Global E-Passport Market Report and Forecast 2023-2028

Global E-Passport Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global e-passport market is projected to grow at a CAGR of 13.4% between 2023 and 2028 to reach a value of USD 56.9 billion by 2028. Aided by the growing emphasis on enhancing security measures and the modernisation of immigration controls, the market is expected to grow significantly by 2028.

E-passports, also known as biometric passports, are integrated with an electronic microprocessor chip. This chip contains the holder's biographical information and biometric identifiers such as facial recognition data, fingerprints, and iris scans. By using this technology, e-passports significantly enhance the security features of traditional passports, making forgery and tampering exceedingly challenging.

The mounting concerns regarding identity theft, illegal migration, and national security threats have led nations across the globe to transition from traditional paper-based passports to their electronic counterparts. These modern e-passports come equipped with advanced cryptographic techniques, ensuring that the data stored is secure and that the passport is authentic.

The rise in international travel has also been a major contributor to the e-passport market growth. As the volume of travellers increases, there's a pressing need for countries to expedite immigration procedures without compromising security. The e-passport, with its advanced verification features, offers a solution, allowing for quicker border crossings while ensuring rigorous identity checks.

Additionally, the integration of smart technology in governance and public services, often under the umbrella term of 'Smart Cities', has seen a surge in recent years. E-passports fall in line with this trend, representing a shift towards technologically advanced, efficient, and secure public service solutions.

Regionally, Europe accounts for a significant portion of the e-passport market share, driven by stringent regulations and a collaborative approach among European Union member states. Asia-Pacific, with its rapidly growing economies and burgeoning middle class increasingly inclined towards international travel, is also witnessing a spike in demand for e-passports. Countries like India, Japan, and Australia have already initiated or are in advanced stages of rolling out e-passport systems.

Technology providers and companies specialising in security solutions are playing a pivotal role in shaping the e-passport market outlook. As nations look to upgrade their immigration systems, collaborations between governments and tech firms are becoming increasingly common. These partnerships aim to ensure that the e-passports are not only secure but are also equipped with the latest technological advancements, ensuring their relevance and efficacy for years to come.

Market Segmentation

The market can be divided based on type, application, and region.

Market Breakup by Type

• Radio Frequency Identification
• Biometrics

Market Breakup by Application

• Leisure Travel
• Business Travel

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global e-passport market. Some of the major players explored in the report by Expert Market Research are as follows:

• CardLogix Corporation
• Eastcompeace Technology Co., Ltd.
• Entrust Corporation
• Thales Group
• HID Global Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.