New York, US, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Passport Reader Market Information: By Technology, Type, Application, Sector and Region – Global Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 503.41 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.13% during the assessment timeframe.
Passport Reader Market Overview:
The global passport reader market is likely to garner significant revenue growth. The growing number of immigrants and the increasing adoption of e-passports solutions for rising passport authentication needs would support the market growth.
Over the last couple of years, passport forgery cases have increased to a great extent, which threatens national security. As a result, the use of passport readers has risen significantly among law enforcement and Diplomatic Security (DS) Service agencies. Moreover, the increasing adoption of passport readers by special agents for fake passport identification for investigation purposes escalates market growth.
In many countries, passports provide proof of a double dose of vaccine, a negative test/ natural immunity from a previous infection via an app. Government guidelines encourage the organizers of large events to use Covid passports to keep people safe as attendance ramps up.
Players leading the passport reader market include-
- ARH INC
- Gemalto NV
- Access Limited
- Beijing Wintone Science Technology
- Regula Forensics Inc.
- DESKO GmbH
- IER Inc.
- IDAC Solutions Pvt. Ltd.
- Lintech Enterprises Limited
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/5929
Passport Reader Market Report Scope:
| Report Metric | Details |
| Passport Reader Market Revenue forecast in 2030 | USD 503.41 Million |
| Passport Reader Market Growth Rate | CAGR of 9.13% from 2020 to 2030 |
| Base Year | 2019 |
| Study Period | 2020-2030 |
| Key Market Opportunities | The rising adoption of e-passports |
| Key Market Drivers | The growth rate in immigration |
Browse In-depth Market Research Report (100 Pages) on Passport Reader Market:
https://www.marketresearchfuture.com/reports/passport-reader-market-5929
Industry Trends
The rising uptake of advanced identification technologies is changing security-level paradigms, transforming how identification and assessment of personal information were done in the past. Besides, increasing fraudulent and forgery cases increase the market demand, prompting the passport reader's needs. Also, increasing deployments of e-passports capable of testing the originality of documents at the border control check-posts and airport officials' desks increase market sales.
The emergence of solutions that allow access to services and secure data to identify and verify digital IDs authentication without requiring face-to-face contact boost the market size. Additionally, advances in e-passports that can eradicate the documents' forgery with a chip holding the traveler's data accelerate the market demand. Also, the proliferation of smart mobile devices would offer a huge impetus to market growth.
On the other hand, technological complexities and lack of expertise in passport readers' development are the primary factors projected to impede market growth. Nevertheless, the proliferation of smart connected devices would support market growth throughout the review period. Also, the increasing use of authentication products in the government and travel & immigration industry verticals would define the growing market landscape.
Passport Reader Market Segments
The passport reader market is segmented into types, technologies, applications, sectors, and regions. The technology segment is sub-segmented into RFID, Barcode, OCR, and others. The type segment is sub-segmented into compact full-page readers, self-service kiosks, swipe readers, and others.
The application segment is sub-segmented into airport security, border control, and others. The sector segment is sub-segmented into public, government, and private. The region segment is sub-segmented into the MEA, Americas, Europe, Asia-Pacific, and the rest of the world.
Ask To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/5929
Passport Reader Market Regional Analysis
North America dominates the global passport reader market. The largest market share attributes to the rise in e-passport usage and the increase in air travel. Besides, increasing deployments of these readers for airport officials and border controls to maintain a smooth flow of passengers drive the market growth. Moreover, the wide adoption of RFID, barcode, OCR, and other technologies to maintain airport security substantiates market revenues.
The Asia Pacific region stands second in the global passport reader market. The increased adoption of passport readers drives the market growth by the governments to improve security at national heritage sites, airports, and e-passport verification. Additionally, considerable advances in related technologies and the availability of cost-competitive futuristic identification technologies act as a key tailwind for Passport Reader Market growth.
The Europe passport reader market is growing rapidly. Factors such as the growing adoption of next-generation identification technologies across public, government, and private sectors create substantial market demand. Besides, increasing implementation in growing organizations to identify individuals provides an impetus to the growth of the regional market. Moreover, the dynamic growth in passport reader components and the internet of things (IoT) in the region helped increase the Passport Reader Market share.
Passport Reader Market Competitive Analysis
Highly competitive, the passport reader market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, collaboration, expansion, and product/technology launches. They make substantial R&D investments to drive research and development of new technologies and cost-effective portfolios.
Considerable investments are used to drive expansion plans that can increase global reach and gain diverse expertise. After the COVID-19 pandemic, many passport reader apps emerged in the market, allowing the contactless identification and verification of physical and digital documents of customers securely from a distance.
Such new passport reader services bridged the gap between physical ID documents and digital identity with a simple smartphone app. Also, such services have no geographical limitations and are compatible with passports across the countries. With these apps, enterprises can digitally authenticate individuals using smartphones even if they don't possess an electronic ID.
Check for Discount:
https://www.marketresearchfuture.com/check-discount/5929
For instance, on Aug. 18, 2021, Plustek Technology Inc., a leading manufacturer of scanners & imaging solutions providers, launched a portfolio of driver's license & passport reading software & hardware solutions and software development kits. New products include SmartOffice PT2160, SecureScan X-Cube, SecureScan X-200, SecureScan X-Mini, Typist software, and iKnow software.
Software development kits (SDK) are available for software developers to control the reading device and embed the passport and driver's license data extraction features in their applications. Security is the first priority for all businesses, especially those reopening after COVID-19. These ID reading solutions will benefit any business that requires a driver's license or passport as proof of identity from their customers or clients.
Related Reports:
Pay-Card Reader Market Research Report: By Technology, Application, Region - Forecast till 2027
Smart Card Reader Market Region: By Type, By Technology, By Application- Forecast till 2027
E-reader Market Research Report: Information by Screen Size, Distribution Channel and Region - Forecast till 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
