Market Research Future (MRFR) has published on the “E Visa Market”
The E-visa Market is predicted to reach USD 4.03 Billion by 2032, registering an 9.3% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.
The future of the global e-visa market looks promising owing to the ease of application and enhanced integration capabilities. The e-visa market is driven by the growing need to eliminate cumbersome paperwork for visa processing. The increasing need for advanced verification also means a high number of identity frauds, supportive regulatory structure, and growth in air traffic drives the global e-visa market. Moreover, with a large number of government agencies deploying visa management systems, the opportunity in the market is significantly increasing, thereby attracting new players to enter the market. Many developing countries accept e-visa and deploy a visa management system for a smooth visa application process to boost their tourism industry. Turkey became one of the foremost countries to use e-visa application systems.
E-visa solutions offer flexibility and scalability to government agencies to meet the changing needs. These changing needs include enhancing a country's tourism industry and simplifying the visa application process. The e-visa solution helps government agencies efficiently manage the entire visa application process with the help of a single system. Small countries like Honduras can hugely benefit from implementing an electronic visa system. Due to several such benefits, countries specifically in Asia-Pacific, South America, and the Middle East & Africa accept e-visa and use e-visa solutions for visa approval processes.
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The scope of the global E-visa market has been segmented based on component, platform, and application.
By component, the e-visa market has been categorized as software and services. According to MRFR analysis, the services segment is expected to hold the larger market share, while the software segment is expected to grow at the higher CAGR during the forecast period.
By platform, the e-visa market has been categorized as desktop, smartphones, and tablets. According to MRFR analysis, the desktop segment is expected to have the largest market share. The smartphone segment is expected to hold the highest CAGR during the forecast period.
By application, the e-visa market has been categorized as traveling, students/educational visa, government/foreign, and others. The traveling segment has been further segmented into leisure traveling and business traveling. According to MRFR analysis, the traveling segment is expected to have the largest market share. The Students/Educational Visa segment is expected to have the highest CAGR during the forecast period.
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Geographically, the global E-visa market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America has a highly developed economy and is home to some of the world's largest corporations and tech companies. This has led to a high demand for business travel and cross-border collaborations, which in turn has driven up the demand for E-visas as a convenient and efficient way to obtain travel authorization. North America has a large and growing tourism industry. Many tourists from around the world travel to North America for various reasons, such as visiting popular attractions, attending conferences or events, or pursuing education or research opportunities. E-visas provide a streamlined way for these visitors to obtain travel authorization without the need for lengthy visa application processes or in-person interviews.
The key players in the global E-visa market are Mühlbauer Group (Germany), 4G Identity Solutions Private Limited (India), VFS Global Group (London), SecuriPort LLC (US), Scicom (MSC) Berhad (Malaysia), Gemalto NV (Netherlands), Canadian Bank Note Company, Limited (CBN) (Canada), C Serve Corporate Services (Mozambique), BLS International (India), Swiss Authentis S.A (Europe), and Mi-Tech (Onam).