According to the research analysis that has been conducted by the industry experts, the global E-passport and E-visa market is set to record a 7.7% CAGR during the ongoing forecast period of 2017-2023. This business domain is likely to account for USD 15560 million by the end of the current period in 2023. The global market is likely to be rising from a global market figure worth USD 9202.8 million during the historic forecast period that had ended in 2019.
An E-passport, as a part of the global E-passport and E-visa market, is also known as a “biometric passport”. The main reason behind this is that it is a technologically advanced form of paper-based passport that has an electronic chip embedded in it. An electronic visa or e-visa is functional in the form of an online platform that enables an applicant to facilitate an online application to obtain a visa. E-passports and E-visas are used to verify the identity of a traveler digitally by using a unique identification number and a digital signature. These are the digitally advanced methodologies that are being used to enhance the security structure and reduce fraud. The e-passport and e-visa, as demanded by the target audience are more secure than their traditional counterpart as it prevents data alteration and duplication. The data that is associated with e-Visa is stored in a computer and the computer having the information is linked to the passport number. There is no requirement for a label, sticker, or stamp to be used or placed in the passport for travel, these are legal and valid documents. The ongoing process of identification via chip is done over the internet that is one of the major features helping the e-passport and e-visa market attain an excellent momentum during the ongoing forecast period that will be ending in 2023.
The outbreak of the novel coronavirus pandemic has caused major havoc in the international markets and further is creating issues. The sudden lockdown that was imposed in both the regional and international locations was a matter of concern as people were containing the virus and were becoming the point of transmission. During this phase, the e-passport and the e-visa market had witnessed a boost in global demand.
People wanted to leave their current place and wanted to move back to their homes and stay with their families in times of such fatality and urgency. However, the fear of transmitting the virus and entering the phase of community spread of the virus was much more and taking a toll in the globally functional scenario. Hence, there was a need for the global governments to open their doors for international travel once the curb of the spread was under control and there were fewer casualties and more availability of medicine and vaccination.
The global E-passports and e-visas market operate on contactless smart chip technology and are further, likely to be integrated with computer chips along with an embedded antenna. E-passports and e-visa are being used by the passengers traveling for both business and leisure purposes and hence, they are soaring high on demand as people do not want to sacrifice on their way of basic living. The major factor responsible for the growth of the global e-passport and e-visa market during the ongoing forecast period that will be ending in 2023 is the introduction of e-passport and e-visa applications and services to facilitate the reduction of identity issues arising during the processing and verification of documents at airports. This is likely to help minimize the processing time at immigration desks to get clearance and also allows the security personnel to focus on the surveillance of suspicious and high-risk travelers.
However, amid the functioning of the global market operations during the ongoing forecast period of 2017-2023. The global e-passport and e-visa market are likely to be witnessing the emergence of factors that might hamper the global growth of the market based on the projections by the business chiefs for the period. The laid-back attitude of the target audience followed by the delays that are caused due to misprinting and false information along with the potential risk of the hackers is likely to hamper the growth prospects that are available to the global e-passport market.
These advanced methodologies are used to enhance the security structure and reduce fraud and hence, help the e-passport and e-visa market propel at an excellent rate as per the projections that have been laid down for the period ending in 2023. The e-passport and e-visa are likely to be more secure than their traditional counterpart as it prevents data alteration and duplication. The e-passport and e-visa market are soaring high in prominent participating regions of the global market like the Asia Pacific region are expected to grow during the forecast period. The global governments of regional places like Bangladesh and India are planning to introduce e-passport and e-visa services to reduce the hassles associated with document processing at airports.
The e-passport and e-visa market are likely to propel during the ongoing forecast period ending in 2023 in the global market premises followed by the rising ability to meet the demands of the growing target audience owing to its segmentation which is mentioned as follows:
By type, the global e-passport market has been sub-segmented into Biometrics and RFID. Biometrics is segmented as facial recognition, fingerprint recognition, and iris recognition.
By application, the e-passport market is segmented into ends like Travelling (Leisure Travel, Business travel, foreign affairs), identification/proof, and immigration/border control
By hardware components, the global e-passport market is sub-segmented into the antenna, process, or chip, amongst others.
The global diversification for the e-Passport & e-Visa market in the global market is segmented based on various regions and the same estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of data as a service market is studied for 4 major regions namely the North American region, the European countries, the Asian Pacific region, and the rest of the world.
The European region is expected to dominate the e-Passport & e-Visa market during the forecast period. European nations, including the prominent ones like Germany, the UK, and France, were the early adopters of biometric technology for various purposes like border control, airport security, identity security, and law enforcement. The e-passport and e-visa market in the Asian Pacific region is further, expected to grow during the forecast period.
The prominent players in the market of e-passport and e-visa are mentioned as follows:
The business intelligence report on E-passport and E-visa market facilitates the participation of various businesses and other stakeholders to embark on the revenue generation sprees by efficiently tackling the current and upcoming challenges in this vertical during the forecast period of 2017-2023. It covers all other significant aspects available to the market such as predominant trends, primary growth stimulants, and opportunities that govern the industry behavior.
Moreover, the report highlights the factors contributing to the progress of each market segment, while simultaneously uncovering the top profitable prospects. Besides, it comprises a relative study of the past and present business scenarios to provide better insights and a better understanding of the performance of the market and sub-markets over the analysis period.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cardlogic limited (Ireland), 4G identity solutions private limited (U.A.E), Iris Corporation (Malaysia), Safran identity and security (France), Muehlbauer group (Malaysia) , Eastcompeace (China), Oberthur Technologies (France), Datacard group (U.S), HID Global Corporation(U.S), Giesecke&Devrient limited (Germany), Gemalto NV (the Netherlands)|
|Key Market Opportunities||
|Key Market Drivers||
The European region is likely to emerge at the maximum market rate during the period.
The APAC region is likely to show great prospects for growth.
The global market is expected to grow at a global CAGR of 7.7%.