The global passport reader market to reach 6.5% of CAGR during 2022-2028

NEW YORK, UNITED STATES, January 9, 2023 /EINPresswire.com/ -- According to the new research report titled "Passport Reader Market Size, Share & Forecasts – Global Analysis and Forecast to 2028" published by The Insight Partners, the market is expected to reach USD 310.17 million by 2028, registering a CAGR of 6.5% during 2022–2028.

Impact of COVID-19 Pandemic on Global 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 global passenger traffic got recovered modestly in 2021. The global passengers count was 2.3 billion (49% less pre-pandemic (2019) levels) and 60% more as compared to 2020. The decline in air passenger traffic negatively impacted the passport reader market adversely.

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North America is an early adopter of emerging technologies due to favorable government policies to boost innovation. The air travel industry in North America has a potential influence on the country’s economy. Unfortunately, the US was one of the worst-affected countries due to the COVID-19 pandemic, and the crisis led to a cascading impact on air tourism. For instance, the number of outbound tourists from the US fell to 33.5 million in 2020, only one-third of the 2019 figure. Further, international arrivals in the US declined to 29 million in 2021, a decrease of 36% from 2019. Nevertheless, the air travel industry has been improving faster since 2021. For instance, the National Travel and Tourism Strategy 2022 aims to welcome 90 million international visitors annually by 2027 in the US. Therefore, with the relaxation on travel bans, the passport reader market slowly started to recover.

The international tourism industry is growing at an exponential rate. According to the World Tourism Organization (UNTWO), there were ~1.4 billion international tourist arrivals worldwide, signifying an increase of 6% from 2017. Also, it was worth ~US$ 1.7 trillion, i.e., ~2% of the total world GDP. With the rising number of international tourists, airports worldwide are deploying an additional level of security and expanding the number of gates to handle air passenger traffic. For instance, in 2019, Panasonic Corporation installed additional automated facial recognition gates at multiple airports in Japan. These included 203 units across the country, of which 123 were deployed for foreign nationals. The features of these gates included passport readers. Also, in 2018, the Cairo International Airport deployed Gemalto’s high-speed passport readers to reduce queues and reinforce security checks. The rise in the count of international tourists worldwide is expected to boost the demand for passport readers, and thereby accelerating the passport reader market growth.

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Key findings of study:
The aviation industry in APAC begun operating in 2021 after being temporarily halted in 2020. China is presently operating cargo flights to 102 destinations across 49 foreign countries. In April 2020, foreign and Chinese airlines operated ~1,574 scheduled cargo flights each week, i.e., 55.2% higher than the pre-COVID-19 pandemic. These airlines operated an average of 2,365 cargo flights every week, consistent with the schedule for the first two weeks of May 2020, i.e., 133.2 pc higher than the pre-COVID-19 period. The rapid recovery in air traffic is expected to boost the demand for passport readers, as the construction work on over a quarter of key airport infrastructure projects across the country has been restarted in late March 2021. Recovery in Asian air traffic and growing airport infrastructure projects will assist in boosting the passport reader market size.

Among the Rest of APAC, the passport reader market growth is majorly driven by major tourist-attracting countries such as Singapore, Malaysia, Thailand, Vietnam, Indonesia, and Nepal, driving the market growth for various security and authentication related products as well as solutions across the country. As a result, the countries continue to invest in technologies that facilitate seamless validation and verification of international passengers along with the expansion of their existing number of international terminals to accommodate the rising number of international passengers flowing through the respective countries. Airport modernization is another aspect contributing towards the passport reader market. For instance, in August 2022, the Singapore government announced that the construction of a new terminal at Singapore’s Changi Airport with a capacity of up to 50 million passengers a year has restarted, which was stalled for two years due to the pandemic. Furthermore, in August 2022, the Malaysian government announced the construction of a new airport in Lawas, which is expected to start in Q1 of 2023. Thus, all the above factors are expected to fuel the passport reader market growth in the forecasted period.

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Increase in Passport Forgery
In the last few years, passport forgery incidents have surged to a great extent, thus, threatening national security. To handle this, the US Department of State’s law enforcement arm and DS Service have appointed special agents to identify fake passports and coordinate with over 160 countries for investigation resolutions. Several cases were detected concerning the forging of passports worldwide. Hence, border control authorities and airport officials have installed passport readers that can test the originality of the document.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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