Pune, India, February 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global E-Visa Market.
Global E-Visa Market is expected to reach USD 2,551.6 Million by 2025, recording a CAGR of 11.4% during the forecast period (2018–2025). In this report, Market Research Future (MRFR) includes the segmentation and market dynamics to offer a better glimpse of the market in the coming years.
Global trade depends on the ability for quick transit between countries. As developing countries in Southeast Asia such as Malaysia look to capitalize on the growing tourism industry, these countries have made it simpler for tourists to acquire e-visas. Countries across the globe are adopting e-visas to eliminate paperwork. E-visa solutions offer flexibility to government agencies through a real-time background check facility, watch-list vetting against national security, and access to the Interpol databases for all applicants. This, in turn, creates an intelligent information report based on traveler information and other statistical data. The system can easily be integrated within the central visa database via a secured network connection and offers government and immigration officials with comprehensive data needed to approve and confirm a traveler’s identity across the entire process of immigration. Due to the flexibility and scalability of e-visa solutions, government agencies are increasing e-visa adoption, thereby driving the market growth.
The market has faced some challenges which hamper the widespread adoption of e-visa solutions. The inconsistent stance of different governments regarding e-visa adoption and the difference in the ease of use of various e-visa portals is hindering the market growth. For instance, the Turkish government introduced its own visa management solution similar to that provided by various solution vendors operating in the market. Also, governments have their own dedicated web portals that offer seamless and easy application procedures for e-visas. Countries like Canada, Georgia among others, have their own web portals where travelers can easily apply for e-visas. The impact of this restraint on the market is expected to be low in the coming years since government agencies are expected to partner with various solution providers and technology players instead of investing huge sums in developing in-house solutions.
The E-Visa Market has been segmented based on Component, Platform, Application, and Region.
Based on component, the e-visa market has been segmented into software and service. The service segment is expected to have the largest market share, whereas the software segment is expected to have the highest CAGR during the forecast period.
Based on platform, the e-visa market has been segmented into desktops, smartphones, and tablets. The desktops segment is expected to have the largest market share, whereas the smartphone segment is expected to have the highest CAGR during the forecast period.
Based on application, the e-visa market has been segmented into traveling, students/educational visas, government/foreign affairs, and others. The traveling segment accounted for the largest market share, whereas the students/educational visa segment is expected to register the highest CAGR during the forecast period.
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The Key Players of the Global E-Visa Market are SCICOM (Malaysia), Gemalto NV (Netherlands), CBN (Canada), Securiport LLC (US), C Serve Corporate Services (Mozambique), Mühlbauer Group (Germany), 4G Identity Solutions Private Limited (India), VFS Global Group (UAE), BLS International (India), Swiss Authentis S.A (Switzerland), and MITECH (Oman).
For the purpose of regional analysis, the global e-visa market has been segmented into North America, the UK, Asia-Pacific, and the rest of the world.
North America accounted for the largest market share in the e-visa market. The market in North America has been segmented into the US, Canada, and Mexico country-level markets. The US is the most visited country for both business as well as leisure purposes. The electronic system for travel authorization (ESTA) issued by the US, the electronic travel authorization (ETA) issued by Canada, and the universal e-visa issued by Mexico have ushered in the growth of the e-visa market in the region. The US has the largest market share in the North American e-visa market.
Globally, Asia-Pacific is the second-largest e-visa market. Asia-Pacific has been segmented into India, Vietnam, Thailand, Singapore, Malaysia, Australia, and the rest of Asia-Pacific. The region accounts for a quarter of the world’s tourism revenue, and in order to further promote tourism, APAC countries have added support for e-visas, which has helped the market grow in the region. Malaysia is expected to have the largest market share in the Asia-Pacific e-visa market.