New Jersey, United Kingdom, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “E-Passport Market By Type (Radio Frequency Identification (RFID) & Biometrics), By Application Analysis (Leisure Travel & Business Travel), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” in its research database
“According to the latest research study, the demand of global E-Passport Market size & share expected to reach to USD 65.87 Billion by 2026 from USD 23.6 Billion in 2020, at a compound annual growth rate (CAGR) of 19.9% during the forecast period 2021 to 2026”
What is an E-Passport? Report Overview & Coverage:
e-Passport or a biometric passport is an electronic version of a format that stores the user’s data on a computerized chip which can be further used for authentication measures using a wider range of security solutions. Additionally, this computer chip is often incorporated in the front or the back, or the center page of the passport while a public key infrastructure (KPI) is used for authenticating the data that the computerized chip often stores. The primary factors for the significant growth of the global e-passport market are increasing security measures for detecting identified fraud cases coupled with the rising need for advanced airport infrastructures to name a few.
Additionally, the rising number of people opting for air travel coupled with the increased adoption of wireless communication techniques are often credited with the rise of the global e-passport market during the forecast period. The rising adoption of biometric security coupled with less processing time is further expected to boost the growth of the global e-passport market during the forecast period.
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Industry Major Market Players
- Fourg Identity Solutions
- Ask Media Group LLC
- Cardlogix Corporation
- Entrust Corporation
- HID Global Corporation
- SAFFRAN
- Thales Group
- Gemalto
- Indian Security Press
- Japan National Printing Bureau
- Goznak
- IDEMIA
- The Royal Mint
- Casa Da Moeda Do Brasil
- Canadian Bank Note
- Veridos Gmb
Key questions answered in this report:
- What is the projected market size & growth rate of the E-Passport Market?
- What are the key driving factors for the growth of the E-Passport Market?
- What are the top companies operative in E-Passport Market?
- What segments are covered in E-Passport Market?
- How can I get free sample reports/company profiles of the E-Passport Market?
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Market Growth Factors
The primary driving factors for the rapid growth of the global e-passport market can be contributed to rising measures among verification technology towards detecting any formats of identity frauds and increased need for advanced airport infrastructure among developing nations to name a few. Additionally, an increasing number of people opting for air travel and rising adoption in the form of wireless communication measures are further expected to increase the footprint of the global e-passport market during the forecast period. Factors pertaining to less processing time and rising prevalence among cyber-attacks are expected to fuel the growth of the global e-passport market during the forecast.
The increasing trend of multi-modal biometric models is expected to drive the growth of the global e-passport market during the forecast duration for a higher growth rate. Integration of additional security points such as face and iris recognition and an overall increased format of security is expected to boost the growth of the global e-passport market during the forecast duration. Increased adoption of biometrics security is expected to open new revenue opportunities for the global e-passport market during the forecast period. Higher implementation costs will hamper the growth of the global e-passport market during the forecast duration to some extent.
Global E-Passport Market: Report Scope
| Report Attribute | Details |
| Market Size 2020 Value | USD 23.6 Billion |
| Market Forecast for 2026 | USD 65.87 Billion |
| Expected CAGR Growth | CAGR 19.9% from 2021-2026 |
| Base Year | 2020 |
| Forecast Year | 2021-2026 |
| Top Market Players | Thales Group, Gemalto, Indian Security Press, Japan National Printing Bureau, Goznak, IDEMIA, and Others |
| Segments Covered | Types, Applications, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Pricing Options | Request customized purchase options to meet your research needs. Explore purchase options |
Market Segmentation
The global e-Passport market can be segmented into technology, application, and regions. The global e-passport market can be broken down into radio frequency identification (RFID) and biometrics on the basis of type. The segment pertaining to RFID is expected to witness the largest market share during the advent of the forecast owing to increased functionality due to a combination of paper and electronic devices embedded within biometrics devices coupled with increased integration of RFID technology among the developing nations such as China, Japan, and India to name a few. The global e-passport market can be divided into leisure travel and business travel on the basis of application. The segment pertaining to leisure travel is expected to occupy the largest market share during the advent of the forecast owing to reducing the price of air travel due to a dynamic and competitive field coupled with added benefits of using air travel such as restaurant-based incentives among others.
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Also Read, Press Release on Global E-Passport Market Size & Share, 2021-2026
Regional Dominance:
- Europe to Fly High During the Forecast Period in Terms of Global Revenue Contribution
Europe is expected to witness the largest market share during the advent of the forecast owing to the rising number of people traveling across borders for business and educational needs coupled with the rising number of consumers being constantly aware of integrating cultures to name a few. Additionally, a rising trend of international trading services coupled with rising cross-border activities such as trading, tourism, and health treatments is expected to dominate the region during the entirety of the forecast duration.
Browse in full “E-Passport Market By Type (Radio Frequency Identification (RFID) & Biometrics), By Application Analysis (Leisure Travel & Business Travel), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” report at https://www.fnfresearch.com/e-passport-market-by-type-long-term-and
The global e-passport market can be segmented into:
Global e-Passport Market: By Type Segment Analysis
- Radio Frequency Identification (RFID)
- Biometrics
Global e-Passport Market: By Application Segment Analysis
- Leisure Travel
- Business Travel
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