New York, US, June 16, 2021 (GLOBE NEWSWIRE) -- E-Visa Market Overview:
According to a comprehensive research report by Market Research Future (MRFR) presumes the global e-visa market to reach USD 2,551.6 million at a CAGR of 11.4% during forecast period.
Market Scope:
An electronic visa, also known as e-visa, is an official online form of obtaining a visa that allows you to fly to foreign countries. As compared to visas issued manually at an embassy, this method is a faster and more effective option. E-visas overcome the disadvantages of manual visa processing since they save time and can be obtained from anywhere.
The growing number of international passengers, as well as the reduction in delays caused by airport processing operations, are driving the demand for e-visas. E-visa saves travelers' and airport checking authorities' time, allowing authorities to focus more on suspicious passengers. Furthermore, many benefits of e-visas, such as high security, flexibility in usage, and privacy protection, as well as a huge increase in the number of people travelling globally, are fueling the growth of the e-visa market.
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Competitive Landscape
E-visa market vendors are concentrating on increasing their customer base in order to achieve a competitive edge in the industry. Key players are also pursuing a variety of strategic initiatives, including mergers and acquisitions, partnerships, and agreements with other large corporations
Dominant Key Players on E-Visa market covered are:
- Mühlbauer Group (Germany)
- 4G Identity Solutions Private Limited (India)
- VFS Global Group (UAE)
- SCICOM (Malaysia)
- Gemalto NV (Netherlands)
- CBN (Canada)
- Securiport LLC (US)
- C Serve Corporate Services (Mozambique)
- BLS International (India)
- Swiss Authentic S.A (Switzerland)
- MITECH (Oman)
Browse In-depth Market Research Report (87 Pages) on E-Visa:
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Market USP exclusively encompassed:
Market Drivers
The initial replacement and high deployment cost of an e-passport, which is needed for an e-visa, are the key factors impeding the global e-visa market's growth. In addition, the availability of options such as e-NTRI for Indian tourists traveling to Malaysia can pose a challenge to the e-visa market. According to the DGCA, approximately 546,76,467 international passengers flew in and out of India in 2017, indicating a high potential among passengers who can opt for e-visa. Furthermore, the ever-improving e-visa infrastructure is expected to offer lucrative opportunities to the market's leading players.
Segmentation of Market Covered in the Research:
The global e-visa market has been segmented based on component, platform, and application.
Based on the component, the global e-visa market has been segmented into software and service.
Based on the platform, the global e-visa market has been segmented into desktops, smartphones, and tablets.
By application, the global e-visa market has been segmented into traveling, students/educational visas, government/foreign affairs, and others. The traveling segment has been further segregated into leisure travel and business travel.
Geographically, the global e-visa market has been categorized as North America, Europe, Asia Pacific, and the rest of the world.
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Regional Analysis
North America held the largest market share in the global e-visa market; this area is further subdivided into the United States, Canada, and Mexico. The United States is the most visited country for both leisure and business purposes. The electronic system for travel authorization (ESTA) issued by the United States, the electronic travel authorization (ETA) issued by Canada, and the universal e-visa issued by Mexico have contributed to the expansion of the region's e-visa market. In the North American e-visa market, the United States has the largest market share.
In 2018, Asia Pacific was the world's second-largest e-visa market. The Asia Pacific is divided into India, Vietnam, Thailand, Singapore, Malaysia, Australia, and the rest of the region. The region accounts for a fourth of global tourism revenue, and in order to boost tourism further, APAC countries have added support for e-visas, which has helped the region's market expansion. During the forecast period, Malaysia is projected to have the largest market share in the Asia Pacific e-visa market.
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COVID-19 Impact on the Global E-Visa Market
The COVID-19 outbreak has caused a global slowdown, affecting many industries. Along with this effect, the COVID pandemic has opened up a few new business opportunities for e-passports and e-visas. Because of the pandemic, the overall competitive environment and business dynamics of the e-passport and e-visa foundation have been disrupted.
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