Passport Reader Market Growth Report ($310.17 Million) Lead by Increasing Passport Forgery During (2022-2028) – Exclusive Study by The Insight Partners

The global passport reader market size was valued at USD 212.40 million in 2022 and is projected to reach USD 310.17 million by 2028; it is expected to grow at a CAGR of 6.5% from 2022 to 2028.

New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Passport Reader Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (RFID, Barcode, and OCR), Type (Swipe Readers, Self-Service Kiosks, Compact Full-Page Readers, and Portable Readers), Application (Airport Security, Border Control, and Other Applications), and Sector (Public and Private)” the global passport reader market growth is driven by increasing number of outbound tourists, growing construction and expansion activities of new airports worldwide and surging number of international immigrants.

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Global Passport Reader Market – Report Scope:

Market Size Value in USD 212.40 Million in 2022
Market Size Value by USD 310.17 Million by 2028
Growth rate CAGR of 6.5% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 180
No. of Tables 111
No. of Charts & Figures 89
Historical data available Yes
Segments covered Technology, Type, Application, and Sector

Global Passport Reader Market Analysis: Competitive Landscape and Key Developments

Access Ltd; ARH Inc.; Beijing Wintone Science & Technology Co., Ltd.; DESKO GmbH; Thales Group; IER SAS; Regula Forensics Inc.; Shenzhen Rakinda Technology Co., Ltd.; Lintech Enterprises Limited; and Veridos GmbhH are among the key passport reader market players profiled in this market study. Several other essential passport reader market players were studied and analyzed to get a holistic view of the market size and its ecosystem.

In 2022, DESKO GmbH introduced a new PENTA Scanner 4X. It is equipped with high-class scan technology that delivers outstanding images with a resolution of up to 900 dpi. It helps identify document abnormalities quickly, allowing for deep and comprehensive document authentication.

In 2020, Adaptive Recognition Hungary, Inc. announced the launch of a new passport reader device, Osmond. It is a compact full-page e-passport reader device specifically designed for OCR data extraction and automated document verification.

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International migration is on the rise, owing to factors such as economic pressures, changing age structures, population growth, rapid urbanization, and environmental stress. Economic factors attract migrants to wealthier countries, while poor conditions and crisis spur people to leave their home countries. Most migrants leave their home country voluntarily to pursue socioeconomic opportunities. There is a significant increase in the total number of international migrants worldwide.

Furthermore, according to the Migration Policy Institute, in 2020, there were 280.6 million global migrants representing ~4% of the world's population. Ireland experienced population growth due to increasing immigration rates, with total net migration of 61,100 people in April 2022. Increasing migrants will help in driving the passport reader market growth.

Passport readers play a significant role in verifying the authenticity of the documents, thereby helping control the flow of illegal immigration. For instance, Cairo International Airport in Egypt records ~15 million passengers annually. With the rising air travel, authorities are under pressure to manage queues. To reinforce security concerning illegal migration, the airport authorities deployed Gemalto's automated document reader AT9000 MK2.

Hence, an increase in the number of international migrants is increasing the traffic at airports and the need for passport readers, thereby propelling the passport reader market size.

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Passport Reader Market Study: Regional Overview

Several vendors in European countries are focusing on developing innovative products to cater to the growing demand to remain competitive in the passport reader market across Europe. For instance, in July 2022, Vision-Box launched a new seamless assistant device product designed to give airport operators more flexibility with their biometric verification infrastructure. The device has document capture capabilities that allow it to read the information in a passport, along with enhanced biometric capture capabilities. Further, the demand for passport reader systems across airports in Europe is likely to be driven by the construction of new airports across different European countries. This factor will contribute positively towards the passport reader market growth.

Passport Reader Market Study: Sector Overview

Based on sector, the passport reader market size is segmented into public and private. The public segment dominated the market in 2022 and is expected to register the highest CAGR during the forecast period. The public sector in the passport reader market includes airports, border control, government-owned travel agencies, banks, and many more. In addition to mentioned key applications, the passport reader helps catch forgery. Thousands of cases were found associated with the forging of passports across the globe. For instance, in December 2022, an individual in Boston was found guilty of obtaining a US passport through fraudulent activities. Furthermore, the border control authorities and airport officials are implementing passport readers to test the document's originality and authenticity.

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Impact of COVID-19 Pandemic on Passport Reader Market Growth:

Lockdowns and other preventative measures imposed by governments in South America greatly impacted the South American economies. The governments of these countries imposed strict travel restrictions, lockdowns, and trade bans to combat the spread of the virus. In March 2019, Brazil extended border closure with Venezuela and prohibited entry of all international visitors owing to the COVID-19 pandemic. Also, countries such as Algeria, Argentina, Cameroon, Chile, Colombia, Ecuador, El Salvador, and Peru closed their land, air, and sea borders, banning the entry of foreigners. Since the revenue generation streams of transportation sectors (precisely cross-border) have shrunk with lockdown imposition, a downfall in the GDP was witnessed. This resulted in lesser investment toward high-end technologies, including passport readers, at every border. Owing to mentioned downfall in tourists, the passport reader market impacted adversely. However, the South American economies are bouncing back owing to the relaxation of lockdown regulations since Q2 of 2020. For instance, the number of international tourist arrivals in South America increased by ~20% in 2021 after a drop of 59.5%.

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