Dublin, March 18, 2024 (GLOBE NEWSWIRE) -- The "Global Passport Reader Market: Analysis By Technology, By Type, By Sector, By Application, By Region Size, Trends and Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.
The global passport reader market value stood at US$321.02 million in 2023 and is expected to reach US$501.30 million by 2029.
The global passport reader market has exhibited consistent growth driven by various factors, such surge in air passenger traffic, coupled with the continuous global expansion and construction of airports, which forms a significant catalyst. The market further thrives on the escalating numbers of international immigrants and the widespread adoption of passport readers in the banking sector. Government initiatives focusing on digital identity, along with the increasing occurrences of passport forgery, contribute to the market's upward trajectory. Moreover, the heightened utilization of passport readers within the hospitality sector adds to the comprehensive growth landscape.
The market's upward trajectory is sustained by these diverse growth drivers, reflecting a robust demand for passport reader technology worldwide. As the travel and identification landscape evolves, passport readers play a crucial role in enhancing security measures, facilitating seamless processes, and addressing the challenges associated with global mobility and identification verification. The passport reader market is poised for sustained growth, fueled by these dynamic factors and the continuous evolution of technology in the identification and travel sectors. The market is expected to grow at a CAGR of 8.18% over the projected period of 2024-2029.
Market Segmentation Analysis:
By Technology: The RFID segment held the highest share in the market and OCR segment is expected to be the fastest growing segment in the forecasted period. RFID passport readers are essential for secure identity verification, decoding information from RFID-chipped passports. With the global rise of e-passports equipped with RFID technology, there's an increased demand for compatible readers. Additionally, OCR passport readers, employing Optical Character Recognition, automate text data extraction from passports, enhancing identification accuracy. The growing adoption of OCR readers is fueled by the need for efficient and secure identity verification in travel, border control, and financial services. Integration of these readers streamlines processes, reduces errors, and contributes to a seamless, secure global travel environment, significantly impacting the overall growth of the passport market.
By Type: Compact Full-page held the highest share in the market and Self-service Kiosks are expected to be the fastest growing segment in the forecasted period. The Compact Full-page Passport Reader, utilizing advanced OCR technology, efficiently extracts information from entire passport pages, contributing to global passport reader market growth by enhancing security and streamlining immigration processes. Similarly, Passport Readers integrated into self-service kiosks automate passport and identity document reading, enhancing efficiency in processes like check-in and immigration. The rising adoption of these advanced kiosks at airports and border crossings drives demand for passports, thereby fueling the growth of the global passport reader market.
By Sector: The Public sector acquired the highest share of the market and the Private segment is expected to be the fastest growing segment in the forecasted period. In the public sector, particularly in border control and immigration, passport readers are crucial for automating identity verification and streamlining border checks. Government agencies widely adopt these readers to enhance security, detect fraudulent documents, and improve overall border management efficiency. Simultaneously, in the private sector, passport readers are extensively employed for secure customer onboarding, access control, and identity verification, contributing to enhanced operational efficiency in industries such as hospitality and finance.
By Application: The Airport Security application dominated the market and the Border Control segment is expected to be the fastest growing segment in the forecasted period. Passport readers play a vital role in airport security by automating check-in, boarding, and authentication processes, thereby enhancing overall operational efficiency. The increasing adoption of these readers in airports aligns with the growing demand for advanced identity verification solutions, contributing substantially to the expansion of the global passport market. Additionally, in border control, passport readers streamline data extraction, improving verification efficiency to meet the rising global demand for secure border management. The emphasis on enhanced border security, coupled with advancements in identity verification technologies, acts as a driving force for the continuous progress of the passport reader market.
By Region: North America is the largest region of the passport reader market and presents a promising landscape. Notably, countries like the US, Canada, and Mexico contribute significantly to this market, each shaped by unique elements shaping their passport reader realm. In the US, passport readers are extensively used for border control, airport security, and governmental applications, emphasizing national security and efficient immigration processes. Canada and Mexico share similar objectives, utilizing passport readers for border security and facilitating smooth immigration. In commercial sectors like finance and hospitality across all three countries, passport readers play vital roles in Know Your Customer (KYC) processes, customer onboarding, and fraud prevention, aligning with regulatory compliance measures.
The Asia Pacific stands out as the fastest-growing region in the passport reader sector. In China, advanced technology, especially in immigration processes, has led to the widespread adoption of passport readers. India, undergoing rapid digitization with a large population, is increasingly utilizing passport readers for e-governance, KYC processes, and airport security, driven by Aadhaar-based authentication initiatives. In technologically advanced Japan, passport readers are widely employed for efficient immigration processes and secure guest verification in the hospitality industry.
Global Passport reader Market Dynamics:
Growth Drivers
- Increasing Air Passenger Traffic
- Growing Construction and Global Expansion of Airports
- Surging Number of International Immigrants
- Usage in Banking Sector
- Government-Led Digital Identity Initiatives
- Increasing Passport Forgery
- Rising Adoption in Hospitality Sector
Challenges
- High Upfront Cost And Integration Expenses
- Privacy And Security Concerns
- Lack Of Technical Knowledge
Market trends
The market is projected to grow at a fast pace during the forecasted period, due to latest trends such as surge in the adoption of e-passports, integration of self-service kiosks, use of mobile and compact readers, adoption of cloud-based solutions, biometric integration, etc. The global passport reader market is transforming with the rising popularity of self-service kiosks, offering a user-centric approach to identity verification. These kiosks, equipped with advanced passport reading capabilities, empower individuals to navigate check-in and immigration independently, reducing wait times and enhancing operational efficiency.
Additionally, the adoption of cloud-based solutions is reshaping the landscape, providing scalability, real-time updates, and centralized management for efficient identity verification and border control processes, meeting the evolving demands for flexibility and advanced technology.
Competitive Landscape:
The global passport reader market is fragmented, with an increasing number of large and medium-sized players accounting for the majority of the market revenue, and the presence of a substantial number of regional market players with limited business offerings and customer base.
The key players of the global passport reader market are:
- Thales Group
- ASSA ABLOY
- Bollore
- Adaptive Recognition
- Beijing Wintone Science & Technology Co.
- Desko
- Regula Forensics
- Veridos
- DERMALOG Identification Systems
- BioID Technologies
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Passport Reader Market Overview
2.2 Passport Reader Segmentation Overview
3. Global Market Analysis
3.1 Global Passport Reader Market Analysis
3.2 Technology Analysis
3.3 Type Analysis
3.4 Sector Analysis
3.5 Application Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.2 Challenges
6.3 Market trends
6.3.1 Surge in Adoption of E-passports
6.3.2 Integration of Self-Service Kiosks
6.3.3 Use Of Mobile and Compact Readers
6.3.4 Adoption Of Cloud-based Solutions
6.3.5 Biometric Integration
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ci9okp
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