E-passport Market

global e-passport market was valued at USD 32.7 Bn in 2023 and is projected to reach USD 95.3 Bn by 2033, growing at a CAGR of 11.3% from 2023 to 2033.

NEW YORK CITY, NEW YORK, UNITED STATES, March 30, 2023 /EINPresswire.com/ -- ➡️ Market Overview:

E-passports, also known as biometric passports, are electronic passports that are equipped with a small chip that contains the biometric information of the passport holder. The chip stores the passport holder's facial and fingerprint recognition data, making it easier to verify the identity of the passport holder. The use of e-passports is becoming increasingly popular due to their enhanced security features and the need for efficient and secure border control.

➡️ Demand Analysis:

The demand for e-passports is driven by the increasing need for enhanced security features, efficient and secure border control, and the growing trend toward the digitalization of travel documents. Additionally, the COVID-19 pandemic has further accelerated the demand for e-passports as it minimizes the need for physical contact during passport verification.

➡️ Largest and Fastest Growing Region:

North America is currently the largest market for e-passports, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is expected to be the fastest-growing market during the forecast period due to the increasing adoption of e-passports in countries such as China, Japan, and India.

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🔝 Key Trends:

Increasing adoption of biometric authentication in e-passports

The growing trend towards digitalization of travel documents

The emergence of contactless e-passports

Integration of e-passports with other electronic systems such as border control and immigration systems.

🔝 Impacting Factors:

Stringent government regulations and policies

Technological advancements in biometric authentication

Increasing number of air passengers

Growing concerns regarding security and identity theft

➡️ Key Benefits for Stakeholders:

Enhanced security features

Efficient and secure border control

Reduced fraud and identity theft

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➡️ Market Dynamics

✔️ Drivers:

Increasing need for enhanced security features

The growing trend towards the digitalization of travel documents

Rising air passenger traffic

The emergence of contactless e-passports

✔️ Restraints:

High implementation and maintenance costs

Concerns regarding privacy and data protection

Technical issues with biometric authentication

✔️Opportunities:

Growing demand from emerging economies

Integration of e-passports with other electronic systems

Development of advanced biometric authentication technologies

✔️Challenges:

Stringent government regulations and policies

Technical challenges in biometric authentication

Lack of standardization across different countries

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➡️ Key Market Segments

Type

Ordinary E-passport

Service & Diplomatic E-Passport

Application

Adult

Child

Key Market Players included in the report:

Gemalto

Shanghai Mite Speciality & Precision Printing

India Security Press

Beijing Jinchen Cvic Security Printing

Bundesdruckerei

Japan National Printing Bureau

Goznak

Casa da Moeda do Brasil

Canadian Bank Note

Royal Mint of Spain

Polish Security Printing Works

Istituto Poligrafico e Zecca dello Stato

Iris Corporation Berhad

Semlex Group

Veridos

Morpho

✔️ Recent Developments:

In 2021, the European Union (EU) introduced a new regulation that mandates the use of biometric data in all new passports and identity cards issued in EU member states.

In 2020, the Government of India announced plans to issue e-passports with advanced security features to all its citizens.

In 2019, the United States Department of State began issuing e-passports with a new design and additional security features.

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