Global E-passport market: Overview
The rising need to strengthen security features of passports to reduce the rising threat of identity frauds is primarily driving the global e-passport market. E-passports also known as biometric passports have an additional layer of security not found in regular passports. This is pertaining to biometric information of an individual stored in an electronic chip embedded in the user’s passport.
The report delves into key aspects of the global e-passport market to present the readers, with an accurate analysis of growth of this market over the forecast period. The report covers a comprehensive analysis of market drivers, challenges, and opportunities that are important for market stakeholders to formulate lucrative growth strategies. Market growth rate projections and revenue share of key segments over the forecast period are some other highlights of this report.
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Global E-passport Market: Key Trends
The global e-passport market is treading a growth path on account of several factors. Rising global travel for both leisure and business is necessitating a high level of security for security reasons. Regular passports that do not possess biometric capability have risk of illicit passengers to travel on international flights. Such passengers with ill intent carry risk of hampering the security of fellow passengers on the flight. To prevent such scenarios, e-passports are a reliable solution, thereby driving the e-passports market.
Moreover, newer regulations such as ICAO that allow countries to incorporate stringent security measures for foreign travel is aiding the adoption of e-passports. The e-passports market is thus stimulated.
Lastly, outsourcing of visa services is necessitating an additional layer of security in passports. Embassy of countries that outsource their visa service to third-party mandate an additional layer of security in passports of individuals seeking visa for their respective countries. E-passport has served to address the security loopholes of regular passports, and is thus considered a formidable solution. This is bolstering the global e-passports market.
Global E-passport Market: Geographical Analysis
The global e-passports market could be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America, among them, is a key region in the overall market. High level security measures at airports, country borders in developed countries of the region for civilian security is a key factor driving the North America e-passports market.
Whilst, Asia Pacific is emerging as a key region for e-passports. Increasing security vulnerability due to incidence of terror attacks in recent past have raised an alert among defense bodies. Cross-border travel is increasingly under vigil to be watchful of travelers with illicit intent.
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Global E-passport Market: Competitive Analysis
Key companies in the global e-passport market include Atlantic Zeiser, Gemalto, PrimeKey, Arjo Systems, Entrust, Oberthur, Multos International, Edaps Overseas, M2SYS, Kona I, ASK, Muhlbauer Group, 3M, Austria Card, De La Rue, and Safelayer S.A. Savvy players in the e-passport market are striving to enter into strategic collaborations and partnerships in order to expand their outreach. Keen players are also vying to expand their technological capabilities to expand the security feature of e-passports.
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