Austin, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Analysis:
The SNS Insider report indicates that,“The Passport Reader Market Size was valued at USD 0.37 Billion in 2023 and is expected to reach USD 0.97 Billion by 2032 and grow at a CAGR of 11.4% over the forecast period 2024-2032.”
Security Concerns and Technological Advances Fuel Growth in Passport Reader Market
The Passport Reader Market has seen significant growth due to increasing globalization, security concerns, and technological advancements. These devices are crucial for immigration authorities, airlines, border control agencies, and hotels to scan and authenticate passports, ensuring swift and accurate data verification. This process helps streamline operations while combating fraud. Recently, the FTC highlighted the risks of improper biometric data handling, warning companies against deceptive practices and weak safeguards that could lead to identity theft, privacy invasions, and discrimination. In May 2024, FinCEN reported a rise in U.S. passport card counterfeiting, with losses exceeding USD 10 million and over 4,000 victims. This trend has prompted financial institutions to enhance security measures against passport-related identity theft and financial crimes.
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Dominant Market Players with their Products Listed in this Report are:
- 3M (3M CTS6000 Passport Reader, 3M ID Card Reader)
- Access-IS Ltd. (HID FARGO Passport Reader, HID FARGO MRZ Reader)
- Adaptive Recognition Inc. (Adaptive Recognition Passport Reader, Adaptive Recognition ID Card Reader)
- Cognitec Systems GmbH (Cognitec Passport Reader, Cognitec ID Card Reader)
- DESKO GmbH (DESKO Passport Reader, DESKO ID Card Reader)
- Gemalto N.V. (Gemalto MorphoPassport Reader, Gemalto MorphoAccess Reader)
- HID Global Corporation (HID FARGO Passport Reader, HID FARGO MRZ Reader)
- IER SAS (IER Passport Reader, IER ID Card Reader)
- Regula Ltd. (Regula Passport Reader, Regula ID Card Reader)
- Zetes Industries S.A. (Zetes Passport Reader, Zetes ID Card Reader)
- IDEMIA (IDEMIA MorphoPassport Reader, IDEMIA MorphoAccess Reader)
- HID Global (HID FARGO Passport Reader, HID FARGO MRZ Reader)
- Matica Biometrics (Matica Passport Reader, Matica ID Card Reader)
- Datacard Group (Datacard Passport Reader, Datacard ID Card Reader)
- Zebra Technologies (Zebra Passport Reader, Zebra ID Card Reader)
- NEC Corporation (NEC Passport Reader, NEC ID Card Reader)
- Fujitsu (Fujitsu Passport Reader, Fujitsu ID Card Reader)
- Honeywell International (Honeywell Passport Reader, Honeywell ID Card Reader)
- SecuGen Corporation (SecuGen Passport Reader, SecuGen ID Card Reader)
- MIKROELECTRONIKA (MIKROELECTRONIKA Passport Reader, MIKROELECTRONIKA ID Card Reader).
Growth of Passport Reader Market Driven by Surge in Global Travel
The Passport Reader Market is growing rapidly due to the rising demand for efficient systems in response to the expanding global travel and tourism sector. As international travel rebounds, airports and authorities are increasingly relying on advanced passport readers to manage higher passenger volumes. With global tourism contributing 9.1% to GDP in 2023 and travel spending surging, these readers are vital for speeding up immigration processes and improving security, ensuring smoother and safer travel experiences.
"Key Segments Driving Growth in the Passport Reader Market: Technology and Application Trends"
By Type
In 2023, the Compact Full-Page Reader segment dominates the Passport Reader Market, capturing 38% of the revenue, driven by the widespread use of swipe technology in immigration and border control. Swipe readers are valued for their efficiency in quickly reading passport data, making them ideal for high-traffic areas like airports. Manufacturers like Gemalto and Identiv have enhanced these devices with improved security features and biometric integration. The segment is expected to grow rapidly due to the increasing demand for quick, cost-effective, and secure identity verification solutions.
By Application
In 2023, the Airport Security segment dominates the Passport Reader Market with a 49% share, driven by heightened security measures and the need for quick, accurate passport verification. Companies like Thales Group and Siemens have introduced advanced passport readers with biometrics, improving processing speeds and reducing checkpoint wait times.
The Border Control segment is projected to grow at a CAGR of 12.57% due to increasing threats like terrorism and illegal immigration, prompting investments in advanced passport readers to enhance identity verification and border security. The biometric market, including passport readers, is expected to reach USD 83 billion by 2027.
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Key Market Segments:
By Technology Type
- RFID
- Barcode
- OCR
By Type
- Swipe Readers
- Self-Service Kiosk
- Compact Full-Page Reader
- Others
By Application type
- Airport Security
- Border Control
- Others
By Sector Type
- Public
- Private
Regional Insights into the Passport Reader Market: North America's Leadership and Asia Pacific's Rapid Growth
In 2023, North America led the Passport Reader Market, holding a 36% share, driven by growing security concerns and the need for advanced border control solutions. The surge in global travel, particularly in the U.S., with 769 million air travelers in 2022, has increased the demand for quicker passport processing. The introduction of biometric e-passports has further fueled the need for efficient passport readers capable of verifying such data.
The Asia Pacific region is set to grow at the highest CAGR of 14.3%, driven by rising outbound tourism from China and India, and major international hubs like Singapore, Hong Kong, and Tokyo, which require advanced border control technologies to manage high passenger volumes.
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Recent Development
- July 2024: Cognitec Systems has provided face recognition technology to Billingpay for Rio de Janeiro’s public transport system, enabling digital ticketing via the Jaé app for over four million daily users. The system uses facial biometrics to prevent fraudulent ticket use and allows users to access buses and trains without a physical ticket.
- April 12, 2024: HID Global has launched the OMNIKEY SE Reader Core, enhancing access control with NFC and Bluetooth technology for seamless mobile integration, including support for HID Mobile Access and Apple Wallet. This upgrade boosts security across various use cases, from elevators to smart lockers.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Production Volumes, by Region (2023)
5.2 Fab Capacity Utilization (2023)
5.3 Supply Chain Metrics
6. Competitive Landscape
7. Passport Reader Market Segmentation, by Technology Type
8. Passport Reader Market Segmentation, by Type
9. Passport Reader Market Segmentation, by Application Type
10. Passport Reader Market Segmentation, by Sector Type
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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