E-passport Market Size Is Likely To Reach a Valuation of Around $256.2 Billion by 2032

E-passport Market

The growth of the global e-passport market is driven by increase in number of people traveling to cross-border destinations propels

WILMINGTON, NEW CASTLE, DE, UNITED STATES, January 8, 2025 /EINPresswire.com/ -- The global 𝐄-𝐩𝐚𝐬𝐬𝐩𝐨𝐫𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at $28.8 billion in 2022, and is projected to reach $256.2 billion by 2032, growing at a CAGR of 24.8% from 2023 to 2032. Digitisation has given rise to e-passport which is a chip-enabled passport with a biometric identification card strengthening the transparency and security of travel documents. It stores different types of information of the passenger such as holder's name, date of birth, and other characteristic information on a smart chip, which has a unique identification number and digital signature.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 210 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/4509

An e-passport, also known as an electronic passport or biometric passport, is an advanced form of travel document that incorporates electronic technology to enhance security and streamline immigration processes. Unlike traditional paper passports, e-passports contain an embedded microchip that securely stores the passport holder's personal information, biometric data (such as fingerprints or facial recognition data, and a digital photograph. This integration of technology aims to prevent identity fraud and enhances the accuracy of traveler identification. E-passports enable automated identity verification at border crossings and immigration checkpoints, facilitating quicker and more efficient processing for both, travelers and border control authorities.

Increase in number of people traveling to cross-border destinations propels the growth of the global e-passport market. In addition, rise in advanced verification technology to detect identity frauds and presence of advanced airport infrastructure among developing nations also boost the e-passport market across the globe. However, availability of cost-effective e-passport and high implementation cost restrict growth of the market. Also, increase in adoption of wireless communication technology among the travel industry is expected to offer remunerative opportunities for expansion of the global market during the forecast period.

Furthermore, the rise in advanced verification technology to detect identity frauds and increase in number of people traveling to cross-border destinations are some the important factors that boost the e-passport market across the globe. In addition, presence of advanced airport infrastructure among developing nations such as China, Japan, and India propels the growth of the global e-passport market. However, high implementation cost and availability of cost-effective e-passport restricts growth of the market. On the contrary, increase in adoption of wireless communication technology among the travelling industry is expected to offer remunerative opportunities for expansion of the global market during the forecast period.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/E-passport-market/purchase-options

Based on the technology, the radio frequency identification (RFID) segment held the highest market share in 2022, accounting for more than three-fourths of the global E-passport market revenue, owing to increase in deployment of RFID chips that enabled e-passports services among developing nations such as China, Japan, and India. However, the biometric segment is projected to manifest the highest CAGR of 27.8% from 2023 to 2032, owing to the reduction in the threat of identity frauds and increase in need to improve security of personal information of travelers.

Depending on technology, the radio frequency identification (RFID) segment dominated the e-passport industry in 2022 and is and is expected to retain its position during the forecast period, owing to the increase in integration of RFID technology in e-passport to strengthen border security by decreasing the possibility of fake passports and creation of new passports. However, the biometric segment is expected to grow at the highest rate during the forecast period, owing to the rise in the adoption of biometric sensors to reduce various fraudulent activities at airports.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

Infineon Technologies AG, Muhlbauer Group, SAFRAN, HID Global Corporation, 4G Identity Solutions, Thales Group, CARDLOGIX CORPORATION, 3M, Eastcompeace Technology Co., Ltd., Entrust Corporation

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/4509

Region-wise, the e-passport market was dominated by Europe in 2022 and is expected to retain its position during the forecast period. This is attributed to rise in need to eliminate passport frauds and to address concerns associated with international business and personal security. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in adoption of advance technology such as biometric and facial recognition across various developing nations and presence of advanced airport infrastructure in some part of the region.

Based on application, the leisure travel segment held the highest market share in 2022, accounting for nearly three-fourths of the global E-passport Industry revenue, owing to rise in demand among people to immediately identify information, surge in use of digital technology such as smartphones among people, and increase in digitalization in the tourism industry. However, the business travel segment is projected to manifest the highest CAGR of 27.3% from 2023 to 2032, owing to an Increase in the adoption of e-passport among businesses, owing to its numerous benefits such as securely storing biometric information, such as photos, fingerprints and signatures; improving accuracy of manipulated documents.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/4509

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global E-passport market revenue, owing to This is attributed to rise in need to eliminate passport frauds and to address concerns associated with international business and personal security. However, the Asia-Pacific region is expected to witness the fastest CAGR of 27.9% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to rise in adoption of advance technology such as biometric and facial recognition across various developing nations and presence of advanced airport infrastructure in some part of the region.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
Allied Market Research
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