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Oct 5, 2020 9:44 AM ET

Global E-Passports Market Set For Rapid Growth, To Reach Around USD 3,231 Million By 2024


iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “E-Passports Market by Type (Short-Term and Long-Term) and by Application (Individual Use and Commercial Use): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global e-passports market was valued at approximately USD 1,767 million in 2017 and is expected to generate revenue of around USD 3,231 million by 2024, growing at a CAGR of around 9.1% between 2018 and 2024.

Get PDF Sample Copy of this Report to understand the structure of the complete report @ https://www.zionmarketresearch.com/sample/e-passports-market/news

An e-passport or biometric passport consists of an electronic chip. It is an advanced form of travel document, i.e., passport, which enhances the security and restricts fraudulent cases at the same time. The use of an e-passport by travelers is recognized digitally across the world. E-passports are mainly to cut down the risks associated with data duplication and alteration.

Global E-Passports Market

A continuously growing number of travelers to cross-border destinations is impelling the growth of the e-passports market globally. For instance, according to the Airports Council International approximations, air travel is estimated to double between 2012 and 2030, and reach 11 billion travelers annually by 2030. ICAO regulations for criminals and terrorists, a rising number of visa/consular outsourcing, rapid developments made in the airport infrastructure, and various technological advancements in the biometric technologies are projected to fuel the growth of the e-passports market across the world in the upcoming years.

The e-passports market is divided based on type and application. The e-passports market is divided based on type and application. By type, the market for e-passports is classified into long-term and short-term passports. Short-term passports held about 59% of the total market. The recurring up-gradation of these passports and penetration of short-term passports in major developed European countries are anticipated to fuel the growth of short-term passports. Long-term passports are also anticipated to show a high demand in the future. By application, the e-passports market is bifurcated into individual use and commercial use. Commercial use is anticipated to dominate the market, due to the growing expansion of companies globally, as companies send their employees to different countries for their respective projects.

Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa comprise the regional segment of the global market for e-passports. North America is projected to lead the e-passports market in the forecast time period due to the well-established IT industry in the U.S., the large consumer base preferring for technically advanced customer interface software for their travel plan, and the presence of major companies. The strong IT base with highly skilled and trained professionals providing software that meet the client demand for national and international markets, early introduction of e-passports, and high penetration of e-passports are expected to boost the European e-passports market. The Asia Pacific is predicted to show the highest growth rate in the demand for e-passports, mainly owing to the rising awareness about e-passports in the developing countries and increasing procedures by governments for issuing e-passport.

The key players in the global e-passports market are Atlantic Zeiser, M2SYS, Kona I, Gemalto, ASK, PrimeKey, Muhlbauer Group, Arjo Systems, 3M, Netrust, Austria Card, Oberthur, De La Rue, Multos International, Safelayer S.A., and Edaps Overseas, among others.

This report segments the global e-passports market into:

Global e-Passports Market: Type Analysis

Global e-Passports Market: Application Analysis

Global e-Passports Market: Regional Analysis

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Keywords:    e-Passports Market

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