Press Release

Global E-Passport Market to Showcase a CAGR of Around 21.65% During 2024-30

The Global E-Passport Market is anticipated to grow at a CAGR of about 21.65% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The growing need for information security that satisfies strict regulatory standards has led to considerable growth in the Global E-Passport Industry. Many factors, such as the global spread of false identities, uncontrolled immigration, loss of documents, long wait times at airports, and digitization, have been blamed for this development, significantly followed by government initiatives focused on enhancing border security and preventing fraud.

There is a need for a security solution that combines innovation with state-of-the-art technology to offer an electronic passport, which is a safer and more useful choice. These factors, together with impending digital integration, international travel, technological breakthroughs, and seamless border crossing, have led to this demand. Additionally, the International Civil Aviation Organization has created international standards and conformance for E-Passports and other machine-readable travel documents. To ensure adherence to safety protocols and simplify domestic travel overseas, countries want to conform to these requirements. Having created this conformance, countries are being asked to modernize their passport technology, further states the research report, “Global E-Passport Market Analysis, 2024.”

Global E-Passport Market Segmentation Analysis

Face Recognition Segment Holds a Major Market Share

Based on the type, Global E-Passport Market is further bifurcated into biometric e-passport (face recognition, fingerprint recognition, iris recognition, etc.) and non-biometric e-passport (RFID and others). Of them, the face recognition segment holds a significant share in the Global E-Passport Market, as it has been significantly used for security purposes by many countries. A rise in identity theft and document fraud over the last ten years has made it more difficult for many nations to maintain border security. Owing to this, remedial procedures like facial recognition are becoming widely used because of their quick and effective control mechanisms. When compared to other biometric technologies like fingerprint or retinal scanning, it is quicker and more practical.

In addition, facial recognition requires fewer touchpoints than typing in PINs or passwords. Capturing a person's data from a face scan is the goal of facial recognition and biometric identification. Rising public acceptance, significant accuracy gains, widespread availability, and affordable prices for sensors, IP cameras, and software make this technology possible. This has led to a significant market share for facial recognition biometric e-passports, and we anticipate this trend to continue throughout the projected year.

Europe to Lead the Global E-Passport Market

The European E-Passport Market has experienced significant transformation in terms of market growth. European countries, such as the UK, Germany, France, and others, have implemented e-passport programs worldwide to strengthen border security and streamline immigration processes. Digital technologies are growing more and more popular among travelers in the area because of their convenience and security advantages, which include faster processing times and a decreased risk of identity theft. Because of this, the adoption rate of technologies such as Face Recognition, Fingerprint Recognition, Iris Recognition, etc., is relatively higher in the countries of the region.

In addition, Europe is dealing with several security issues, including illegal immigration and terrorism. Improved security features, including biometric data integration, which greatly lowers the possibility of identity fraud and aids in the precise identification of persons, are included in e-passports. Experts predict a surge in e-passport adoption across Europe as a result.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including CardLogix Corporation, 4G Identity Solutions, 3M, HID Global Corporation, IDEMIA, Infineon Technologies AG, Eastcompeace Technology Co., Ltd., Entrust Corporation, Muhlbauer Group, Iris Corporation, Thales Group, Safran Identity Security, Primekey Solutions AB, Datacard Group and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?