New York, United States , April 17, 2024 (GLOBE NEWSWIRE) -- The Global E-Visa Market Size is to Grow from USD 935.5 Million in 2023 to USD 2633.5 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 10.9% during the projected period.
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The e-visa market is the global electronic visa ecosystem in which governments use digital platforms to issue and process travel visas. Unlike traditional visa systems, which require physical documentation and in-person visits to consulates or embassies, the e-visa market utilizes information technology to streamline and expedite the visa application process. In today's digital age, visa applicants can submit their applications online, often through dedicated web portals, and receive electronic approvals without the need for physical documents or stamps. Governments around the world are increasingly implementing e-visa systems to improve border security, administrative efficiency, and ease of international travel. One of the primary reasons for the rising demand for e-visas is the emphasis on improving border security while allowing for more convenient travel. Governments around the world are increasingly implementing electronic visa systems to strengthen immigration procedures, improve security, and speed up visa processing. Furthermore, the COVID-19 pandemic has accelerated the use of e-visas as countries strive to reduce physical contact and virus transmission at border crossings. However, the global e-visa market is focused on cybersecurity threats and increased data privacy concerns. As more countries use digital platforms to process visas, cybercriminals view sensitive personal information gathered during the application process as a lucrative target. The potential compromise of such data jeopardizes not only individuals, but also the integrity and trustworthiness of e-visa systems. These factors may limit market growth during the forecast period.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global E-Visa Market Size, Share, and COVID-19 Impact Analysis, By Component (Software, Services), By Application (Travelling, Students/Educational Visa, Government/Foreign, Others), By Platform (Desktop, Smartphone, Tablets), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The software segment dominates the global E-Visa market with the largest revenue share over the anticipation timeframe.
Based on the component, the global E-Visa market is categorized into software and services. Among these, the software segment is dominating the global E-Visa market with the largest revenue share over the anticipation timeframe. Software serves as the technological backbone of e-visa systems, providing the platforms and applications needed for visa application submission, processing, and approval. The core functionality, which includes online portals, biometric authentication, and secure data processing, is dependent on reliable software solutions.
The travelling segment is witnessing significant CAGR growth of the global E-Visa market over the anticipation timeframe.
Based on the application, the global E-Visa market is categorized into travelling, students/educational visa, government/foreign, and others. Among these, the travelling segment is witnessing significant growth of the global E-Visa market over the anticipation timeframe. The demand for travel visas and passports is a good indicator of international travel trends, which can be influenced by a variety of factors including global pandemics, political and economic conditions, and international relations. Several nations have imposed limitations on travel and border closures to combat the virus's spread, substantially decreasing demand for these documents.
The desktop segment holds a substantial revenue growth in the global E-Visa market over the anticipation timeframe.
Based on the platform, the global E-Visa market is categorized into desktop, smartphone, and tablets. Among these, the desktop segment is dominating the global E-Visa market with the largest revenue share over the anticipation timeframe. Most e-visa applications are now submitted via desktop computers, which have a larger screen and provide a more comfortable typing experience. Desktop computers have long been the dominant platform for accessing online services, and this trend is evident in the e-visa market. Furthermore, many users feel more secure using their desktops for sensitive transactions like visa applications.
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Asia Pacific is anticipated to hold the largest share of the global E-Visa market over the predicted timeframe.
Asia Pacific is projected to hold the largest share of the global E-Visa market over the forecast period. due to the high volume of travel and immigration to and from the region. The Asia Pacific region comprises numerous countries, each with its own set of E-Visa requirements. China is one of the region's largest visa and passport markets, with millions of people applying each year for a variety of visas, including tourist, work, and student visas.
The North America market is expected to grow at the fastest CAGR growth during the forecast period. due to rapid technological advancements, the presence of top key market players in the region, the high number of visits for both leisure and business purposes, and the region's extensive use of digitization. Furthermore, rising trends in IoT devices and increased tourism in the region are expected to drive market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global E-Visa market are Mühlbauer Group, 4G Identity Solutions., VFS Global Group., SCICOM (MSC) BERHAD., Thales Group, Securiport., BLS International, Shanghai Mite Speciality & Precision Printing Co.,Ltd., Swiss Authentis S.A., Envato Pty Ltd., Beijing Jinchen Cvic Security Printing, Bundesdruckerei GmbH, Casa da Moeda do Brasil, GOZNAK, DEMIA (Morpho), intergrafconference, Semlex Group., IRIS CORPORATION BERHAD, Veridos GmbH and Others.
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Recent Developments
- In October 2023, iVisa has teamed up with travel partners to provide worldwide tourism visas to any travel agent. The goal of this collaboration is to enable travel agents to configure built-in options, allowing them to fully customize the system to their specific needs.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global E-Visa market based on the below-mentioned segments:
Global E-Visa Market, By Component
- Software
- Services
Global E-Visa Market, By Application
- Travelling
- Students/Educational Visa
- Government/Foreign
- Others
Global E-Visa Market, By Platform
- Desktop
- Smartphone
- Tablets
Global E-Visa Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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