countries led to implementation of stringent regulations regarding international traveling. This negatively impacted the e-passport market.
- However, with increase in vaccinations in many countries, most governments began lifting the ban on international traveling and spreading awareness regarding digital technology. This is expected to provide opportunities in the market.
The report provides detailed segmentation of the global e-passport market based on technology, application, and region.
Based on technology, the RFID segment accounted for the highest market share, holding more than three-fourths of the total share in 2019, and is expected to continue its leadership status during the forecast period. However, the biometric segment is estimated to witness the highest CAGR of 29.5% from 2021 to 2028.
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Based on application, the leisure travel segment contributed to the largest share in 2019, accounting for more than two-thirds of the global e-passport market, and is projected to continue its lead position during the forecast period. However, the business travel segment is expected to grow at the highest CAGR of 29.3% from 2021 to 2028.
Based on region, Europe held the largest market share in 2019, contributing to more than one-third of the total share, and is expected to maintain its dominance in terms of revenue by 2028. However, Asia-Pacific is projected to manifest the fastest CAGR of 29.5% during the forecast period.
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Leading players of the global e-passport market analyzed in the research include 4G Identity Solutions, CardLogix Corporation, Ask Media Group, LLC, Entrust Corporation, Eastcompeace Technology Co., Ltd., Infineon Technologies AG, HID Global Corporation, Safran, Muhlbauer Group, and Thales Group.
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