E-Passport Market worth USD 97,617 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "E-Passport Market by Technology (RFID and Biometric), by Application (Leisure Travel and Business Travel) by Region – Global Share and Forecast to 2027". The global e-passport market size is expected to reach USD 97,617 million by 2027 from USD 20,917 million in 2020, at a CAGR of 27.5% during the forecast period. An increase in the number of individuals traveling across borders for numerous reasons such as trading, tourism, and health treatment drives the growth of the e-passport market across the globe. In addition, a surge in the number of people traveling abroad for work or education purposes also propels the market's growth. Various countries such as Saudi Arabia and UAE are hiring laborers and other workers from different countries, which also boosts the development of the market. Furthermore, increasing awareness among people to learn different cultures and surge in international trading services are important factors that impact the number of people traveling abroad. Hence, all such aspects propel the market.

Global E-Passport Market Segmentation

The overall e-passport market has been segmented into technology, application, and region.

• By Technology (RFID and Biometric)
• By Application (Leisure Travel and Business Travel)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Leisure travel, by application, is estimated to hold the largest market share during the forecast period

Based on application, the global e-passport market is segregated into leisure travel and business travel. The leisure travel segment accounted for the largest market revenue share in 2020. Leisure travel is a journey taken by a person to enjoy and relax in their time. E-passport allows people around the globe to securely store their personal information that propels the adoption of e-passport among people.

In addition, the rise in demand among people to immediately identify information, the surge in the use of digital technology such as smartphones, and the increase in digitalization in the tourism industry are important factors that propel the growth of the e-passport market. Moreover, the rise in the number of vacations and other types of trips in developing nations is expected to provide lucrative opportunities for market growth.

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Europe accounts for the largest market share in the e-passport market 2020

Based on the regions, the global e-passport market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe was the highest revenue contributor 2020.  The e-passport market in Europe is analyzed across the UK, Germany, France, Spain, Italy, the Netherlands, and the rest of Europe. The rise in need of advanced technologies at airports to streamline the identification process, increase the security of biometric information, and improve customer satisfaction are major factors that boost the e-passport market in this region.

Increase in adoption of e-passport technology across the UK, Germany, and France, owing to its numerous benefits to the airport, such as protecting traveler information from cyber-attacks, improved speed of identity checks, and easy identification of fraudulent activities, drive the growth of the market. In addition, innovative e-passports are developed with RFID technology, which helps people securely store information such as photographs, fingerprints, and detailed documents, driving the growth of the e-passport market in this region. Furthermore, with growth in passport frauds and the increase in fake immigrants and visas across various European countries has increased demand for the e-passport market across the region. In addition, governments across European nations are rapidly adopting the e-passport system to reduce tampering of passport pages and reduce growing frauds, which provides lucrative opportunities for the market.

4G Identity Solutions, 3M, LLC, Eastcompeace Technology Co., Ltd., HID Global Corporation, Muhlbauer Group, Safran, Entrust Corporation, CardLogix Corporation, Thales Group, and Infineon Technologies AG are some of the players in the global market of e-passport. These market players have focused on acquisitions and expansion to gain a larger market share in the e-passport market.

Browse complete report: https://www.marketstatsville.com/e-passport-market

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