Pune, India, July 26, 2019 (GLOBE NEWSWIRE) -- The global e-Passport & e-Visa market was analyzed by Market Research Future (MRFR) and it was projected that a noteworthy CAGR will be attained by the market over the forecast period of 2017 to 2023.
E-passports and e-visas function with the help of contactless smart chip technology and are integrated with computer chip alongside an embedded antenna. The technology is being increasingly used by passengers, irrespective of them traveling for leisure or business purpose.
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The global e-passport & e-visas market is expected to garner noticeable growth in the coming years. This is majorly due to the increasing introduction of the technology and service across different countries. The technology is being adopted at a rapid pace as it aids in curbing down issues related to identity that might pop-up during the verification and processing phase of documents at various airports. The technological solution helps in minimizing the processing time that is required at immigration desks to get clearance. Additionally, the technology enables security personnel to lay focus on checking suspicious or potentially high-risk travelers.
Market Segmentation
The global e-Passport & e-Visa market has been segmented in terms of type, application, and hardware components.
By type, the market breaks down into RFID and Biometrics. The biometrics segment is further narrowed down into fingerprint recognition, facial recognition, and iris recognition.
By application, the market divides into identification/proof, traveling, and immigration/border control. The traveling segment includes business travel, leisure travel, and foreign affairs.
By hardware components, the market segments into chip/processor, antenna, and others.
Regional Analysis
The global E-Passport & E-Visa Market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The European region holds the leading position in the global e-passport and e-visa market and is expected to continue doing the same in the forthcoming years. Various European nations like France, the UK, Germany, and others were some of the early adopters of this technology for a number of purposes. This includes identity security, border control, law enforcement, and airport security.
The regional market in Asia Pacific is expected to garner impressive growth over the forecast period. The region is slated to make a great impression over the global market in the coming years. With countries like India and Bangladesh also on the verge of introducing such passports and visas, the Asia Pacific region is expected to only grow during the forecast period.
Competitive Landscape
The global e-Passport & e-Visa market comprises a host of key players. This includes names like Muehlbauer group (Malaysia), Cardlogic limited (Ireland), Oberthur Technologies (France), 4G identity solutions private limited (U.A.E), Eastcompeace (China), Iris Corporation (Malaysia), HID Global Corporation (U.S), Safran identity and security (France), Gemalto NV (the Netherlands), Datacard group (U.S), Giesecke&Devrient limited (Germany), and others.
Some of the other prominent players in the global e-passport & e-visa market includes names like Morpho B.V- Idemia (France), Infineon Technologies (Germany), Cardlogix Corporation (U.S), and others.
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Industry Buzz
July 2019, the Bangladesh government has begun the distributing electronic passports in the country for the first time ever. The electronic passport has an embedded e-microprocessor chip comprising biometric information in order to authenticate the bearer’s identity. The country has already issued a total of 26 million machine readable passports.
June 2019, Rwanda became the latest country from the East African Community (EAC) to launch and issue electronic passports. This is was done in an effort to make border clearance fast and as part of the region’s strategy to promote integration. Some of the other EAC countries that have already issued e-passports include Tanzania, Uganda, and Kenya.
June 2019, the Ministry of External Affairs of India announced its plans of working on an advanced electronic passport system that is chip-enabled. This is as part of the effort from the ministry to deliver citizen-centric services through various reforms.
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