DUBLIN--(BUSINESS WIRE)--The "Passport Reader Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Type; Application; Sector" report has been added to ResearchAndMarkets.com's offering.
The global passport reader market was valued at US$ 211.67 Mn in 2019 and is projected to reach US$ 374.56 Mn by 2027; it is expected to is expected to grow at a CAGR of 7.7% during 2020-2027.
The global passport reader market is projected to witness moderate growth during the forecast period. Some of the key factors bolstering the growth of the passport reader market include surging immigrant population, rising adoption of e-passports, and increasing international air passenger traffic worldwide. Moreover, advancements in technologies, including OCR, is expected to catalyze the passport reader market.
The players operating in the passport reader market are highly focused on product developments to efficiently compete in the market by offering innovative technologies integrated with passport readers. For instance, in 2018, Panasonic unveiled an integrated mobile identification and access control solution, the Panasonic TOUGHPAD FZ-M1 Passport. The new solution is integrated with a smart card reader, a 2D bar code reader, an RFID reader, and a Machine Readable Zone (MRZ).
The major stakeholders in the passport reader market ecosystem include hardware manufacturers, software developers, industry associations, regulatory bodies, and end users. Hardware providers offer various components/parts to passport reader manufacturers. A few of the key passport reader providers mentioned in this report include Thales Group, Access Limited, Desko GmbH, ARH Inc., and Beijing Winton Science Technology, Inc. There are several peripheral stakeholders in the passport reader market, which play a crucial role in boosting the adoption of these readers. A few of these stakeholders include industry associations, governments, and regulatory bodies. Passport readers find major applications at airport security points, border control points, travel agencies, hotels, and car rental companies, among others.
Impact of COVID-19 Pandemic on Passport Reader Market
Tourism is one of the industries relying heavily on aviation. By facilitating tourism, air transport helps generate economic growth and alleviate poverty. ~1.4 billion tourists cross borders every year, and over half of them travel to their destinations by air. According to ICAO, the outbreak of COVID 19 is anticipated to result in an overall reduction of 1,878 million to 3,227 million air passengers worldwide in 2020.
Also, as per the UNWTO, the international tourism is expected to decline from US$ 910 to 1,170 billion in 2020, in comparison to the US$ 1.5 trillion generated in 2019, owing to travel restrictions. Furthermore, ACI has estimated a loss of more than 50% in air passenger traffic at airports worldwide by 2020. The decline in air passenger traffic would have a negative impact on the passport reader market; however, with the relaxation on travel bans, the market will slowly put up.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global passport reader market
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- The key findings and recommendations highlight crucial progressive industry trends in the global passport reader market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Increasing Number of Outbound Tourists
- Growing Construction and Expansion Activities of New Airports Worldwide
- Surging Number of Immigrants
- Use of Facial Recognition Technology to Eliminate Multiple Security Checks
- Increasing Passport Forgery
Use of Mobile Passport Scanners
- Adaptive Recognition Hungary, Inc.
- Thales Group
- Access Ltd
- Bejing Wintone Science & Technology Co. Ltd.
- DESKO GmbH
- IER SAS
- Shenzhen Rakinda Technologies Co., Ltd.
- VERIDOS GMBH
Lintech Enterprises Limited
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