LONDON--(BUSINESS WIRE)--According to Technavio Research Report "E-passport Market by component (software, hardware, services) and geographical regions (Europe, APAC, North America, South America, and MEA) is witnessed to grow USD 23.93 billion, at a CAGR of 21% from 2019 to 2023”.
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Global E-passport Market: Demand for multimodal biometrics
During the forecast period, the global e-passport market will continue to witness multimodal biometrics to strengthen the security at airport terminals. The biometric identifiers include fingerprints, iris, and face. Moreover, the e-passport system stores digital photos and signatures. Therefore, in the era of unprecedented cyberattacks, the demand for multimodal biometric solutions is expected to surge, which will support the growth of the global e-passport market during the forecast period.
“The increasing number of fake passports is driving the demand for e-passport markets. With the surge in the number of international passengers, governments across the world are finding it difficult to identify fraudulent passports. E-passports play a crucial role in identifying fraudulent passports via biometrics. Thus, the increase in the number of fake passports is expected to drive the growth of the global e-passport market during the forecast period,” says a senior analyst at Technavio.
Global E-passport Market: Segmentation analysis
This market research report segments the global e-passport market by component (software, hardware, services) and geographical regions (Europe, APAC, North America, South America, and MEA).
The European region led the market in 2018, followed by APAC, North America, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing number of air passengers in the region.
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Global E-passport Market: Increasing number of air passengers
A key factor driving the growth of the market is the increasing number of air passengers. The number of international air passengers is growing significantly with the surge in globalization. This will substantially boost the demand for e-passports substantially in countries such as China, India, and Indonesia. Furthermore, governments across the world are making significant efforts to introduce e-passport smart gates at airports to facilitate an easy immigration process for passengers in the view of the increasing passenger traffic. Smart gates enable passengers to complete the immigration process easily by checking the passports electronically as it uses facial recognition technology to compare the passengers' identity with the data stored in their respective e-passports. Therefore, increasing passenger traffic and use of smart gates will encourage the growth of the e-passports market to facilitate a quick passport verification process.
Few Major Players for the E-passport Market are:
- De La Rue Plc
- Giesecke+Devrient GmbH
- Infineon Technologies AG
- Thales Group
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